SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Affective Computing - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: May 2021
Executive Pool: 24488
Companies: 57 - Players covered include Affectiva Inc.;Apple Inc.;Cognitec Systems GmbH; Cogito Corporation; Elliptic Laboratories AS; Eyesight Technologies Ltd.; gestigon GmbH; IBM; Intel Corporation; Microsoft Corporation; NVISO SA and Others.
Coverage: All major geographies and key segments
Segments: Component (Software, Hardware); End-Use (Market Research, Media & Advertising, Healthcare & Lifesciences, Automotive, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
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Global Affective Computing Market to Reach $104.2 Billion by 2024
Affective computing paves way for devices programmed to quantify and capture emotions as specific data. Affective computing, also termed as artificial emotional intelligence or emotion AI, represents an exciting field encompassing efforts to develop devices and systems programmed for recognizing, simulating, interpreting and processing human affects. The interdisciplinary area integrates emerging technologies and multiple disciplines such as cognitive, psychology, physiology and computer sciences for enabling devices to recognize emotional cues via vital signs like facial expression, gesture and posture. The primary aim of affective computing technology is to simulate empathy, enabling systems to understand emotional states of users and accordingly adapt their behavior for giving a suitable response for such emotions. In contrast to sentimental analysis, affective analysis identifies various emotions rather than focusing only on the phrase polarity. Amid the COVID-19 crisis, the global market for Affective Computing is projected to reach US$104.2 Billion by 2024, registering a compounded annual growth rate (CAGR) of 30.4% over the analysis period. The United States represents the largest regional market for Affective Computing, accounting for an estimated 36.5% share of the global total. The market is projected to reach US$39.5 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 40.4% over the analysis period.
The market is nascent, but is heading for major gains led by technology advancements and penetration in industries such as automotive, healthcare, and customer service. The market is anticipated to receive a significant contribution from impressive developments and gains for touchless AI models. Factors such as increasing penetration of connected devices in various end-user industries along with continuous improvements in enabling affective computing are expected to propel the market growth. In the coming years, affective computing is anticipated to find extensive adoption in a comprehensive array of sectors including healthcare, market research, automotive, media & advertising, gaming and e-learning, fuelling the market growth. The market is expected to receive a notable impetus from rising prevalence of smart wearable devices coupled with growing number of startups and increasing use of affective computing tools by leading organizations to study and analyze target consumers. The technology is anticipated to be extensively used by organizations to study consumers' behavior and predict their needs by understanding, mapping and analyzing the behavior and understanding their feelings regarding the service or product. In addition, growing acceptance of social robots built on affective computing in industries such as healthcare is expected to bolster the demand for affective computing solutions. The increasing applications of the technology in diverse industries are likely to create immense growth opportunities for the global affective computing market.
The market also stands to benefit from increasing use of computing technologies across various sectors, strong focus on R&D and numerous end-use applications. The affective computing market receives significant boost from increasing R&D focus on software technologies coupled with the strong need for organizations to understand customer behavior. Various businesses are partnering with providers of affective computing solutions to support R&D projects intended to develop software technologies capable of recognizing customer expressions and gestures for avoiding misinterpretations. Leading companies such as Intel, CogniTech and Sony Depth-sensing Solutions are investing heavily in research projects related to facial expression and body gesture. The market is expected to gain from rapid adoption of the technology owing to its processing speed to capture and analyze human responses in real-time. Global adoption of affective computing is anticipated to be impelled by increasing use of sophisticated computing processers, sensors and neural networks. In addition, various companies are expected to leverage affective computing for developing intelligent systems to enhance interactions between machines and humans. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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