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The Affective Computing market is in a state of generative shifts that mainly draw from new technological breakthroughs and stronger attentiveness for human-computer interaction. We are talking about the field of Affective Computing which aims at the development of systems that have emotional intelligence and can recognise, process, and respond to human feelings. Our attention for genuine understanding technology has been getting bigger as our advanced scene is developing. Care factors are also being shaped through different variables like the increasing interest in emotional well-being, the building of emotional intelligence in the different business sectors, and the continuous development of computer intelligence systems.
One of the push factors that contribute to the market growth is the intensification of emphasis on emotional well-being and life prosperity. With social consideration being given to the importance of mental welfare, there is an increasing demand for technologies that help in measuring and supporting emotional states. Affective computing applications, such as the feeling of being helped and arguments criticism, have broadened the concept of use in this situation. They strengthen the development of programmes for the management of stress, anxiety and other personal difficulties that might hinder people from living healthier. In line with that, smart devices are experiencing increased research and scrutiny in regards to the creation of smart systems that effectively offer people the mental health services they desire.
Briefly, as affective computing is introduced in more enterprises, it brings more dynamism to the market environment. The personalization of the provision of services like medicine, auto, retail, and training is bringing real-time systems to improve client experience and engagement. Take medical services: their suppliers are employing affective computing at home health monitoring solutions that will help them determine and respond to a person's health, thus delivering personalized and empathic care. Within the auto field, a feeling of innovative way of thinking is being utilized through personal state monitoring as well as car reaction alteration that improve driver safety. These multifaceted networks in varied fields enable the market’s expansion and open out new routes for businesses which can be considered as an opportunity to explore and grow product lines.
The last but not the least significant aspect of the affective computing marked by the rapid development in man-made intelligence is the next important market driver. With the development of artificial intelligence this means that the machines that are used for affective computing will be more advanced and they will be able to understand emotions better and more precisely. AI estimates are more and more developed on this understanding and responding to feelings of human beings which translates to better client experiences.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Vertical, Deployment, Organization Size, and Region |
Affective Computing Market Highlights:
Affective Computing Market Overview
Global Affective Computing Market Size was valued at USD 20.2 billion in 2022. The Affective Computing market industry is projected to grow from USD 27.5528 Billion in 2023 to USD 330.1267393 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 36.40% during the forecast period (2023 - 2032).Increased connected devices across different end-user industries, continuous improvement in enabling effective computing technology are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Affective Computing Market Trends
Increased use in healthcare is driving the market growth
Affective computing is highly advanced and widely used in the healthcare industry. The initial advancements in effective computing focused on supporting medical professionals, specifically by developing technologies to better understand individuals with mental challenges. Artificial intelligence (A.I.) application in medicine is growing, and significant endeavors are underway to enhance its impact in the field. Companies such as DeepMind, Babylon Health, and others are intensifying their work in this domain. This factor drives the market CAGR.
Additionally, the rising use of mobile networks in various end-user sectors, coupled with continuous technological advancements, is driving the growth of the computing market. Businesses of all sizes swiftly adopt government-led initiatives to utilize A.I. and ML to address COVID-19. To combat the infection, the Kerala state government has invested in an "Intelligence Thermal and Optic Scanning Camera" to scan individuals from a safe distance. With increased global investment in combating COVID-19, countries are expected to enhance public safety, healthcare, and law enforcement by widely adopting effective software applications. Moreover, the market is experiencing growth due to the increasing applications of artificial intelligence in logistics, software, autonomous vehicles, and medical robotics. The Deployment of robots, the proliferation of wearable devices, and increased collaboration among market players are also contributing to the momentum of effective computing. Research and development investments and activities, along with technological innovations and the expansion of the IT sector, are fueling the Affective Computing market revenue.
Affective Computing Market Segment Insights
Affective Computing Type Insights
The global Affective Computing market segmentation, based on type, includes hardware and software. The software segment dominated the market, and the growing need for sophisticated software solutions that facilitate emotion recognition and analysis is on the rise. Affective computing technology seeks to identify, understand, and react to human emotions, with software playing a vital part in its accomplishment. These software solutions offer the necessary algorithms, machine learning models, and data processing capabilities to effectively analyze facial expressions, voice intonation, physiological signals, and other inputs to accurately determine human emotions.
Affective Computing Vertical Insights
The global Affective Computing market segmentation, based on vertical, includes retail, IT & telecom. The retail segment dominates the market; effective computing technology is being more widely used in the retail sector to enhance customer experiences and improve business results. Retailers are utilizing affective computing solutions to analyze customer emotions and behaviors, allowing them to personalize interactions, customize product recommendations, and create more captivating shopping experiences. By gaining insight into customer emotions, retailers can optimize store layouts, enhance product placements, and develop targeted marketing campaigns. This ultimately leads to increased customer satisfaction, loyalty, and higher sales.
Figure1: Global Affective Computing Market, by Vertical, 2022 & 2032(USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Affective Computing Deployment Insights
Based on Deployment, the global Affective Computing market segmentation includes cloud and on-premise. The cloud segment dominated the market; cloud-based effective computing solutions enable organizations to access and analyze large volumes of data from multiple sources instantaneously, eliminating the need for substantial infrastructure investments. This allows businesses to swiftly implement and expand their effective computing applications according to their requirements. Moreover, cloud deployments offer seamless integration with other cloud-based services and technologies, facilitating effortless data sharing and collaboration. Furthermore, cloud-based deployments provide advanced data security measures to safeguard sensitive information.
Affective Computing Organization Size Insights
The global Affective Computing market segmentation, based on organization size, includes SMEs and large enterprises. The large enterprise segment dominated the market; large enterprises are more likely to adopt and utilize effective computing solutions because of their greater financial resources, technical capabilities, and infrastructure. These companies typically have larger customer bases, extensive data repositories, and complex business operations, which make them more inclined to invest in advanced technologies like effective computing. Moreover, large enterprises often have a broader range of applications and use cases for effective computing, including customer experience management, sentiment analysis, and personalized marketing.
Affective Computing Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American affective computing market will dominate this market due to the enormous number of businesses that have obtained effective cloud platforms, as well as the most recent technology that will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: Global Affective Computing Market, by Component, 2022 & 2032(USD billion)
Source:Secondary Research, Primary Research, MRFR Database, and Analyst Review (%)
Europe's Affective Computing market accounts for the second-largest market share because of thegrowing amount of interconnected devices across various end-user sectors. Further, the German Affective Computing market held the largest market share, and the U.K. Affective Computing market was the fastest growing market in the European Region.
The Asia-Pacific Affective Computing Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to continuous improvement in enabling effective computing technology. Moreover, China’s Affective Computing market held the largest market share, and the Indian Affective Computing market was the highest-growing market in the Asia-Pacific region.
Affective Computing Key Market Players& Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Affective Computing market grow even more. Market participants are also undertaking different strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Affective Computing industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Affective Computing industry to benefit clients and increase the market sector. The Affective Computing industry has offered some of the most significant advantages in recent years. Major players in the Affective Computing market, including 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 Soft kinetic Systems (Belgium), SiteCorp. (The Netherlands)., and others are attempting to increase market demand by investing in research and development operations.
The American multinational technology corporation known as IBM, or Big Blue, is based in Armonk, New York, and operates in more than 175 countries. IBM has partnered with Shree Cement Limited to host its database and core software products on IBM Power Systems, which are based on the POWER9 architecture and run on Red Hat and AIX operating systems. Shree Cement utilizes Oracle Enterprise Command Center on Red Hat Enterprise Linux to automate critical supply chain processes. This migration will enhance the company's ability to make informed operational decisions, streamline procedures, improve supply chain efficiency, and optimize cost and revenue management.
Smart Eye AB is a Swedish A.I. company that was established in 1999. It is based in Gothenburg and specializes in the development of Human Insight A.I. technology. This technology is designed to comprehend, assist, and predict human behavior in complex environments. Smart Eye is renowned for its provision of Driver Monitoring Systems and top-notch eye-tracking technology with exceptional precision. Through a collaboration with Affectiva, the two organizations aim to become a global A.I. powerhouse. Affectiva brings deep expertise in machine learning, data acquisition, annotation, and A.I. ethics, which will enable Smart Eye to offer Human Insight A.I. that accurately describes, assists, and forecasts human behavior in complex surroundings.
Key Companies In The Affective Computing Market Include
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Google LLC (U.S.)
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Microsoft Corporation (U.S.)
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IBM Corporation (U.S.)
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Saffron Technologies Inc. (U.S.)
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Qualcomm Inc. (U.S.)
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Elliptic Labs A/S (Norway)
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Eyesight Technologies Ltd. (Israel)
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Pyreos Limited (Scotland)
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Softkinetic Systems (Belgium)
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SiteCorp. (The Netherlands)
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Brunswick Corporation
Affective Computing Industry Developments
June 2022: Nuance Communications and SCIENTIA Puerto Rico, Inc. have joined forces to expand the reach of Nuance's Dragon Medical One speech recognition solution to healthcare practitioners in Puerto Rico. This collaboration aims to improve the availability of advanced clinical documentation tools, ultimately leading to better patient outcomes. By leveraging the power of speech recognition technology, healthcare professionals can streamline administrative tasks, reducing the burden and potential burnout associated with manual documentation.
June 2022: Aural Analytics, Inc., a prominent player in clinical-grade speech analytics, announced a partnership with Koneksa, a player in digital biomarker development, to further strengthen its platform and research capabilities using Aural Analytics' technology, Speech Vitals.
Affective Computing Market Segmentation
Affective Computing Type Outlook
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Hardware
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Software
Affective Computing Vertical Outlook
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Retail
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IT & Telecom
Affective Computing Deployment Outlook
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Cloud
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On-premise
Affective Computing Organization size Outlook
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SME's
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Large enterprises
Affective Computing Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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