An emotion is created with the interaction of culture, neural networks, bodily sensations, and past experiences, a significant factor that affects human behavior. And emotion analytics is the process of extracting and identifying human emotions from vast amounts of visual, auditory, or textual data.
The rapid development of emotion analytics technology has started a new era of interaction between machines and humans, one in which the machines understand words, actions, and emotions of humans. This transformative development is known as emotion analytics. The ability of emotional AI to comprehend, interpret, and react to human emotions opens a wide range of new applications and opportunities for machines. To analyze subjective data and understand the emotions behind it, emotion analytics uses text data from a variety of sources.
Businesses and customer contact centers use emotion analysis to understand the emotions of their customers and provide them with the help they require. In addition, this technology helps with the detection of emotions of the video viewers or the target audiences.
Emotion analytics software (EA) collects data on both verbal and nonverbal basis to assess an individual’s mood or attitude. This technology enables users to know how the customer or audience feels about products, their presentation, and interactions with customer support agents. The development of emotion analytics software requires massive amounts of labelled emotion data. The process involves tools such as microphones, which record voice tones, and video cameras, which capture facial expressions. Both of these tools contribute to the compilation of emotional data.
How can emotion analytics transform brand advertising?
The ability to customize campaigns and messages is a key benefit of emotion analytics for advertising and marketing. With emotional analytics, companies get the understanding of consumer feelings and opinions that helps them to develop custom content that connects to each customer’s emotions and views. For instance, a company uses emotion analysis to create personalized messages that address the concerns of its customers when they express dissatisfaction with one product.
The identification and management of adverse emotions and opinions aids in improving customer service through Emotion Analytics. This contributes to enhanced customer satisfaction and builds trust & loyalty. The ability to predict future customer behavior is another advantage that the usage of emotion analytics offers in advertising and marketing. Businesses identify patterns and trends that predict future customer behavior by analyzing their emotions and opinions. This information is useful for targeting marketing efforts and identifying potential sales opportunities in the future.
Emotion analytics shaping the future of different sectors:
Major technology companies and startups have invested in computer vision and voice analysis to identify people’s emotions, as a result of the possibility that emotion AI technology will be integrated across many sectors serving different purposes. Here are the common use cases of emotion analytics across various domains:
- Education industry:
The utilization of sensors such as video cameras or microphones allows the monitoring of a student’s emotional state during lessons. Emotion AI evaluates the satisfaction or frustration levels of students, offering insights into whether a task is challenging or simple. This information empowers teachers to adapt and customize their teaching approach.
A comparable strategy is applied when any kind of testing is done on learning software prototypes for online education. An additional application in education involves employing emotion AI to support autistic children in recognizing and understanding the emotions of others in the school environment.
- Healthcare sector:
Emotion analytics monitors the patient’s daily physical and emotional well-being to identify problematic issues. It utilizes voice analysis as a valuable tool for assisting doctors in diagnosing diseases such as depression and dementia. In a counseling session, emotion AI helps to improve the monitoring and understanding of mental health conditions to help doctors guide their patients.
- Automotive sector:
Automotive companies employ computer vision to monitor drivers’ emotional states. If the system detects fatigue, stress, anger, or sadness, it generates alerts to promote safe driving behavior. Affective computing measures the driving performance of autonomous vehicles. With the help of microphones and cameras, this technology monitors the emotional state of passengers and determines whether they are stressed or satisfied with their driving experience.
- Gaming sector:
Gaming companies use emotion analytics to test their games before the launch. Emotion analytics monitors the level of player satisfaction, and businesses improve their product to satisfy their customers. It uses computer vision to detect a player’s facial expression and modifies the game as per the state of mind.
How are emotion analytics tools simplifying the complex process?
The tools of emotion analytics utilize natural language processing (NLP) and machine learning algorithms to assess emotions and sentiments within text data. They offer valuable insights into customer satisfaction, brand promotion, and areas that benefit from improvement. For instance, Lexalytics is an enterprise intelligence solution that examines a variety of texts. It can work with any type of text document, including social media comments, surveys, or reviews. The tool can perform emotion detection, theme extraction, and intention detection in addition to sentiment analysis so that users can get a complete overview of the situation.
Another popular tool used in emotion analytics is Talkwalker. It claims that it has the most advanced sentiment analysis technology, which enables it to differentiate sarcasm and other forms of negative feedback. It is an advanced tool and can be used with social media channels, as it gives a clear picture of how people feel about the company’s social media accounts.
Clarabridge is another integrated platform that includes customer experience management. A key component of this solution is the analysis of emotions. The tool offers detailed sentiment analysis associated with framework, industry, and source.
Analysis of the competitive landscape of the industry:
Top entities in the emotion analytics sector invest in R&D activities to discover advanced tools with innovative features. This strategy assists them in sustaining the competitive sector of emotion analytics. The key product launches and developments in emotion analytics are:
Entropik, a provider of an AI-powered Integrated Market Research Platform, secures $25 million in a Series B funding round on 8th February 2023.
Entropik, a prominent AI-powered Integrated Market Research platform supplier, has successfully raised $25 million in a Series B funding round. Bessemer Venture Partners led the funding and SIG Venture Capital, with additional participation from Trifecta Capital, Alteria Capital, and the longstanding existing investor Bharat Innovation Fund.
In this latest round of funding, Entropik is expected to continue to disrupt consumer research for global brands and build world-class products out of India, enabling R&D, marketing & product teams to move toward a more collaborative, agile, or scalable way of research. In addition, they are anticipated to expand their presence in the U.S., Europe and Asia.
Kouo introduced an AI-Powered Emotion Analytics Platform designed to assist companies in interpreting authentic human emotions.
Kouo, a pioneering company in product analysis, announced the launch of its innovative AI-powered emotion analytic technology in Jun 2023. Kouo helps strategic teams in the organization by empowering product teams to carry out data-driven improvements, which is expected to improve vital business metrics. Kouo enables companies to identify user behavior, prioritize the development of features, and provide personalized experiences that respond to users’ changing states through quantification and analysis of real personal emotion.
Kouo’s AI-powered emotion analytics technology is now operational on both iOS and Android platforms. The company primarily partners with strategy teams within B2C, mid-market, and enterprise-level app companies including diverse industries such as health and wellness, music streaming, gaming, and EdTech.
Medallia Partnered with Cogito in August 2023 to Improve Real-Time Customer Journey Analytics and Agent Guidance Cues with Emotion and Conversation AI
A frontrunner in real-time coaching and guidance for enterprises, Cogito, revealed a partnership with Medallia. This collaboration aims to enhance the contact center’s experiences of both customers and agents within the enterprise.
In collaboration, Cogito is projected to work with the top-ranked enterprise experience platform. This integration is expected to establish a bi-directional data flow, allowing more personalized real-time agent guidance cues and the generation of millions of additional data points on customer behavior in every call. These insights can enhance Medallia’s customer journey analytics.
To conclude, the global emotion analytics industryhas gained momentum due to a surge in demand from the automotive sector and a rise in the need for customer behavior management. However, the high demand for emotional recognition is expected to open new avenues for the industry in the upcoming years.
Emotion Analytics in Summary:
Emotion analysis entails the identification and interpretation of the fundamental emotions conveyed in the text data. Emotion analytics uses textual data from diverse sources to assess subjective information and understand the emotions associated with it. This technology has transformed various sectors. Leading technology firms and emerging startups are increasingly investing in computer vision and emotion analytics to identify people’s emotions.
Gayatri Mohite is an emerging author who loves to explore new things. An addiction to reading motivates her to write. She also loves to sing, travel, and cook. A fresher who is constantly upgrading her skills has embarked on a new journey to touch up her expertise even more.