Affective computing is the R&D of the system and the devices which is capable of recognizing, understanding, processing and then reproducing the human sentiments. This interdisciplinary sector comprises of several field such as psychology, cognitive science and the computer science. It’s a vastly rising multidisciplinary sector which aims at developing the technology which helps to understand the things which affect the human beings
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
North America held a dominant position in the Global Affective Computing Market Share in 2021
North America held dominant position in the global affective computing market in 2021, accounting for 46.0% share in terms of volume.
Figure 2: Global Affective Computing Market Share (%), By Region, 2021
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.
|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|
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.
|Restraints & Challenges:||
With the limitations for the effectiveness enhancements in the retail sector and the other industries , where the customer interaction is very huge and the trade strive to regulate their customer base , affective computing provides a great chance and has witnessed its strength which is anticipated to drive the growth of the global affective computing market. Moreover, they are utilized to identify from the customers voice regarding the feeling that the customer had experienced during the communication with the agent.
Legacy contact hubs function on the traditional technologies which are incapable of assisting the recent channels such as mobile application chats, social media, and videos. The rising automation, particularly in the cloud-based contact hubs, is very easy and comfortable to assimilate and also assists the company to fulfil its requirements which is anticipated to drive the global affective computing market growth.
With the method in which the hospital procedures deal with the human life and its impact on the launch and clearance takes time in the department. For example, new medicines can take many years which can be utilized on the human beings. The adoption of the technology is very complicated and complexed regarding the functional approach and demand for the procedure of the simplification which is expected to hinder the growth of the global affective computing market.
Physicians and the patient comprehend a software breakdown in the healthcare as much as serious results than in any other settings. An ungainly user interface or the bombing of the EHR leads to the delay in the therapy or even is very dangerous for the life of the patient. Moreover, the dynamic workforce threat which starts from the fact of the technology permits a varied hospital staff to hire comprises of the third parties and all these things are anticipated to hinder the growth of the global affective computing market.
Organizations and the companies across several regions are rousingly acquiring the rules and regulations set by the regulatory to rely on the benefits of AI and ML technologies. The government of Kerala, has procured an Artificial Intelligence powered Thermal and Optical Imaging Camera for monitoring the high temperature to scan people and keep a secured distance with the aim to combat the virus.
The LVA technology of the company NEMESYSCO LTD is being utilized by several industries in order to understand and accept the human emotions and the behaviors. ECI is utilizing the LVA-I platform announced by the company in order to conduct the integrity trial for the new employees, Moreover, LVA helps to identify the human emotional reactions and to simplify and then understand the Emotional Diamond Concept.
Market Key Takeaways/Trends:
Though various companies are working worldwide, the affective computing market is still rising in several applications, particularly in the hospital and the automotive domains. Anyhow the company provides numerous goods which are not yet totally authorized and do not even have the license or approval and clearance by the correct official rules and regulations.
Most of the affective computing goods in the present market are confined to very small software modules and the APIs. Many products are already sold by the companies such as Affectiva, CrowdEmotion, Emotient, Humanyze and restful APIs. A very small scale of the companies face the domain which have developed analytic products deployed like the cloud-computed services.
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 assists in recognizing the human emotions and the state of the person, along with it, it lets 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.
Modern channels can be combined by utilizing communication or interaction application programming interfaces APIs. Analytics insights can later be executed to deliver or transfer the context rich and the personalized customer service. Furthermore, there is no particular physical place to work, the agents can operate it and use it at any place distantly to give the customer care service.
The technologies are as reliable to the applications as the developers and the adopters. The huge and the vast problem is to find the correct and accurate balance in identifying the emotionally smart and intelligent human beings to build them for the achievement of the affective computing forms which are effective for the types of emotional artificial intelligence.
The rising demand of the virtual assistants are able to detect the fraudulent and the lawless activities and the increasing requirement of the enhanced security in several fields is providing a lucrative opportunity and moreover, the rising use of affective computing for private applications, limited availability towards the regulatory patients is also leading to the development.
Key features of the study: