Affective computing market is anticipated to exceed USD 136,457 million by 2030 from USD 26,382 million in 2019 at a CAGR of 35.13% throughout the forecast period i.e. 2020-2030.
Affective computing is an arrangement of mental science, psychology, as well as, computer science that can foresee the emotional condition of humans and conveys appropriate comeback to get a helpful result. This empowers businesses comprising of the e-commerce sector to enhance their customer shopping experience and therefore vend products proficiently. It can also be utilized for online promotion as well as advertising booths to provide advantageous advertisements as per the user’s emotional condition. Affective computing involves machine intelligence, big data, emotion analytics engine, and sensors including a camera and heads up display among others to collect and inspect the customer emotion. Furthermore, it also involves software for gesture recognition, speech, and facial recognition, and neural analytics.
The rising implementation of wearable devices together with rising internet infiltration is expected to influence the need for the affective computing market. Moreover, the vigorous demand for businesses to understand customer conduct is another major aspect pushing the affective computing market growth. For this reason, numerous businesses are associating with affective computing players to improve research & development activities in this arena. Nevertheless, different business applications of affective computing may pass off a challenge to affective computing market growth.
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Global Affective Computing Market: Key Players
- Point Grab
- Crowd Emotion
- Sight Corp
- Beyond Verbal
- Elliptic Labs
- Cognitive Systems
Global Affective Computing Market: Segments
- Global affective computing market is segmented by Hardware into Sensors, Cameras, and Storage Devices & Processors. Cameras are used extensively to facilitate affective computing solutions, majorly in the areas of security and surveillance that have explicit applications across end-use industries. The fastest-growing application segments of the camera that assist as a support for the affective computing market are commercial facilities, public spaces, and government institutions. There is an increment in the need for cameras-enabled affective computing solutions for several security and surveillance applications, such as protection from terrorist attacks, and in the household security industry, smart buildings, and outdoor security industry.
- Global affective computing market is segmented by Technology into Touch-based and Touchless. Among these, the touch-based segment is witnessed to hold the largest market share of XX% in the year 2020. Touch-based technologies play a key role in the disposition of affective computing solutions. Most of the affective computing technologies require hardware, like cameras, sensors, and storage devices, to offer a full-fledged computing solution, which can examine several facial expressions. It facilitates users to make certain signals by either touching the device or with the use of a controller linked to the device. Some of the most popular touch- or gesture-based technologies installed to monitor or spot human signals include accelerometers, gyroscopes, or a combination of both.
- Global market for affective computing is divided on the basis of End-users into Retail, Media & Entertainment, BFSI, Government & Defense, Healthcare & Life Sciences, IT & Telecom and Automotive. Among these, the healthcare & life sciences segment accounted for the largest market share of XX% in 2020 Affective computing technology portrays a key role in the arena of medical emergency and healthcare. Industries functioning in this market incorporate affective computing-related technologies related in the healthcare sector by assessing not only the emotional state of mind but also pain & medical conditions that display themselves via facial signs, like autism and depression. The technology is a bonus to the field of health science, which is now accessible for spotting the discomfort faced by individuals who are incapable to express. It is universally assumed that emotions and health have interrelation.
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Global Affective Computing Market: Market Dynamics
- Rising technological innovations Round the Globe
With the evolution of Industry 4.0, technological innovations, such as unh indered computing, enhanced human-computer boundaries, and cutting-edge networking technologies are expected to improve the performance of the affective computing system. Affective computing is anticipated to have substantial consequences on the future of any organization, with a prevalent impression on their ergonomics, human aspects, project handling, and organizational changes. This aspect has powered the implementation of emotion AI/affective computing solutions across numerous company end-users globally.
- Opportunity: Rising Government Initiatives to Leverage the Gains of Emotion AI/Affective Computing Technology
Industries around numerous end-users are swiftly adjusting schemes set by governments to influence the benefit of AI and ML technologies in the COVID-19 pandemic. With the rising level of subsidy around the globe to deal with COVID-19, the government sector is estimated to manage on law implementation and public safety for individuals and patient examinations in the healthcare sector and law execution institutions by installing affective computing systems on a large scale.
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- Huge Production Cost of Affective Computing Systems
The cost sustained in producing affective computing systems is high, and the concrete return on investment is low. This aspect turns out to be a primary obstacle to the development of the affective computing market since most of the influencing technologies such as wearable computing and signal recognition sustain significant development costs. Therefore, the organizations that lack financial possessions do not go for this platform, even if they are keen on installing affective computing to raise their productivity.
- Restraint: Lack of Awareness and Knowledge and Technical Challenges
The topmost challenge in the AI emotion/affective computing market is that it is not yet completely interpreted how affective computing will affect business applications and procedures. Affective computing is cutting-edge technology and has furthermore benefits than numerous ongoing technologies, together with AI-based computing solutions and sentiment computing solutions. There is incredible publicity about the technology as well; nevertheless, business managers are yet to decode or segregate this publicity from the actual perspective. Additionally, the social and economic consequence of this technology is not yet examined. There is a robust vagueness concerning what affective computing is capable of and what it cannot do.
Global Affective Computing Market: Regions
Region-wise, the market for affective computing across the globe is segmented into North America, Latin America, Europe, Middle East & Africa, and the Asia Pacific. Among these, North America is witnessed to constitute XX% of the total market share in the year 2019. North America has existence of various projecting market players offering innovative solutions to all the industry end-users in the regions. Apart from this aspect, the geographical incidence, planned spending, partnerships, and substantial R&D activities are adding to the heavy installations of affective solutions
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