According to the latest report by IMARC Group “Affective Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The global affective computing market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the global affective computing market to grow at a CAGR of around 31% during the forecast period (2021-2026).
Affective computing, or emotional AI, enables computers to interpret, simulate, recognize, and process human emotions and feelings. It applies knowledge from psychology, computer science and cognitive science. Affective computing analyzes emotions by employing big data, different sensors, machine intelligence and an analytics engine. Businesses leverage the insights gained from this system to improve decision-making in consumer-centric processes, such as marketing, sales and customer services. Consequently, affective computing finds widespread applications in e-learning and autonomous systems.
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The increasing penetration of the internet and the escalating demand for wearable devices are primary factors propelling the global affective computing market. It is further being supported by the rising need for understanding consumer behavior by businesses across the globe. Other than this, rapid technological development has inflated the demand for advanced electronic devices, such as voice-activated biometrics, which is propelling the market growth. Moreover, the increasing deployment of software tools in educational institutes and support mechanisms in medical services is creating a positive outlook for the market.
Breakup by Technology:
Breakup by Components:
- Storage Devices and Processors
- Analytics Software
- Enterprise Software
- Facial Recognition
- Gesture Recognition
- Speech Recognition
Breakup by End Use:
- IT and Telecom
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Affectiva Inc.
- Cipia Vision Ltd.
- Cognitec Systems GmbH
- Elliptic Laboratories A/S
- Google LLC (Alphabet Inc.)
- Intel Corporation
- International Business Machines Corporation
- Kairos AR Inc.
- Microsoft Corporation
- Nuance Communications Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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