The global Affective Computing Market size in the post-COVID-19 scenario is projected to grow from USD XX billion in 2020 to USD 140.0 billion by 2027, at a CAGR of 37.4% during the forecast period.
Latest added Affective Computing Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2027. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are Elliptic Laboratories A/S, Intel Corporation, IBM, Microsoft Corporation, Kairos AR, Qualcomm Technologies, and Google. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
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This report studies the Affective Computing Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Affective Computing Market by companies, region, type and end-use industry.
Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Affective Computing Market, By Technology (Touch-based, Touchless), Software (Analytics Software, Enterprise Software, Facial Recognition, Gesture Recognition), Hardware (Cameras, Sensors), End-use & Geography – Global Forecast To 2027”. Early buyers will get 10% customization on study.
To Avail deep insights of Affective Computing Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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Factors such as the proliferation of gesture-enabled IoT devices in smart home automation, growing demand for voice-driven workstations and navigation systems, and integration of in-car infotainment systems are expected to work in favor of the market in the near future.
COVID-19 Impact on the Affective Computing Market
Amidst the COVID-19 pandemic crisis, various governments and regulatory authorities mandate both public and private organizations to embrace new practices for working remotely and maintaining social distancing. Since then, the digital ways of doing business became the new business continuity plan (BCP) for various organizations. With the widespread use of mobile devices and Internet penetration across the corners of the globe, individuals are progressively inclined towards the use of digital technologies such as facial recognition, speech recognition, and gesture recognition for staying connected virtually.
On the other hand, organizations are also enacting various concepts such as bring your own device (BYOD) and work from home (WFH) to modernize their work cultures. Affective computing solutions enable organizations to use technologies such as facial feature recognition, and camera sensors for temperature sensing to contain the spread of the virus. Many industries are heavily investing in R&D to develop analytics software to study the spread of COVID-19.
Affective Computing Market Dynamics
Driver: Technological advancements across the globe
With the emergence of Industry 4.0, technological advancements, such as unobstructed computing, improved human-computer interfaces, and cutting-edge networking technologies are anticipated to enhance the performance of the affective computing system. Affective computing is projected to have significant implications on the future of any company, with a widespread impact on their ergonomics, human factors, project management, and organizational changes. This factor has fueled the adoption of emotion AI/affective computing solutions across various industry verticals globally.
Restraint: High production cost of affective computing systems
The cost incurred in making affective computing systems is more, and the tangible return on investment is low. This factor acts as a major barrier to the growth of the affective computing market, as most of the enabling technologies such as wearable computing and gesture recognition incur substantial development costs. Thus, the companies who lack financial resources do not opt for the platform, even if they are interested in affective computing to increase their productivity.
Opportunity: Increasing government initiatives to leverage the benefits of emotion AI/affective computing technology
Enterprises across various verticals are rapidly adapting initiatives set by governments to leverage the advantage of AI and ML technologies in the COVID-19 crisis. The government of Kerala, a state in India, has procured an AI-powered ‘Thermal and Optical Imaging Camera’ for fever screening to scan people from a safe distance with a motive to combat the virus. With the increasing amount of funding across the globe to fight COVID-19, the government sector is expected to improvise on law enforcement and public safety for citizens and patient scrutiny in the healthcare sector and law enforcement agencies by deploying affective computing systems on a large scale.
Challenge: Lack of knowledge and awareness and technical challenges
The biggest challenge in the AI emotion/affective computing market is that it is not yet fully understood how affective computing will impact business applications and processes. Affective computing is cutting-edge technology and has far more advantages than various existing technologies, including AI-based computing solutions and sentiment computing solutions. There is tremendous hype about the technology as well; however, business leaders are yet to decipher or separate this hype from the real potential. Moreover, the social and economic implication of this technology is not yet analyzed. There is strong ambiguity regarding what affective computing is capable of and what it cannot do.
By software, the analytics software segment is expected to hold a larger share of the affective computing market in 2020
The analytics software segment mainly comprises neural analytics and predictive analytics software, which include programming languages, such as R, Python, and SAS. These analytics software solutions are used to provide different results as per the requirement of users. Analytics software accounts for a major share in the analytics software industry, as it stores all the past data that are used in the analysis of different biological neural network segments and uses statistical time series analysis to provide results for different complex scenarios.
By hardware, the cameras segment is expected to grow at a higher CAGR during the forecast period
Cameras are used widely to enable affective computing solutions, primarily in the areas of security and surveillance that have specific applications across verticals. The fastest-growing application segments of the camera that aid support for the affective computing market is commercial facilities, public spaces, and government agencies. There is an increase in the demand for cameras-enabled affective computing solutions for various security and surveillance applications, such as protection from terrorist attacks, and in the household security industry, smart buildings, and outdoor security industry.
By region, North America is expected to account for the majority of the affective computing market share during the forecast period.
North American has the presence of several prominent market players delivering advanced solutions to all the industry verticals in the regions. Apart from this factor, the geographical presence, strategic investments, partnerships, and significant R&D activities are contributing to the hefty deployments of affective solutions. Key pure-play vendors such as Affectiva, GestureTek, Kairos, and Eyeris, along with several start-ups in the region, are offering enhanced affective computing solutions & services to cater to the needs of customers. Such factors are expected to fuel the growth of the affective computing market in North America.
The vendors covered in the affective computing market report include Google (US), Microsoft (US), IBM (US), Apple (US), Affectiva (US), Qualcomm (US), Elliptic Labs (Norway), Eyesight Technologies (Israel), Sony Depthsensing Solutions (Belgium), Intel (US), Pyreos (UK), Cognitec Systems (Germany), Beyond Verbal (Israel), GestureTek (Canada), SightCorp (Noord-Holland), CrowdEmotion (UK), Kairos (US), nViso (Switzerland), PointGrab (US), Eyeris (US), Numenta (US). These players have adopted various growth strategies, such as partnerships, agreements & collaborations, new product launches & product enhancements, and acquisitions to expand their presence in the affective computing market.
Scope of the Report
This research report categorizes the affective computing market to forecast revenues and analyze trends in each of the following submarkets:
Based on technology:
Based on the component:
Based on software:
- Speech Recognition
- Gesture Recognition
- Facial Feature Extraction
- Analytics Software
- Enterprise Software
Based on hardware:
- Storage Devices and Processors
Based on verticals:
- Academia and Research
- Media and Entertainment
- Government and Defense
- Healthcare and Life Sciences
- IT and Telecom
- Retail and eCommerce
Based on the region:
- Rest of Europe
- Rest of APAC
Rest of World
- In July 2019, EyeSight Technologies partnered with leading tier 1 automobile company in China to help bring DriverSense, Eyesight Technology’s Driver Monitoring System (DMS), to automakers in the Chinese market.
- In June 2019, Microsoft launched four free “Eyes First” games for people with speech and mobility disabilities. They can play games, such as tile slide, match two, double up, and maze using the eye gaze input.
- In January 2019, Affectiva partnered with Aptiv PLC to enable next-generation vehicle experience. The partnership will deliver innovative and scalable software – derived from deep learning architectures – to enhance perception capabilities in advanced safety solutions and reimagine the future of the in-cabin experience.
- In September 2018, Affectiva unveiled Mobile Lab with automotive AI technology. The mobile lab car features, which are a part of the first multi-modal in-cabin sensing solution, called Affectiva Automotive AI, demonstrate how AI can make driving safer in semi and fully autonomous vehicles.
- In May 2018, Microsoft signed an agreement to acquire XOXCO, a company with conversational AI and bot development capabilities.
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