The Global Affective Computing Market is Expected to Reach

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Newark, NJ, May 09, 2022 (GLOBE NEWSWIRE) — According to the report published by Fior Markets, the global affective computing market is expected to grow from USD 28.15 billion in 2020 and reach USD 348.32 billion by 2028 growing at a CAGR of 36.95% during the forecast period 2021-2028.

The affective computing market has experienced significant growth in recent years. This growth is attributed to the growing penetration of smart and wearable devices and the increasing adoption of connected smart devices. Additionally, the advanced modifications developed via the number of small businesses are also driving the demand for the global affective computing industry. Additionally, increasing demand for affective computing solutions related to telehealth and the need for socially intelligent artificial agents are also propelling the growth of the market. Additionally, sophisticated artificial agents are increasingly ubiquitous in everyday life, through which researchers are providing innovative affective computing solutions to aid in human-computer communication.

Affective computing is the development and study of devices and systems capable of processing, recognizing, simulating and understanding human effects. Affective Computing is an interdisciplinary department spanning psychology, computer science, and cognitive science. Affective computing is advancing into a distinct field that includes technologies for determining a user’s emotions and taking in intangible information in a much more complicated social way. Affective computing is human-computer communication in which a device can discover and adequately render the emotions and additional stimuli of its user.

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The global affective computing market is expected to witness significant growth owing to the growing focus of R&D on software technologies, as well as the powerful business need to understand consumer behavior. Additionally, the growing recognition of advanced electronic devices and voice-enabled biometrics used for growing protection that helps in offering access to validated users to conduct transactions is expected to propel the growth of the market. Additionally, accelerating affective computing processing to report and review recognition of a real-time human being may enable more active adoption of this technology in the growth years. Huge production costs and lack of standardization are expected to hamper the market growth throughout the forecast period. The growing applications of technology in different industries are expected to generate immense opportunities for business growth.

The major players operating in the global affective computing market are 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 significant market share in the affective computing market, major players are now focusing on adopting product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations, and partnerships. Microsoft Corporation is a key manufacturer operating in the affective computing market.

  • For example, in June 2019, Microsoft Corporation launched four free “Eyes First” games for souls with speech and mobility impairments. They can play games like maze, match two, slide tiles and double up using gaze data.

The camera segment dominated the market and held the largest market share of 36.23% in 2020

On the basis of hardware, the global affective computing market is segmented into cameras, storage devices and processors, sensors and others. The camera segment dominated the market and held the largest market share of 36.23% in 2020. This growth is attributed to the growing support from stakeholders and politicians to pursue smart city leadership and the subsequent demand for advanced technologies and urban surveillance technologies for CCTV systems. .

The facial recognition segment dominated the market and held the largest market share of 25.28% in 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. The facial recognition segment dominated the market and held the largest market share of 25.28% in 2020. This growth is attributed to the increasing requirement for a high level of safety and security and the ability to facial recognition technology.

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The touch segment dominated the market and held the largest market share of 56.12% in 2020

On the basis of technology, the global affective computing market is segmented into contactless and tactile. The touch segment dominated the market and held the largest market share of 56.12% in 2020. This growth is attributed to the growing need for socially intelligent artificial agents and the increasing adoption of wearable devices.

The healthcare and life sciences segment dominated the market and held the largest market share of 20.23% in 2020

On the basis of vertical, the global affective computing market is segmented into Retail, Energy & Utilities, Government & Defense, BFSI, University & Research, Healthcare & Life Sciences, IT & Telecom, and others. The healthcare and life sciences segment dominated the market and held the largest market share of 20.23% in 2020. This growth is attributed to the growth of artificial intelligence in healthcare. Moreover, the large number of application areas that involve facial expression recognition for children with special disabilities (dyslexia, autism and others) and detection of psychological diseases in this area are assistants to propel the growth of the segment.

Regional segment of the affective computing market

  • North America (United States, Canada, Mexico)
  • Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, rest of APAC)
  • South America (Brazil and rest of South America)
  • Middle East and Africa (UAE, South Africa, Rest of MEA)

Based on geography, the global affective computing market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The North America region holds the largest market share of 30.05% in 2020. This growth is attributed to the large government funding and strong technical foundations supporting this region. The region is also among the leading adopters of AI-enabled and next-generation technologies at scale and has continuously upgraded infrastructure among AI to secure a mature infrastructure ideal for affective computing deployment. The Asia-Pacific market is expected to witness significant growth, owing to the increase in acceptance of the most advanced technologies. Additionally, many countries in the region are pursuing multiple leadership for the electronic identity generation of their respective citizens.

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About the report:

The global affective computing market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the driving factors, opportunities, restraints and challenges to obtain the key insights of the market. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, and Competitor Position Grid Analysis.

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Fior Markets is a futuristic market intelligence company, helping clients develop their trading strategies and make better decisions using actionable insights. With a transparent pool of information, we meet client objectives, high-level engagements and target potential leads for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market information research reports, including industries such as technology, pharmaceuticals, consumer goods, food and beverages, chemicals, media, materials and many more.

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