The global affective computing market is expected to reach US$ 70.59 bn by the year 2023, growing at a higher CAGR during the forecast period. The market is growing across the globe during the forecast period due to the increasing concern for security and the growing demand to map human emotions by the advertising and marketing industries. Moreover, it is further expected that the market will witness growth over the coming years due to the increasing demand for affective computing, as the demand for the internet and wearable devices is also increasing. Affective computing will enable B2B and B2C segments to develop customized products for its customers, based on requirements.
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Affective computing is primarily a multidisciplinary field of knowledge that mainly deals with psychology, cognitive science, physiology, and computer sciences. It combines cognitive science, psychology, and computer science to identify the emotional state of human beings and thus, provide the desired result. Affective computing primarily comprises machine intelligence, emotion analytics engine, big data and sensors, camera, and head up displays, for collecting and analyzing customers’ emotions. It also provides software for speech and facial recognition, gesture recognition, and neural analytics.
In addition to these, affective computing can also be applied through wearable systems, human machine interface, surveillance systems, and robotic systems. This technology is primarily being used in autonomous or e-learning systems where the presentation style of an affective computerized tutor is changed depending on the learner’s response. Affective computing is also expected to be used in artificial intelligence as it helps in strengthening the relationship between humans and machines. It can be used as an additional tool in mental asylums to counsel patients by determining their mental state.
Market Dynamics
The affective computing market is expected to witness growth during the forecast years, owing to the rising adoption of wearable devices and the increasing use of the internet. Moreover, with the increasing need for businesses to understand the need of their customer behavior that is further expected to accelerate the growth of the affective computing market. Many businesses are collaborating with affective computing providers to increase R&D activities across the globe. Moreover, the use of advance computing processers, neural networks and sensors, is expected to increase in the affective computing market.
The market is primarily being driven by increased focus of R&D institutions on software technologies. The major focus of R&D is on developing software technologies that can effectively recognize gestures and expressions to avoid any type of misinterpretations. In the body gesture and facial expression technology, R&D has been continuously undertaken by some of the market players such as Intel, CogniTech, and others. R&D activities are witnessing growth in the body gesture and facial expression recognition technology and its applications. Body gesture and facial recognition technology is a great achievement in the affective computing market.
Recent News:
- In March 2018, Empatica, a designer and the developer of devices for seizure monitoring and neurological research, has begun the deployment of a smart device for managing stress. The device has been modeled just like a watch and has received FDA approval.
- The device primarily helps in analyzing physiological signals for detecting stress inside the body and in preventing seizures due to diseases such as epilepsy, among others.
- In January 2016, Apple, Inc. acquired San Diego-based Emotient, which has developed a technology that can detect a user’s emotion from his/her expressions.
Global Affective Computing Market Segmentation Scope
By Hardware
- Camera Sensors
- Storage Device
- Processors
By Software
- Speech Recognition
- Gesture Recognition
- Facial Feature Extraction
- Analytics Software
- Enterprise Software
By Technology
- Touch Based
- Touchless
By Application
- BFSI
- Transportation and Logistics
- IT & Telecom
- Healthcare
- Retail
- Others
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Competitive Intelligence
The key players operating in the market include Cognitec Systems GmbH, Elliptic Labs, Saffron Technology, Microsoft Corporation, IBM Corporation, Numenta, SightCorp, Google Inc., and others. The majority of the key players are inclined to adopt business strategies such as product portfolios, mergers, partnerships, collaborations, and acquisitions to strengthen their market across the globe. For instance, in Jan 2016, Apple, Inc. has acquired San Diego-based Emotient, which has developed a technology that can detect a user’s emotion from his/her expressions.
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