According to the latest report by IMARC Group, titled "Affective Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global affective computing market reached a value of US$ 37.0 Billion in 2021. Affective computing refers to a multidisciplinary field combining psychology, and computer and cognitive sciences, which recognizes, interprets, and simulates human emotions. It uses a range of software and hardware components, including sensors, cameras, processors, machine intelligence, and microphones that assist in sensing and evaluating the non-verbal communication signals of users. Affective computing aids enterprises in understanding the reactive state of customers, selling products effectively, monitoring employee emotional states to adjust their workload, and performing content optimization to engage with clients. Apart from this, affective communication optimizes overall organizational productivity; therefore, it is extensively incorporated in the autonomous and e-learning systems in varying industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Affective Computing Market Trends:
The widespread adoption of affective computing across various industrial verticals can be attributed to the increasing demand for effective and improved human-computer interfaces to establish an interaction between the user and system after detection of the emotional state. In line with this, significant technological advancements, such as the large-scale integration of machine learning (ML), artificial intelligence (AI), and dual cameras to detect human behavior, motion, gestures, and physiology, are acting as another growth-inducing factor. Moreover, the rising need for telehealth applications, especially during the coronavirus disease (COVID-19) pandemic, has prompted the extensive incorporation of affective computing solutions for monitoring patient conditions and providing treatment, which is propelling the market growth. Additionally, escalating fraudulent activities, such as hacking, have prompted the installation of virtual assistants and face-recognition biometrics in affective computing systems to offer better security, which is propelling the market growth. Other factors, such as the fueling utilization of consumer electronics and several wearable devices and the strategic collaborations amongst key players to enhance product efficacy to offer personalized experiences to users, are positively stimulating the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 35.0 Billion by 2027, growing at a CAGR of 35.78% during 2022-2027.
- Based on technology, the market has been bifurcated into touch-based and touchless.
- On the basis of the component, the market has been bifurcated into hardware (sensors, cameras, storage devices and processors and others) and software (analytics and enterprise software and facial, gesture and speech recognition).
- Based on the end use, the market has been segregated into automotive, BFSI, government, healthcare, IT, telecom and others.
- On a regional basis, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined, with some of the key players being Affectiva Inc., Cipia Vision Ltd., Cognitec Systems GmbH, Elliptic Laboratories A/S, Google LLC (Alphabet Inc.), Intel Corporation, International Business Machines Corporation, Kairos AR Inc., Microsoft Corporation and Nuance Communications Inc.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800