ID: MRFR/ICT/4674-HCR | 100 Pages | Published By Aarti Dhapte on April 2023
Affective Computing Market Size is anticipated to reach USD 292.4 billion by 2030, registering a CAGR of 36.40% during 2022-2030
According to the latest research report, as a diverse area of study, affective computing market size encompasses a variety of disciplines such as psychiatry, computer neuroscience, physiology, and computer science, among others. Computers are sensitive enough to detect and interpret changes in a user's emotional state based on changes in facial gestures, stance, motions, voice, keyboard force or cadence, and the temperature fluctuations of the palm on the mouse. For example, the technologies enable bracelets that seek to detect the emotional state of the user by monitoring vital indicators.
The most important companies in the industry are concentrating their efforts primarily on emotion detection in order to produce incredibly intelligent systems that provide improved human communication. One of the primary goals of emotion detection is to create a computer device that has the ability to receive clues about user sentiment from a number of sources and process them. It is expected that Affective Computing will have an influence on a range of manufacturing applications, including Customer Relationship Management (CRM), consumer devices, safety, affordable healthcare, augmented worlds, and robots.
This report contains all the information on the global affective computing market analysis and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the affective computing market forecast for 2030 is also included in the report.
Covid 19 Analysis:Corporations are also applying different ideas including bringing their own device and working from home to modernize their work cultures. Affective computing solutions allow enterprises to employ technology such as face feature learning, and image sensor for monitoring of temperature to control the spread of the virus. Many companies are aggressively investing in Research and development to build analytics tools to analyze the development of COVID-19.
Market Dynamic:Drivers:One of the most important drivers driving the affecting computing market growth is the rising use of mobile networks across a variety of end-user sectors, as well as the continual advancement in the technology that enables effective computation.
Opportunities:Businesses of all sizes are quickly adopting government-led efforts to use AI and ML in the COVID-19 problem. To battle the infection, the Kerala state government purchased an Intelligence ‘Thermal and Optic Scanning Camera' to scan individuals from a respectable distance. With increased global investment to combat COVID-19, countries are anticipated to improve public safety, healthcare, and law enforcement by adopting effective software applications on a wide scale.
Restraints:The insufficiency of regulations and the high cost of manufacturing, on the other hand, are likely to limit the market's expansion.
Challenges:There is still a lack of understanding as to how affective computing may effect corporate apps and procedures. Affective computing is a slashing technology that outperforms current technologies like AI-based computers and emotion computing. Technology is also very hyped up, but business executives have yet to comprehend or differentiate the hype from the true possibilities. The technology's political and economic implications have yet to be studied. Affective computing's capabilities and limitations are quite ambiguous.
Cumulative Growth Analysis:Camcorders are frequently utilized to allow effective computing solutions, mainly in the fields of security monitoring, which have a broad range of applications across a variety of industries. Business facilities, public areas, and government organizations are the fastest-growing usage categories for the camera, which helps to provide support for the industry as a whole. For a variety of security monitoring purposes, including as protection against acts of terrorism, as well as in the domestic security business, building automation, and outdoor protection, there is an increasing need for camera systems affective computing solutions.
Value Chain Analysis:According to the reports, The global affective computing market is divided based on the kind of computing, the vertical in which it is used, the deployment method, and the size of the company. The market is split into three types of products: hardware, software, and services (enterprise software, speech recognition, analytics software, facial feature extraction, gesture recognition, and others). Retail, information technology & telecommunications, transportation & logistics, public sector, BSFI (Financial Services, Banking, Financial Services, and Insurance), and others are the several verticals that make up the market. The affective computing market is split into two types of deployments: cloud-based and on-premises deployments. The affective computing market is divided into two categories based on the size of the organization: small and medium-sized organizations (SME's) and big enterprises. The affective computing industry is divided into two categories depending on the technology used: touch-based and touchless.
Affective Computing Market Segmentation Overview:The market is segmented on the basis of kind of computing, the vertical in which it is used, the deployment method, the size of the company, and regions. The global affective computing market trend is expected to witness decent growth during the forecast period.
By Application:Based on the application, the market is segmented into hardware, software, and services (enterprise software, speech recognition, analytics software, facial feature extraction, gesture recognition, and others).
By End-users:Based on the propulsion types, the market is segmented into Retail, information technology & telecommunications, transportation & logistics, public sector, BSFI (Financial Services, Banking, Financial Services, and Insurance), and others.
Affective Computing Market Regional Analysis:According to the reports, On the basis of geography, the affective computing market may be divided into four distinct regions: North America, Asia-Pacific, Europe, and Latin America, the Middle East, and Africa (LAMEA). North America continues to dominate the affective computing business, with the region accounting for the greatest proportion of the market in 2016. This is due to the enormous number of businesses that have obtained effective cloud platforms, as well as the most recent technology.
The affective computing market in North America includes important goods that are in great demand at the moment, as well as cost breakdowns, production volumes, import/export schemes, and contributions to the affective computing market share in terms of revenue in North America, among other information. For this region's affective computing market, the nations of the United States, Mexico, and Canada, are being examined in further detail. In conjunction with study in multimodal identification and detection, as well as efficient and appropriate cooperation among numerous investigators, the industry is poised to see great potential affective computing market growth prospects in the near future.
Over the projected period, the Asia Pacific region is expected to provide significant development possibilities for the market. The development in technical implementations, as well as the increase in smart city investments, are two of the most important factors responsible for the growth of the Asia Pacific area. Affective computing markets in the Asia Pacific are expected to grow in the following countries: India, Japan, South Korea, China, and Australia. Affective computing-based robotics and digital call centers are two of the most important drivers in this sector.
Competitive Landscape:In order to develop their position in the market, the affective computing industry has used a variety of growth tactics, including partnerships, contracts, and collaborations, new product releases and product advancements, as well as acquisitions.
Recent Developments:With the partnership of a top tier 1 vehicle business in China, EyeSight Technologies is working to provide DriverSense, EyeSight Technology's Driver Monitoring System (DMS), to automakers in the Chinese market. The partnership was announced in July 2019.
Computing Market Segments: Based on Technology:
Based on the Component:
Based on Software:
Based on Hardware:
Based on Verticals:
Based on the Region: North America:
|Market Size||USD 292.4 Billion By 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, By Vertical|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Google LLC (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Saffron Technologies Inc. (U.S.), Qualcomm Inc. (U.S.), Elliptic Labs A/S (Norway), Eyesight Technologies Ltd. (Israel), Pyreos Limited (Scotland), and Softkinetic Systems (Belgium), SiteCorp. (The Netherlands).|
|Key Market Opportunities||Research in multimodal recognition and detection combined with the effective and efficient collaboration among different researchers is providing the market with tremendous potential growth opportunities.|
|Key Market Drivers||The major driving factors of the market is the growing adoption of connected devices across different end-user industries and continuous improvement in enabling affective computing technology.|
The major driving factors of the market is the growing adoption of connected devices across different end-user industries and continuous improvement in enabling affective computing technology.
The inadequacy of standards and high production costs might hamper market growth.
North America, Asia Pacific, Europe, and Latin America, the Middle East & Africa (LAMEA) are the key regions grossing with the highest market shares.
Asia Pacific region is showing potential growth of the market by offering growth opportunities for the market to emerge over the forecast period.
The market will be forecast till the year of 2030