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Retail industry around the globe is experiencing significant evolution with the rapid technological advancements. The growing retail industry is, in turn, propelling the global emotion analytics market growth. The retail sector is growing at an exponential rate globally owing to the thriving e-commerce industry. While the growth of the e-commerce industry is expected to be fairly high in the future, the brick and mortar segment still retains a significant market share in the market. The emotion AI systems that are installed in retail stores at high-traffic locations such as aisle end caps, racks, and entrances/exits are fitted with sensors that allow it to identify facial expressions of an individual. These systems are integrated with computer vision, emotional analytics, and AI that together recognise and classify shoppers' emotions at any given moment. Such systems allow retailers to efficiently make business decisions that involve commodity price, inventory supply, and shelf positioning based on system's emotional insights.
Major vendors, including Microsoft (NASDAQ: MSFT), Conduent, Affectiva, and Google, are working on developing improved emotion AI technology. With the demand for emerging technologies such as big data and artificial intelligence continuing to increase, the reach of emotional analytics is also growing. The growing emergence of biometrics across all sectors is also responsible for driving the market for emotion analytics. The industry is expected to grow with the rising proliferation of the technology, and its demand is expected to increase in the coming years.
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The major players in the global emotion analytics market are Beyond Verbal Communication Ltd., iMotions, Affectiva Inc., Microsoft Corporation, International Business Machines Corporation, Apple Inc., and NVISO SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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