Significant advances have been made during the past few years in the ability of artificial intelligence (AI) systems to recognize and analyze human emotion and sentiment, owing in large part to accelerated access to data (primarily social media feeds and digital video), cheaper compute power, and evolving deep learning capabilities combined with natural language processing (NLP) and computer vision. According to a new report from Tractica, these trends are beginning to drive growth in the market for sentiment and emotion analysis software.
Tractica forecasts that worldwide revenue from sentiment and emotion analysis software will increase from $123 million in 2017 to $3.8 billion by 2025. The market intelligence firm anticipates that this growth will be driven by several key industries including retail, advertising, business services, healthcare, and gaming.
According to Tractica’s analysis, the top use case categories for sentiment and emotion analysis will be as follows:
- Customer Experience
- Product/Market Research
- Customer Service
“A better understanding of human emotion will help AI technology create more empathetic customer and healthcare experiences, drive our cars, enhance teaching methods, and figure out ways to build better products that meet our needs,” says principal analyst Mark Beccue.
Tractica’s report, “Emotion Recognition and Sentiment Analysis”, examines the market and technology issues surrounding sentiment and emotion analysis and provides 9-year forecasts for software, hardware, and revenue supporting these applications. The report covers the ways in which sentiment and emotion analysis will be used across multiple channels in seven key use cases: customer service, product/market research, customer experience, healthcare, education, automotive, and gaming. It presents profiles for key industry players throughout the ecosystem. The study also presents global market sizing and forecasts for sentiment and emotion analysis, segmented by region, covering the period from 2016 through 2025. An Executive Summary of the report is available for free download on the firm’s website.