Affective computing is the development and study of the devices and systems which can process, recognize, simulate, and interpret human effects. In addition, it is an interdisciplinary field across cognitive science, psychology, as well as computer science. Affective computing technologies have the ability to sense the emotional condition of the human with the help of a microphone, cameras, sensors, and software logic. Thus, the technology can respond with performing particular service features or predefined products such as the recommendation of a set of videos or changing a quiz to fix the mood of the user. On the other hand, recognizing emotions is one of the essential factors, especially when companies selling composite products.
The Affective Computing Market is expected to reach US$ 416.9 Bn during the forecast period at a 31.5% CAGR.
In addition, the rising adoption of high-resolution cameras, incidences of ML (Machine Learning), and high-speed internet are enabling the huge growth of affective computing. In addition to this, affective computing majorly relies on fast broadband connections for the communication of videos, high-resolution dual cameras for capturing the videos, and machine learning models to recognize emotions of that video. Thus, all these things have increased majorly since 2010. In addition, all Smartphone users have high-resolution cameras in their Smartphone as well as the growing number of users experiencing high video uploading speed with real-time.
Key Market Dynamics
The growing numbers of technological advancements along with the increasing acceptance of advanced electronic devices are some of the major factors that are estimated to contribute to the growth of the global affective computing market during the prediction period. In addition to this, voice-activated biometrics utilized for increasing security that helps in offering access to validated users for transaction performing, hence increasing the use of affective computing services across the world. Moreover, the affective computing market is increasing popularity across the huge number of industries such as healthcare, automotive, and banking, owing to the huge range of affective computing adoption to recognize the emotional condition of the customers with the real-time and analyze how customer’s mood will affect during buying or selling any products. In addition to this, affecting computing will aid in recognizing human emotions as well as decision-making through the study of their expressions, voice, heart rate, and other significant parameters. Furthermore, the growing adoption of the associated smart devices as well as the rising penetration of smart devices and wearable, are likely to propel the growth of the affective computing market across the globe. Likewise, the advanced innovations developed by the number of small enterprises are also increasing the demand for the global affective computing market.
In addition, the growing adoption of connected devices across the number of end-user segments and constant developments in enabling technologies are expected to boost the growth of the global affective computing market during the forecast period. On the other hand, lack of standardization as well as the huge production cost is some of the other factors that are expected to hamper the growth of the affective computing market over the forecast period.
The software segment is expected to account for the highest market share in the year 2019
The rising requirement to capture consumer personality and behavior, the demand for software platforms for the delivery of the effective learning tools across educational institutes as well as the highest growing usage of the supportive tools for medical sectors are some of the significant factors which have fuelled the software service providers to provide effective computing software platforms. In addition to this, the increasing virtualization among several industries and the acceptance of cloud computing is boosting the demand for software-enabled affective computing services in a huge number of regions.
Rising Applications in different Domains Boosting the Growth of the Global Affective Computing Market
The huge numbers of applications among the technology have been increasing at a rapid pace across several domains. In addition, various companies such as Disney have been utilizing algorithms named FVAEs (factorized Variational Autoencoders) to address the audience's reaction to several movie characters. On the other hand, video games are being developed to offer gamers with an improved gaming experience by gauging gamers’ emotions while playing the game. In addition, the adoption of such technologies is anticipated to help teenagers to develop social-emotions in the case of autism-based diseases. However, a huge number of treatments have been offered for such children that are also likely to drive the overall growth of the global affective computing market during the forecast period.
Global Affective Computing Market Segmentation
The global affective computing market segmentation can be done depending on factors such as technical analysis, software analysis, hardware analysis, vertical analysis, and geographical analysis. In terms of technical analysis, the market is fragmented into touch-less and touch-based. According to the software analysis, the global affective computing market is segregated into gesture recognition, speech recognition, facial features extraction, enterprise software, and analytical software. In terms of hardware analysis, the market is sub-divided into cameras, sensors, storage devices & processors, and many others. According to the vertical analysis, the global affective computing market is divided into government, BFSI, media & entertainment, IT & telecom, defense, retail, healthcare, automotive, and others.
In terms of geographical regions, the global affective computing market is segregated into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Out of these, the North American market for affective computing is expected to account for the highest market share across the world, due to the adoption of affective computing across the healthcare industries to monitor patients. Thus, the patient emotions are communicated by three mediums such as the audio, face, as well as body gestures that will aid in identifying the current condition or situation of the patient. Likewise, the medical devices are also connected with voice assistant and empathic which can alter or uplift negative emotions. Unpleasant stressful conditions, frustration, irritation, and depression have an intensely negative effect on human health. Hence, the utilization of affective computing across the regional healthcare sector is expected to boost the affective computing market.
Competitive Landscape of the Global Affective Computing Market
The global affective computing market is recently dominated by the few service providers along with their technological advancements in Artificial Intelligence technology. In addition to this, the global affective computing market is hugely competitive in nature as well as the leading service providers with their significant share across the market are highly concentrating on extending their market footprint across several regions by leveraging on several strategic programs to grow the profitability as well as market share. Some of the major service providers operating in the global affective computing market are CroudEmotion Ltd., Affective Inc., nViso AI, Kairos AR, Inc., Apple, Inc., Elliptic Labs, Beyond Verbal Communication Ltd., Google Inc., IBM Corp., Eyesight Technologies, Ltd., Qualcomm Inc., Microsoft Corp., and many others.
Key Market Movements
• An increasing the number of technological advancements is one of the major factors hugely contributing to the growth of the global affective computing market.
• The growing adoption of advanced electronic devices is also another significant factor responsible for the development of the affective computing market.
• The rising number of industries using affective computing technology to know consumer reaction is also contributing to the progress of this market.
Key Market Deliverables
• This report offers an extensive analysis of the affective computing market as well as current & future market trends.
• The report covers in-depth information about the major market drivers, restraints, market opportunities, and their influence on the global market is also offered in the report.
• The report is designed with the help of Porter's Five Forces analysis that defines the potency of suppliers as well as buyers operating across the affective computing market.
• This report offers a qualitative and quantitative analysis of the affective computing market over the forecast period to understand the market potential.
• In addition, the report provides a complete analysis of the market segmentation along with every region with the help of their share in the market.