Market Analysis
Market Research Future (MRFR) predicts the global affective computing market to grow exponentially from 2020 to 2027 (forecast period).
Affective computing is a multidisciplinary area of research that encompasses psychology, cognitive science, physiology, and computer science. Facial expressions, posture, gestures, speech, keystroke force or rhythm, and temperature changes of the hand on a mouse all indicate changes in the user's emotional state, and these can be identified and interpreted by a computer. For example, the technology includes wristbands that attempt to detect emotional cues in users through vital signs.
The market's major players are primarily focused on affective computing in order to develop highly intelligent systems for improved human-machine interaction. The primary goal of affective computing is to create a computing device that can gather clues to user emotion from a variety of sources. Computing will impact many industrial applications, including consumer electronics, Customer Relationship Management (CRM), security, healthcare, virtual reality, and robotics.
One of the major market drivers is the growing adoption of connected devices across various end-user industries, as well as continuous advancements in enabling affective computing technology. However, inadequate standards and high production costs are expected to impede market development.
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COVID-19 Impact on the Global Affective Computing Market
In the midst of the COVID-19 pandemic, different governments and regulatory bodies require both public and private organizations to adopt new procedures for operating remotely while maintaining social distance. Since then, the digital ways of doing business have become the latest business continuity plan (BCP) for many companies. With the extensive use of mobile devices and Internet penetration across the world, people are increasingly turning to emerging technologies such as facial recognition, speech recognition, and gesture recognition to stay connected virtually.
Organizations, on the other hand, are implementing various concepts such as bring your own device (BYOD) and work from home (WFH) to modernize their work cultures. To mitigate the spread of the virus, organizations can use affective computing solutions like facial feature recognition and camera sensors for temperature sensing. Many industries are investing heavily in R&D to build analytics software to track the spread of COVID-19.
Market Segmentation
The global affective computing industry has been segmented by type, vertical, deployment, and organization size.
Based on type, the global affective computing market has been segmented into hardware and software. The software segment has been further split into analytics software, enterprise software, facial feature extraction, gesture recognition, speech recognition, and others.
Based on vertical, the global affective computing market has been segmented into retail, transportation & logistics, IT &Telecom, public sector, BSFI (Banking, Financial Services, and Insurance), and others.
Based on deployment, the global affective computing market has been segmented into cloud and on-premise.
Based on organization size, the global affective computing market has been segmented into small & medium scale enterprises (SME's) and large enterprises.
Based on technology, the global affective computing market has been segmented into touch-based and touchless.
Regional Analysis
Geographically, the global affective computing market has been segmented into four different regions, namely North America, Asia Pacific, Europe, and Latin America, the Middle East & Africa (LAMEA).
North America dominated the affective computing industry in 2016, with the highest market share. Because of the vast number of companies that acquired affective computing technologies, as well as the most recent technologies.
The affective computing market in North America includes major products that are currently in high demand, as well as cost breakup, manufacturing volume, import/export scheme, are contributing to the affective computing market revenue in North America.
Key Players
Some of the main players in the affective computing market include Google LLC (U.S.), Qualcomm Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Eyesight Technologies Ltd. (Israel), Saffron Technologies Inc. (U.S.), Pyreos Limited (Scotland), and Softkinetic Systems (Belgium), SiteCorp. (The Netherlands), Elliptic Labs A/S (Norway).
Other players in the market are Palantir Technologies (U.S.), Dream Face Technologies (U.S.), Gesturetek(U.S.), Affectiva (U.S.), Emotional Recognition(U.K), Feel Wristband (Sentio Solutions)(U.S.), Numenta (U.S.), CrowdEmotion(U.K), SRI International (U.S.), Vokaturi (The Netherlands) among others.
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