The emotional AI market is projected to grow at a CAGR of 13.34% over the forecast period, from US$3.745 billion in 2024 to US$7.003 billion by 2029. According to the World Health Organization, there are about 1 case of autism in every 100 children in the globe. The organization also stated that the characteristics of the disease can be detected in early childhood, but it is not generally diagnosed in the later age of the children. Similarly, the cases of depression are also significantly increasing in other parts of the world. For instance, in Canada, about 6.5% of the population between the ages of 15 and 24 suffer from major depression annually, and about 7% of the adults have symptoms of depression.
Further, the Mental Disorders in Canada report by Statistics Canada stated that in the nation, the 12-month prevalence of anxiety, mood, or substance disorder reached 18% in 2022. As stated by the report, the social phobia was recorded at about 7.1%, whereas the major depression episodes were at about 7.6% in 2022. General anxiety and bipolar disorder were observed at about 5.2% and 2.1%, respectively, having a 12-month prevalence in the year.
The increased use of chatbots is expected to boost the demand for emotional AI globally. Chatbots with emotional intelligence are essential in helping people who are struggling with mental health problems. These AIs can recognize signs of stress and provide sympathetic responses to reduce anxiety. Their ability to offer coping mechanisms is by far their most valuable feature.
Moreover, emotional AI provides businesses with strong solutions, such as brand perception analysis, employee engagement tracking, and customer feedback. It also achieves more client satisfaction and better response rates, which increases the adoption of chatbots in different industries. Rising utilization in different industrial sectors will bolster the emotion AI market expansion.
Artificial intelligence is transforming the creation of content by immediately detecting emotions, analyzing them, and responding the way a human does. The entertainment sector understands that targeting the right group matters more than the content itself. Emotional AI in movies comes in handy by analyzing the emotional response to particular content, testing content for commercial success, and recommending content based on demographics or emotions.
The Canadian market for emotional AI is expected to grow significantly in the projected period owing to the strong adoption of artificial intelligence (AI) among various end-users, such as healthcare, media, retail, and finance. The increasing investment in the Canadian AI market by the country’s government is expected to positively impact Canada’s emotional AI market. The broadcasting and entertainment industry is anticipated to propel with the use of artificial intelligence in this industry.
Overall, the emotional AI market is expected to witness substantial growth globally due to the increasing awareness and adoption of AI technologies in various sectors, especially in aiding mental health issues and improving user engagement in industries like entertainment and broadcasting. The market is poised for significant expansion, driven by technological advancements and increased investments in AI research and development.