Global Affective Computing market is expected to reach 3528.89 million USD by the end of 2025
Published Date: 2019/1/14
Affective computing is the study and development of systems and devices that can recognize, interpret, process, and simulate human affects. It is an interdisciplinary field spanning computer science, psychology, and cognitive science. The Global Affective Computing market is valued at 199.87 million USD in 2017 and is expected to reach 3528.89 million USD by the end of 2025, growing at a CAGR of 43.17% between 2017 and 2025. The growth of this market is propelled by growing awareness about affective computing solutions such as face expression recognition, speech recognition, etc., in various industries like social robotics, market research, etc.
Two major categories describing emotions in machines are Emotional speech and Facial affect detection. In the forecast perio, Touchless AI models is seeing to is expected to grow at a high rate and hold the largest share of the affective computing market between 2017 and 2025.
Potential applications for affective computing seems limitless. The market for affective computing systems has already started to evolve, with enabling technologies already being adopted across in many areas like market research, healthcare, media & advertisement, automotive, retail, education, communication and so on. In 2017, the healthcare sector recorded the largest market share in terms of affective computing technology implementation, owing to the large number of application areas which include facial expression recognition for the specially abled children (autism, dyslexia, and others) and detection of psychological disorders in this area.
North America is estimated to hold the largest market share (about 33.85%) in 2017 due to the presence of a large number of enterprises deploying affective computing technologies, along with technological advanced scenarios. However, APAC offers the potential growth opportunities for the market to emerge over the coming years and surpass the North American affective computing market in terms of technology adoption. The key factors driving the growth rate in the APAC region include increasing technological implementations and rising smart city investments.
IBM, Microsoft, Eyesight Technologies, Affectiva, gestigon GmbH, Beyond Verbal, nViso SA, and Cogito Corporation, Kairos are some of the major market players in this market. Other prominent vendors include Crowd Emotion, NuraLogix, iMotions, Drive.ai, the Affective Computing Company and etc. Increasing investments in affective computing market and rise in the number of acquisitions of start-ups by leading players such as Affectiva, Eyeris Technologies, IBM, etc., are anticipated to thrive the global market of affective computing over the next few years.
Slow digitization rate across emerging economies, exuberant cost of making affective computing systems, and other operational challenges are the major restraining factors for the growth of the global affective computing market.
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