The global Affective Computing Market size is estimated to grow from USD 22.2 billion in 2019 to USD 90.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 32.3% from 2019 to 2024. Such growth in the market can be attributed to a revolution among organizations attempting to understand human behavior across industry verticals globally.
Affective computing is primarily concerned with reducing the human-machine gap through the application of Artificial Intelligence (AI). It enables devices and machines to gather, analyze, and anticipate human emotions, and resembles an advanced and intelligent system, similar to the human brain.
The system captures all dimensions of sensory vertex, including emotions, gestures, and other physiological changes in subjects/people under observation. It empowers a normal computer system into a machine learning-enabled computer system that is capable of performing tasks that usually require human intelligence.
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Affective computing, one of the most buzzing terms in the AI segment, is all set to transform various verticals such as healthcare, automotive, and BFSI segment. The keen interest in this segment is driven by different promising applications in many areas, such as virtual assistants, maintaining privacy, safety & security, customized solutions for customers, and many others.
The global affective computing market size is estimated to grow from USD 22.2 billion in 2019 to USD 90.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 32.3% from 2019 to 2024. Such growth in the market can be attributed to a revolution among organizations attempting to understand human behavior across industry verticals globally.
The global affective computing market has been segmented based on technology, component (software, and hardware), verticals, and regions. The healthcare & life sciences vertical is estimated to dominate the affective computing industry with the largest market size during the forecast period. This study provides an analysis of the affective computing market since 2017, based on contemporary trends and developments, and its potential growth from 2019 to 2024. It provides detailed trends, market positioning, size, forecast, and analysis of key players in the market.
Based on the region, the affective computing market in Asia Pacific is projected to grow at the highest CAGR during the forecast period. APAC is likely to witness high market growth due to the increasing adoption of wearable devices and the growing internet penetration across verticals. With rapid digitization, increased use of smartphones, mobile applications, cloud storage, and the need for enhanced user experience for the smooth functioning of businesses, Asian organizations are adopting new business models that consider the significance of emotions in business operations. Factors including the rising need for the early detection of the medical conditions in healthcare industries and the increasing number of technological innovations across enterprises are also anticipated to play a vital role in the adoption of affective computing technologies in the market.
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The vendors covered in the affective computing market report include Google (US), Microsoft (US), IBM (US), Apple (US), Qualcomm (US), Affectiva (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. Partnerships, agreements & collaborations and new product launches have been the most adopted strategies by the major players from 2017 to 2019 to innovate their offerings and broaden their customer base.
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