Have you ever realised that the sports industry is heavily dependent on analytics? Whether it is cricket, football, badminton or any other sport, they rely on analytics for SWOT analysis of opponent. Comparing a player’s graph with peers is also possible through analytics.
Analytics of quantitive data exist since ages; the quantum of analytics has gained momentum with the demand of applications in solving real-world problems. For instance, stock markets are all about analytics. A shift in operations of the stock market is all about digitization, followed by analytics. Bulls and bears heavily depend on predictive analysis for money-making. Companies are willing to raise funds from market predicts at the time of releasing IPO, fixing the price of IPO etc.
Analytics refers to data mining via a basic form of human communication, i.e. verbal, visual, written.
The worth of technology and generated business output of technology is directly proportional to the ease technology brings into society and human lives. The technology which brings ease in life also leads to the transformation of the human civilisation. The world is currently dedicated to the quantification of emotional data. This is expected to reach extremes in the next decade before it consolidates.
All three fundamental forms of communication, i.e. verbal, visual, written, are input to analytics tools and lead to quantified data, i.e. sentiment analysis, primarily for mining of text, emotion analysis via means of verbal, visual communication. The new-age marketeers are relying on this quantified data to identify new targeted customer segment, to retain the customers, to get quantified inputs for new product lines, and to plan 7Ps of marketing.
The information gathered so far points to the fact that the Emotion Analytics market itself is growing with CAGR 39.4%.
The emotion detection and recognition market size is estimated to grow from USD 6.72 Billion in 2016 to USD 36.07 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 39.9%, as per MarketsandMarkets.
Emotional Analytics is finding application in several industries and several social causes; some of them are taken up for discussion below.
Measuring the outcome out of advertisements always posed bigger challenges than producing an ad. With emotional analytics embedding into the advertising industry, a sample of visitors watching the movies helps in generating the sample data for predictive analysis. Kellogg’s, the multinational food manufacturing company, has resorted to using emotion recognition technology for branding and advertisement.
Sentiment analysis of customer comments on Twitter and other social media platforms helps in realisation of brand positioning, satisfaction, dissatisfaction level of product lines etc. While emotional analytics is more related to brand equity, it could also lead to more actionable processes. In the era of e-commerce, emotional analytics is playing a vital role. Companies like Amazon, Flipkart are able to improve their services via customer satisfaction index, i.e. lead by emotion analytics.
SmartHome2.0 market is a combination of botanical Internet of things (IoT) and emotional analytics. This involves human emotional behaviour and action to ease life and human health parameters where data is driven by Botanical IoT, i.e. several sensors, which gives data about the environment, health. This market is still evolving as several big market players are trying to take the lead.
Companies like Disney and Pixar are processing emotional analytics to evaluate animation scenes for better user feedback and to improve the overall impression.
The experience offered to customers primarily drive the service industry. Onboarding of customer until check-out time, whether in hotel or hospital matters a lot. Services offered, i.e. food, medicine, treatment from employees, doctors, is personalised based on prescriptive analytics. If something goes wrong, then the diagnostic analysis is taken up.
Earlier, several employee engagement surveys were initiated by companies to gather data and draft future strategies for human resources. Now, along with the surveys, emotional analytics is also used. Companies like HUL are practicing this while hiring employees to gather data on an employee.
In one form or other, analytics has been a part of human civilisation since ages; a person predicting the behaviour of others, priests predicting a person’s future have been prevalent since the dawn of humanity. But this is the age when data is organised; re-usable analytics has taken a shape which will usher us in the future.