Coherent Market Insights

Affective Computing Market Estimated at US$ 416.9 Bn by 2030

Affective Computing Market Estimated at US$ 416.9 Bn by 2030 - Coherent Market Insights

Publish On: Jul 01, 2022

Along with the multidisciplinary field present in it, affective computing also analyzes the way technology helps understanding the human emotion and also examines the interaction between the technology and the interface. It visualizes interactions between humans and a computer, in which the computer detects the user’s stimuli and responds accordingly.

Statistics:

The global affective computing market is estimated to account for US$ 46.53 Bn in terms of value by the end of 2022.

Drivers:

Affective computing can also be utilized for personalization, such as changing the music, room temperature, and lighting, based upon the mood of the user. This is anticipated to fuel the growth of the global affective computing market. For instance, a prototype called Gestele adds to the gestures, emotions, or other forms of communication that can be traced by individuals suffering from speech impairment or any other disorders.

Opportunity:

The growing deployment of robots is also providing an energy for the adoption of affective computing. The rising adoption of artificial intelligence in logistics, autonomous cars, parking aid software, and surgical robots, among several applications, is also expected to offer lucrative opportunities in the growth of the global affective computing market.

Recent Development:

In March 2021, a supplier of the voice analytics technologies and solutions for the sincere emotion identification and the Spire Solutions, a dominating value added supplier in the Middle East & Africa declared that the two organizations have signed an agreement of the collaboration for Spire Solutions to supply Nemesysco’s voice analytics technologies and the solution over the Gulf Regions.

To know the latest trends and insights prevalent in the Global Affective Computing Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/affective-computing-market-5069

Restraint:

Many factions of affective computing, such as wearable computing and gesture recognition, tend to experience high development costs. This is emerging as a major restraint to market growth. This is prompting solution providers to aim more on technological collaborations to bridge the technology gap. This is projected to act as a major factor hampering the growth of global affective computing.   

Global Affective Computing Market - Impact of Coronavirus (Covid-19) Pandemic

Through the pandemic and post pandemic, the most widely encompassing use of the affective computing is available in the hospital segment. It permits the scientist to survey and research the human emotions in several illness such as autism and epilepsy and aids in the designing of same computing method.

Key Takeaways:

The global 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 CARG of 31.5% between 2022 and 2030.

Retail held the dominant position in the global affective computing market in 2021, accounting for 42.7% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.

Key Trends/Takeaways:

Trend 1:

Affective computing depends heavily on high-speed broadband connections to ensure efficient and real-time communication between high-resolution dual cameras capturing human gestures and emotions. The machine learning models that are supposed to interpret these emotions act as a key trend in the growth of global affective computing market.

Trend 2:

With availability of many models of wearables in the market, analyzing human emotions in stress and anxiety is an easy method to achieve all that data. Similarly computers can gather all the data regarding their emotional state from their facial expressions and speech pattern analysis, wearables can check their heart rate and pulse to make same assumptions. This trend is further expected to boost the growth of the global affective computing market.

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.

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