New York, NY, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Affective Computing Market By Technology (Touch-Based and Touchless), By Software (Gesture Recognition, Speech Recognition, Enterprise Software, Facial Feature Extraction, and Analytics Software), By Hardware (Sensors, Cameras, Storage Devices and Processors, and Others), and By Vertical (BFSI, Media & Entertainment, Government, Defense, Healthcare, IT & Telecom, Retail, and Automotive): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global affective computing market was USD 22.35 billion in 2018 and is expected to reach around USD 173.81 billion by 2025, at a CAGR approximately 34.05% between 2019 and 2025.
Affective computing is also referred to as artificial emotional intelligence/emotion AI. It is the development and study of devices that can interpret, recognize, simulate, and process effects created by humans. Affective computing is a mixture of computer science, psychology, and cognitive science.
Browse through 71 Tables & 37 Figures spread over 168 Pages and in-depth TOC on “Global Affective Computing Market Size & Share 2018: By Technology, Industry Verticals, Growth, Segments, Analysis and Forecast to 2025”.
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The affective computing market is gaining popularity across numerous industries, such as healthcare, automotive, and banking, due to the wide affective computing adoption to identify the emotional state of consumers in real-time and analyze how consumers’ mind actually affects the buying/selling of products. Affective computing will help in identifying human emotions and decision-making by studying their one’s expressions, heart rate, voice, and other parameters. Moreover, the accelerating adoption of connected smart devices and increasing penetration of smart wearables and smart devices are expected to further fuel the affective computing market growth. The new innovations initiated by small enterprises are also accelerating the demand for affective computing.
By hardware, the market includes sensors, storage devices and processors, cameras, and others. Cameras and sensors are expected to hold a notable market share, owing to the rising their demand in automobiles and their use in affective computing as a marketing tool to improve customer experience. By software, the affective computing market includes gesture recognition, analytics software, facial feature extraction, enterprise software, and speech recognition. Facial feature extraction will hold a significant market share over the predicted time period. By vertical, the market comprises media and entertainment, healthcare, government, defense, IT and telecom, retail, automotive, and BFSI. The automobile segment is expected to grow substantially, due to the increasing demand for road safety.
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North America is predicted to hold a notable share in the global affective computing market, owing to the use of affective computing in the healthcare sector to monitor patients. The emotions of patients are communicated through three channels: body gestures, face, and audio, which will help in tracking the current situation/condition of patients. The medical devices are also equipped with empathic and voice assistant that can uplift or alter negative emotions. It is a known fact that emotions have a connection with human health. Frustration, unpleasant stressful situations, depression, and irritation have an intense negative impact on human health. Thus, the use of affective computing in the region’s healthcare sector is anticipated to fuel the affective computing market.
Europe will hold a considerable affective computing market share in the years ahead, owing to the rising number of government initiatives to support this regional market. The need for advanced and enhanced healthcare processes and the systems using machine learning and sensory technologies to provide effective and cognitive insights about a patient’s well-being with better treatment across medical domains are expected to drive the region’s affective computing market.
Browse the full “Affective Computing Market By Technology (Touch-Based and Touchless), By Software (Gesture Recognition, Speech Recognition, Enterprise Software, Facial Feature Extraction, and Analytics Software), By Hardware (Sensors, Cameras, Storage Devices and Processors, and Others), and By Vertical (BFSI, Media & Entertainment, Government, Defense, Healthcare, IT & Telecom, Retail, and Automotive): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/affective-computing-market
The Asia Pacific is anticipated to grow notably, owing to the presence of growing economies of India and China. Moreover, the initiatives taken by the government to digitalize India is likely to boost the affective computing market. Furthermore, a large number of Chinese consumers are fascinated with smart wearable devices and smartwatches, which is motivating major players to strengthen their footprint across the region.
Latin America is likely to hold a substantial share of the affective computing market, due to the presence of developing countries of Argentina and Brazil. The demand for affective computing is expected to grow, owing to the increasing spending on the defense sector. As the defense sector holds numerous sensitive data and unauthorized access to information, technologies, such as iris scan, facial recognition, and gesture recognition, would prove beneficial in protecting vital information, thereby contributing to the region’s affective computing market.
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The Middle Eastern and African affective computing market is predicted to grow significantly, due to the rising spending on modern infrastructure, flourishing retail sector, growing demand for cloud computing, and substantial advancements made in the IT sector.
Some noticeable players of the affective computing market are IBM, Google, Saffron Technology, Microsoft Corporation, Affectiva, Softkinteic System, Eyesight Technologies, Cognitec Systems, Elliptic Labs, and Pyreos.
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This report segments the global affective computing market into:
Global Affective Computing Market: Technology Analysis
- Touch-Based
- Touchless
Global Affective Computing Market: Software Analysis
- Speech Recognition
- Gesture Recognition
- Facial Feature Extraction
- Analytics Software
- Enterprise Software
Global Affective Computing Market: Hardware Analysis
- Sensors
- Cameras
- Storage Devices and Processors
- Others
Global Affective Computing Market: Vertical Analysis
- BFSI
- Media and Entertainment
- Government
- Defense
- Healthcare
- IT and Telecom
- Retail
- Automotive
Global Affective Computing Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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