As per the report published by Fior Markets, the global affective computing market is expected to grow from USD 28.15 billion in 2020 and to reach USD 348.32 billion by 2028, growing at a CAGR of 36.95% during the forecast period 2021-2028.
The affective computing market is witnessing significant growth in the past years. This growth is attributed to the increasing penetration of smart devices & wearables and the increasing adoption of connected smart devices. Besides, the advanced modifications developed via the number of small enterprises also boost the demand for the global affective computing business. Moreover, the increase in the demand for telehealth-related affective computing solutions and the requirement for socially intelligent artificial agents are also propelling the market growth. Furthermore, sophisticated artificial agents are growing more ubiquitous in everyday life, due to which researchers are advancing innovative affective computing solutions for aiding help to human-computer communication.
Affective computing is the development & study of devices & systems that can process, recognize, simulate, and understand human effects. Affective computing is an interdisciplinary department spanning psychology, computer science, and cognitive science. Affective computing is advancing into a separate realm that includes technologies figuring out a user’s emotions & taking intangible input in a much more complicated social way. Affective computing is human-computer communication in which a device can discover & adequately return to its user’s emotions & additional stimuli.
The global affective computing market is expected to witness significant growth due to the rising R&D focus on software technologies, along with the powerful need for companies to understand consumer behavior. Furthermore, the increasing recognition of advanced electronic devices & the voice-activated biometrics used for rising protection that assists in offering entrance to validated users for transaction performing are anticipated to propel the market growth. Also, the processing acceleration of affective computing to report & examine a human being’s acknowledgment in real-time can provide to the more active adoption of this technology in growing years. The tremendous production cost & lack of standardization are expected to impede the market growth throughout the prediction period. The rising applications of technology in different industries are anticipated to generate immense opportunities for business growth.
Key players operating in the global affective computing market include Cognitec Systems GmbH, Elliptic Laboratories A/S, Affectiva, Intel Corporation, Eyesight Technologies Ltd., Google, Kairos AR, Inc., Microsoft Corporation, IBM, Qualcomm Technologies, Inc., and among others. To gain a significant market share in the affective computing market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Microsoft Corporation is a vital manufacturer operating in the affective computing market.
On the basis of hardware, the global affective computing market is segmented into cameras, storage devices and processors, sensors, and others. Cameras segment dominated the market and held the largest market share of 36.23% in the year 2020. This growth is attributed to the increasing stakeholder & policy assistance for pursuing smart city leadership & the subsequent demand for advanced technologies & urban surveillance technologies for video surveillance systems.
Facial recognition segment dominated the market and held the largest market share of 25.28% in the year 2020
On the basis of software, the global affective computing market is segmented into gesture recognition, speech recognition, facial feature extraction, enterprise software, analytics software, and others. Facial recognition segment dominated the market and held the largest market share of 25.28% in the year 2020. This growth is attributed to the rising requirement for a high level of safety & security and the ability of facial recognition technology.
Touch-based segment dominated the market and held the largest market share of 56.12% in the year 2020
On the basis of technology, the global affective computing market is segmented into touchless and touch-based. Touch-based segment dominated the market and held the largest market share of 56.12% in the year 2020. This growth is attributed to the increasing need for socially intelligent artificial agents & the growing adoption of wearable devices.
Healthcare and life sciences segment dominated the market and held the largest market share of 20.23% in the year 2020
On the basis of vertical, the global affective computing market is segmented into retail, energy & utilities, government & defense, BFSI, academia and research, healthcare and life sciences, IT & telecom, and others. Healthcare and life sciences segment dominated the market and held the largest market share of 20.23% in the year 2020. This growth is attributed to the Artificial Intelligence in healthcare growing. Moreover, the large number of application areas that involve facial expression recognition for specially-abled children (dyslexia, autism, and others) & detection of psychological diseases in this area are assistants to propel the segment growth.
Regional segment of affective computing market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global affective computing market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 30.05% in the year 2020. This growth is attributed to the extensive government funding & powerful technical bases supporting this region. The region is also with the foremost adopters of AI-based & next-gen technologies on a widespread scale & has been continuously upgrading the infrastructure among AI to secure a mature infrastructure ideal for the deployment of affective computing. The market in the Asia Pacific is expected to witness significant growth, owing to the increase in the acceptance of the most advanced technologies. Moreover, numerous countries in the region pursue multiple leadership for the electronic ID generation of their respective citizens.