Emotion AI Market to Be Worth $9.01 Billion by 2030

Research firm MarketsandMarkets has projected the worldwide emotion artificial intelligence market to reach $9.01 billion ;by 2030, up from a current value of $2.74 billion, growing at a compound annual rate of 21.9 percent.

The demand for personalized experiences, the integration of AI in smart devices, advancements in video/audio analytics, and increased investments in AI startups are driving the emotion AI market rapidly, the firm said in a recent report.

MarketsandMarkets found in its research that customer experience management has the highest share of the emotion AI market primarily because of its critical role in shaping how businesses relate to customers. With emotion AI, companies can analyze customer emotions in facial expressions, voice tones, and sentiment in text to create personalized interactions that increase satisfaction and build loyalty, it said.

Businesses, it added, can leverage emotion-driven insights and customize product recommendations, service delivery, and impactful marketing campaigns.

This technology also helps in real-time customer feedback analysis to quickly respond to concerns and enrich customer experiences, according to MarketsandMarkets, which found that emotion AI is heavily leveraged in industries such as retail, e-commerce, and entertainment for customer experience management to get closer to customers and ensure that their expectations are consistently met.

Emotion AI is seeing its fastest growth in healthcare, though, due to its transformative applications in patient care, mental health, and well-being monitoring. the firm said, noting that facial expressions, voice tones, and written sentiments can be analyzed for real-time emotional states, allowing healthcare providers to understand patients' emotions and deliver personalized care. With growing demands for patient-centric solutions, healthcare organizations are increasingly adopting emotion AI to help care quality and patient satisfaction and deal with increasing mental health issues effectively, it said.

The report identified IBM, Microsoft, Google, Amazon, Smart Eye, Entropik Tech, Uniphore, Audeering, VIER, Cognitec, Symanto , Realeyes, CIPIA Vision, Noldus, Cogito, Morphcast, Voicesense, Superceed, Siena AI, Opsis, Behavioral Signals, Hume, Kairos, Beemotion.AI, Intelligent Voice, Davi, Utrigg, AttentionKart, an VERN AI as key players around the world in the emotion AI market.