| According to the latest report by IMARC Group “Affective Computing Market Size: Global Industry Trends, Share, Growth, Opportunity and Forecast 2022-2027“, The global affective computing market reached a value of US$ 37.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 227.6 Billion by 2027, exhibiting a CAGR of 35.7% during 2022-2027.
Affective computing, or emotional AI, enables computers to interpret, simulate, recognize, and process human emotions and feelings. It applies knowledge from psychology, computer science and cognitive science. Affective computing analyzes emotions by employing big data, different sensors, machine intelligence and an analytics engine. Businesses leverage the insights gained from this system to improve decision-making in consumer-centric processes, such as marketing, sales and customer services. Consequently, affective computing finds widespread applications in e-learning and autonomous systems.
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Market Trends:
The increasing penetration of the internet and the escalating demand for wearable devices are primary factors propelling the global affective computing market. It is further being supported by the rising need for understanding consumer behavior by businesses across the globe. Other than this, rapid technological development has inflated the demand for advanced electronic devices, such as voice-activated biometrics, which is propelling the market growth. Moreover, the increasing deployment of software tools in educational institutes and support mechanisms in medical services is creating a positive outlook for the market.
Breakup by Technology:
Touch-based
Touchless
Breakup by Components:
Hardware
Sensors
Cameras
Storage Devices and Processors
Others
Software
Analytics Software
Enterprise Software
Facial Recognition
Gesture Recognition
Speech Recognition
Breakup by End Use:
Automotive
BFSI
Government
Healthcare
IT and Telecom
Others
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
Affectiva Inc.
Cipia Vision Ltd.
Cognitec Systems GmbH
Elliptic Laboratories A/S
Google LLC (Alphabet Inc.)
Intel Corporation
International Business Machines Corporation
Kairos AR Inc.
Microsoft Corporation
Nuance Communications Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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