SAN FRANCISCO, Aug. 3, 2020 /PRNewswire/ -- The global affective computing market size is expected to reach USD 192.45 billion by 2027, registering a CAGR of 33.0% from 2020 to 2027, according to a new report by Grand View Research, Inc. Affective computing is being used across a myriad of end-use industries to gauge the emotional states of customers and analyze how these emotional states can influence the buying and selling decisions. The increasing rate of crime and terrorism has particularly increased the adoption of affective computing for security and surveillance purposes. The growing popularity of smart devices and wearables among individuals also bodes well for the growth of the market.
Key suggestions from the report:
- The touchless segment is anticipated to register a CAGR of over 35% over the forecast period as the growing awareness toward proper hygiene in the wake of the outbreak of the COVID-19 pandemic triggers the demand for touchless technology
- The facial recognition segment is anticipated to gain traction over the forecast period in line with the growing adoption of affective computing by government agencies for safety and security purposes
- The cameras segment is anticipated to grow at a faster pace over the forecast period as advanced digital cameras are being developed to provide better video surveillance for improved safety and security
- The automotive segment is expected to witness phenomenal growth from 2020 to 2027 owing to the ongoing development of autonomous and semi-autonomous vehicles
- The Asia Pacific regional market is anticipated to witness significant growth. The smart city projects being pursued aggressively by the emerging economies in the Asia Pacific is expected to drive the demand for affective computing solutions in the region
Read 130 page research report with ToC on "Affective Computing Market Size, Share & Trends Analysis Report By Technology (Touch-based, Touchless), By Software, By Hardware, By End-use (Healthcare Automotive), And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/affective-computing-market
Affective computing helps in detecting human emotions and analyzing the human decision-making process through various human parameters, such as voice, heart rate, and expressions. Film making companies have already been employing algorithms, such as Factorized Variational Autoencoders (FVAEs) to gauge audience responses to different characters in movies. Video games are being developed to offer gamers an improved gaming experience by understanding the gamers' emotions while playing games. Such diversified usage of the technology is expected to open new growth opportunities for the market over the forecast period.
The potential to use affective computing to develop emotions for treating autism-based diseases is another factor expected to drive the growth of the market. The growing demand for consumer electronics and IoT-based devices coupled with the evolving needs for convenience and comfort in product usage is also expected to boost the growth of the market. The growing awareness toward proper hygiene in the wake of the COVID 19 pandemic outbreak is equally expected to discourage physical contact and instead encourage the usage of facial recognition, and gesture recognition, among other techniques, thereby driving the market growth.
Grand View Research has segmented the global affective computing market based on technology, software, hardware, end-use, and region:
- Affective Computing Technology Outlook (Revenue, USD Million, 2016 - 2027)
- Affective Computing Software Outlook (Revenue, USD Million, 2016 - 2027)
- Analytics Software
- Enterprise Software
- Facial Recognition
- Gesture Recognition
- Speech Recognition
- Affective Computing Hardware Outlook (Revenue, USD Million, 2016 - 2027)
- Storage Devices & Processors
- Affective Computing End-use Outlook (Revenue, USD Million, 2016 - 2027)
- IT & Telecom
- Media & Entertainment
- Retail & E-commerce
- Affective Computing Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Latin America
- The Middle East & Africa
- List of Key Players of Affective Computing Market
- Elliptic Laboratories A/S
- Cognitec Systems GmbH
- Eyesight Technologies Ltd.
- Intel Corporation
- Microsoft Corporation
- Kairos AR, Inc.
- Qualcomm Technologies, Inc.
Find more research reports on Next Generation Technologies Industry, by Grand View Research:
- Virtual Client Computing Software Market –Global virtual client computing software market size was valued at USD 9.32 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 23.0% from 2020 to 2027.
- Cloud Computing Market – Global cloud computing market size was valued at USD 266.0 billion in 2019 and is expected to expand at a Compound Annual Growth Rate (CAGR) of 14.9% from 2020 to 2027.
- Edge Computing Market – Global edge computing market size was valued at USD 3.5 billion in 2019, registering a CAGR exceeding 37% from 2020 to 2027.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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