AFFECTIVE COMPUTING MARKET ANALYSIS

Affective computing is the study and development of systems and devices which can recognize, understand, process, and simulate human affects. Affective computing is an interdisciplinary field which comprises computer science, psychology, and cognitive science. 

Statistics:

The affective computing market was valued at US$ 36.32 Bn in 2021 and is forecast to reach a value of US$ 416.9 Bn by 2030 at a CAGR of 31.5% between 2022 and 2030.

Figure 1: Global Affective Computing Market Value (US$ Mn) Analysis and Forecast, 2017 - 2030

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Key Developments:

In 2021, Smart Eye, a supplier of the Driver Monitoring Systems and the high-fidelity eye tracing technology attributed Affectiva to collaborate the two organizations into a global powerhouse of Artificial Intelligence. Affectiva’s deep expertise in ML, data acquisition and the annotation and the AI ethics ensure the smart eye to offer a Human Insight AI that describes, assists and forecasts human behavior in complicated surrounding.   

In February 2021, IBM declared that Safexpress, India’s one of the dominating supply chain  logistics organization, has advanced PROPEL-i, a bespoke, end cryptic cloud native logistics area advanced in partnership with the IBM global business services. The digital medium ensures the company to gain the suppleness in demand management, receive developed and flexible dynamic pricing modeling capacities.

Figure 2: Global Affective Computing Market Share (%), By Region, 2021

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Market Drivers:

Driver 1:

The increasing adoption of advanced electronic devices along with technological advancements is expected to propel the growth of the global affective computing market. Advanced electronic devices comprise of computer, dishwasher, smart alarm clocks and portable chargers and power banks and mobile phones. For instance, the number of mobile operating devices is 2021 is approximated to be 15 billion and the count is expected to reach 18.22 billion by 2025.

Driver 2:

The growing demand for virtual assistants which are capable of detecting fraudulent activities and the rising need for improved security in several sectors is anticipated to boost the growth of the global affective computing market. For instance, as per Statista, there are 110 million Americans using virtual assistants and the software is mostly common in smartphones.

Market Restraint:

Restraint 1:

Issues related to technological compatibility and high implementation costs are some of the major factors that are expected to hamper the growth of affective computing market. Due to the high expenses of the system and complexity in understanding customer behavior is further impeding the growth of the market.

Restraint 2:

Companies are facing challenges in recovering decisions from the accumulated data and are thus focusing particularly on these challenges while building models the affective computing. This leads to delay in the interpretation of data and is expected to hamper the growth of the global affective computing market.

Market Opportunities:

Opportunity 1:

The industries are still adapting and moving towards detecting the emotions of their customers. Affective computing enables a computational device to sense the users’ non-verbal emotional signals. It consists of gestures, movements, physiology, and other behaviors, and react in real-time. This factor is anticipated to propel the growth of the global affective computing market.   

Opportunity 2:

Along with the rising demand of virtual assistants for detecting the fraudulent activities, the rising use of affective computing in sectors of  security applications, such as voice-activated biometrics, to limit the access for authorized users is also anticipated to boost the growth of the global affective computing market.

Market Key Takeaways/Trends:

Trend 1:

With the rising penetration of smartphones in the market, many users are being approaching towards a change in computing work from rational to affective thinking. Further, deep learning solutions which contain adequate data have become easier to deploy in the systems which is projected to fuel the growth of the global affective computing market.

Trend 2:

Robots can be designed with computation data to act more informative and emotional. It will guarantee higher flexibility in complexed or uncertain situations. It would enhance automation frequency with the help of affective computing abilities. This is further anticipated to act as a leading trend in the upcoming future.

Competitive Landscape:

Major companies operating in the global affective computing market are Amazon Web Services Inc., Affectiva Inc., Nuance Communications Inc. (Microsoft Corporation), Nemesysco Ltd., Eyesight Technologies Ltd., Element Human Ltd., Emotibot Technologies Limited, Kairos AR, Inc., Realeyes Data Services Ltd., audEERING GmbH, IBM Corporation and Gesturetek Inc.