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  • Published On : Jul 2022
  • Code : CMI5069
  • Industry : Smart Technologies
  • Pages : 182
  • Formats :

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

Affective Computing  | Coherent Market Insights

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

Affective Computing  | Coherent Market Insights

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.

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Affective Computing Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 36.32 Bn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 31.5 % 2030 Value Projection: US$ 416.9 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By End-user: Healthcare, Automotive, Retail, Other End-user Industries
Companies covered:

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.

Growth Drivers:
  • Rising automation in the contact centers
  • Huge adoption of the cloud based services 
Restraints & Challenges:
  • Huge time in the healthcare approvals
  • Privacy and the security concerns

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.

Affective computing is the one which helps in recognizing the human emotions and the state of the person, along with it, it allows the person to increase the chances of computing technologies and machineries by inoculating the emotions. Rather, the detection of patient’s emotion is one main aspect about the affective computing.

Market Dynamics:

Modern channels can be combined by using interaction of application programming interfaces APIs. Analytics insights can later be executed to deliver the context rich and the personalized customer service. This is anticipated to boost the growth of global affective computing market. The two groups of ADAS functions are comfort functions and security functions. The comfort function is designed to warn the driver by causing alerts like flashing lights, sounds, sensations, or light steering recommendations. The security feature is designed to intervene within the automotive itself. These ADAS are expected to boost the growth of the global affective computing market.

On Contrary, companies face challenges in retrieving decisions from the accumulated data and focus mainly on these challenges while building models for affective computing. This is expected to hamper the growth of global affective computing market.  

Key features of the study:

  • This report provides in-depth analysis of the global affective computing market, and provides market size (US$ 36.32 Bn ) and compound annual growth rate (31.5%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global affective computing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global affective computing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global affective computing market.

Detailed Segmentation:

  • Global Affective Computing Market, By End-User Industry:
    • Healthcare
    • Automotive
    • Retail
    • Other End-user Industries
  • Global Affective Computing Market, By Geography:
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World
  • Company Profile:
    • Affectiva Inc.
    • Element Human Ltd.
    • Kairos AR, Inc.
    • Nuance Communications Inc. (Microsoft Corporation)
    • IBM Corporation
    • Gesturetek Inc.
    • Nemesysco Ltd.
    • Realeyes Data Services Ltd.
    • audEERING GmbH
    • Eyesight Technologies Ltd.
    • Emotibot Technologies Limited
    • Amazon Web Services Inc.

Frequently Asked Questions

The global affective computing market is estimated to be valued at US$ 46.53 Bn in 2022 and is expected to exhibit a CAGR of 31.5% between 2022 and 2030.
The rising automation in the contact centers is anticipated to drive the market
Retail is the leading component in the market.
High time for the approval in the hospitals is the key factor hampering the growth of the market
Major companies operating in the 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.

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