Affective Computing Market to surge at 35.13% CAGR, rising technological innovations round the globe expected to boost the market growth, says Industry and Research
Industry and Research has released a report labeled “Affective Computing Market – Analysis of Market Size, Share & Trends for 2016-2019 and Forecasts to 2030” which is anticipated to reach USD 136,457 million by 2030. According to a study by Industry and Research, the market is estimated to portray a CAGR of 35.13% during the forecast period i.e. 2020-2030. As per the report, rising technological innovations round the globe is likely to drive the market for affective computing in the coming years.
Rising implementation of wearable devices together with rising internet infiltration is expected to influence the need for affective computing market. Moreover, the vigorous demand for businesses to understand customer conduct is another major aspect pushing the affective computing market growth. For this reason, numerous businesses are associating with affective computing players to improve research & development activities in this arena. Nevertheless, different business applications of affective computing may pass off a challenge to affective computing market growth.
The market report on global affective computing market comprises of the following in-depth analysis:
• The estimated value of the market in 2019 was USD 26,382 million.
• Based on hardware, the cameras segment emerged out as a key segment in the affective computing market across the globe.
• On the basis of technology, the touch-based segment was the leading segment of the market across the globe.
• Based on end-users, the healthcare & life sciences segment came out to be the key segment in the market.
• Region-wise, the market in North America emerged as the leading segment in the market for affective computing.
• Key players are likely to focus on product innovations and expansion through merger to retain their positions in developed markets.
“Affective computing is anticipated to have substantial consequences on the future of any organization, with a prevalent impression on their ergonomics, human aspects, project handling, and organizational changes. This aspect has powered the implementation of emotion AI/affective computing solutions across numerous company end-users globally”, said a lead analyst at Industry and Research.
Affective computing is an arrangement of mental science, psychology, as well as, computer science that can foresee the emotional condition of humans and conveys appropriate comeback to get a helpful result. This empowers businesses comprising of e-commerce sector to enhance their customer shopping experience and therefore vend products proficiently. In addition, it can also be utilized for online promotion as well as advertising booth to provide advantageous advertisement as per the user’s emotional condition. Affective computing involves machine intelligence, big data, emotion analytics engine and sensors including camera and head up display among others to collect and inspect the customer emotion. Furthermore, it also involves software for gesture recognition, speech and facial recognition and neural analytics.
Global affective computing market is segmented by hardware into sensors, cameras and storage devices & processors. Among these, the cameras segment emerged as the key segment, holding a market share of xx% in 2019. On the basis of technology, the market for affective computing is divided into touch-based and touchless. Among these, the touch-based segment was observed to be the leading segment, holding xx% of the total market share in 2019. Based on end-users, the market is divided into retail, media & entertainment, BFSI, government & defense, healthcare & life sciences, IT & telecom and automotive. Among these, the healthcare & life sciences emerged as the key segment of the market, holding xx% of the total market share in the year 2019. Region-wise, the market is segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. Among these, the market in North America is witnessed to be the key segment of the global affective computing market, acquiring xx% of the total market share in 2019.
Key Players in the Market :
Some of the key players in global affective computing market are Google, Point Grab, IBM, Crowd Emotion, Microsoft, Sight Corp, Apple, Beyond Verbal, Elliptic Labs and Cognitive Systems.
Get Valuable Insights into Affective Computing Market :
In the new report, Industry and Research thrives to present an unbiased analysis of the global affective computing market that covers the historical demand data as well as forecast figures for the period i.e. 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The global affective computing market is segmented by software into facial expression recognition, physiological recognition, speech recognition and gesture recognition. The market is divided by hardware into sensors, cameras and storage devices and processors. On the basis of technology, the market for affective computing is segmented into touch-based and touchless. Based on end-users, the market for affective computing is segmented into retail, media & entertainment, BFSI, government & defense, healthcare & life sciences, IT & telecom and automotive. Region-wise, the market is segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific.
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