The Latin America, Middle East and Africa Emotion AI Market would witness market growth of 24.6% CAGR during the forecast period (2023-2030).
The market for emotion AI is also anticipated to expand due to the impact of solutions on sectors including healthcare, insurance, education, and transportation. In addition, the increase in the use of internet-connected devices in various applications and the rise in the data generated by these devices creates lucrative opportunities for the market. In addition, the growing demand for flexible emotion recognition services among businesses is anticipated to drive market growth during the forecast period.
The pandemic outbreak prompted a significant number of routine activities and enterprises to move their operations online. As a result, organizations and individuals across the region began to rely increasingly on digital media and communication networks. A secure and effective method of digital identity verification is provided by biometric authentication, which is becoming increasingly prevalent across various sectors and applications. These factors increase awareness of emotion detection solutions, accelerating market expansion.
The market in LAMEA is expanding across diverse sectors, driven by a growing focus on customer-centric services, mental health support, and personalized experiences. According to International Trade Administration (ITA), the Brazilian media and entertainment industry reached $2.7 billion by 2019. Adopting emotion AI in Brazil's media and entertainment sector drives content creation, viewer engagement, and content delivery innovation. As the technology matures and becomes more integrated into the industry, it can revolutionize how content is produced, distributed, and experienced in Brazil. The factors mentioned above will drive the regional market growth.
The Brazil market dominated the LAMEA Others Market, By Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $10.8 million by 2030. The Argentina market is showcasing a CAGR of 26.5% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 25.5% during (2023 - 2030).
Based on Component, the market is segmented into Software, and Service. Based on Enterprise Size, the market is segmented into Large Enterprises, Small & Medium-sized Enterprises. Based on Vertical, the market is segmented into Retail & E-commerce, BFSI, Media & Entertainment, Healthcare, IT & Telecom, Government & Defense, Automotive, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Emotion AI Market is Projected to reach USD 8.2 Billion by 2030, at a CAGR of 22.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Cogito Corporation, Eyeris Technologies, Inc., Apple, Inc., Smart Eye A/S (Affectiva, Inc.), NuraLogix Corporation, Realeyes OU, NVISO SA, and Emotibot Technologies Limited
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