Affective Computing Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Affective Computing Market: Snapshot
The global affective computing market is envisioned to create high growth prospects on the back of the rising deployment of machine and human interaction technologies. With enabling technologies already making a mark with their adoption in a range of industry verticals, it could be said that the market has started to evolve. Facial feature extraction software collecting a handsome demand in the recent years is expected to augur well for the growth of the deployment of cameras in affective computing systems. Detection of psychological disorders, facial expression recognition for dyslexia, autism, and other disorders in specially-abled children, and various other applications could increase the use of affective computing technology.
Life sciences and healthcare are prognosticated to showcase a promising rise in the demand for affective computing. With surging consumption of authenticating devices and smartphones, the requirement of facial feature extraction software could grow at a higher rate in the coming years. However, operational challenges, extortionate cost of developing affective computing systems, and sluggish rate of digitalization across developing countries are prophesied to act as threats looming over the global affective computing market. Nonetheless, swelling adoption of internet and wearable devices and growing need of business owners to understand customer behavior could produce lucrative opportunities in the near future.
Affective computing is envisaged to witness an increase in the employment of sensors, neural networks, and advanced computing processors due to the faster adoption of the technology. Its quick adoption could be attributed to its incredible processing speed to register and analyze human responses in real-time.
Global Affective Computing Market: Overview
Affective computing technology involves human-computer interaction wherein a device is capable of detecting and appropriately responding to its users’ emotions. The computing device gathers cues such as posture, speech, gestures, facial expressions, temperature changes, and the rhythm or force of key strokes to detect emotional changes and states of the users.
By software, facial extraction, speech recognition, enterprise software, gesture recognition, and analytics software can be the key segments of the global affective computing market. On the basis on end-use industries, healthcare, IT, banking, financial services, and insurance (BFSI), defense, academia, government, media and entertainment, retail and e-commerce, automotive, and telecommunication can be the major segments of the market.
Global Affective Computing Market: Key Trends
Affective computing can find application across innumerable domains. For instance, Internet-based therapy, though common, cannot give a therapist as many insights into a client’s emotional state as a face-to-face session can. Affective computing, on the other hand, offers much more accuracy in the evaluation of a client’s psychological condition by interpreting his/her facial expressions, posture, and gestures.
As the focus on user experience has been escalating substantially across every product, service, and even applications such as social computing, art, games, and tools, the demand for affective computing might shoot up. The growing level of digitization and continual advancement of computer science and cognitive science are paving the way for the advent of affective computing.
Global Affective Computing Market: Market Potential
The development of innovative technologies and advanced robots featuring affective computing technology has been spurring the growth of the market. For instance, Nao, the robot, is an autism solution for children. The special needs of autistic children are addressed by this novel humanoid, who can play soccer, perform comedy routines, and generate responses from them. Studies have shown that such initiatives resulted in an over 30 % increase in verbal communication and social interactions of these children. The robot was under development since 2004 by France-based Aldebaran Robotics.
Global Affective Computing Market: Regional Outlook
By geography, the global market for affective computing can be segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. North America is likely to emerge as the global leader, owing to extensive infrastructural growth and greater adoption of advanced technologies. The U.S., being one of the most technologically advanced countries, might surface as the major contributor. The presence of numerous flourishing industries such as healthcare, e-commerce, and BFSI in countries such as Germany, France, and Italy has ensured the growth of the European market for affective computing.
Asia Pacific offers maximum growth opportunities for expansion. The robust industrialization in countries such as India and China, the rapid adoption of technology, and the emergence of innovative technologies are some of the key growth drivers of the market.
Global Affective Computing Market: Competitive Analysis
Saffron Technology, Microsoft Corporation, IBM Corporation, Cognitec Systems GmbH, Elliptic Labs, Numenta, SightCorp, Google Inc., Eyesight Technologies Ltd., Softkinteic System S.A., Affectiva, Beyond Verbal Communication Ltd., and Pyreos Ltd. are some of the key companies operating in the global market for affective computing.
Several market players are inclined to adopt business strategies such as product portfolios, mergers, partnerships, collaborations, and acquisitions to strengthen their foothold on a global scale. For instance, in Jan 2016, Apple, Inc. 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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