CHICAGO, Nov. 4, 2019 /PRNewswire/ -- According to a new market research report "Affective Computing Market by Technology (Touch-based and Touchless), Component (Software (Speech Recognition and Gesture Recognition) and Hardware (Sensors, Cameras, and Storage Devices and Processors)), Vertical, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the global Affective Computing Market size is projected to grow from USD 22.2 billion in 2019 to USD 90.0 billion by 2024, at a CAGR of 32.3% during the forecast period.
The major factors driving the market include the growing demand for voice-enabled virtual assistants, soaring need to counter fraudulent activities, and enhanced security in the automotive and banking sectors.
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Based on technology, the touch-based segment is estimated to lead the market in 2019.
Touch-based technologies play a crucial role in the deployment of affective computing solutions. Most of the affective computing technologies need hardware, such as cameras, sensors, and storage devices, to provide a full-fledged computing solution, which can analyze various facial expressions. It enables users to make certain gestures by either touching the device or through the controller connected to the device.
With most of the developments taking place in the Affective Computing Market, the market for touch-based technologies is expected to increase at a healthy CAGR. Some of the most popular touch- or gesture-based technologies deployed to monitor or detect human gestures include accelerometers, gyroscopes, or a combination of both.
Based on the vertical, healthcare & life sciences sector is estimated to grow at the fastest rate during the forecasted period.
Affective computing technology plays a vital role in the field of medical emergency and healthcare. Companies operating in this market integrate affective computing-related technologies applicable in the healthcare sector by evaluating not only the emotional state of mind but also pain & medical conditions that exhibit themselves through facial cues, such as autism and depression. The technology is a boon to the area of health science, which is now available for detecting the pain felt by people who are unable to express. It is ubiquitously understood that emotions and health have interrelation.
North America is expected to hold the largest Affective Computing Market share during the forecast period.
North America is the largest revenue contributor to the affective computing industry, as the growth in the region is being driven by the rising internet penetration and increasing adoption of cloud-based and IoT applications across verticals. Countries in North America are well-established economies, which enable investments in advanced technologies.
US and Canada have heavily invested in R&D activities, contributing to the growth of new technologies. In addition, massive government funding and a strong technical base help this region for the growth of the Affective Computing Market. The demand for affective computing technologies, such as facial feature extraction, analytics software, and gesture recognition, is increasing across verticals, such as healthcare and life sciences, automotive, government, and defense.
The major vendors covered in the Affective Computing Market include Google (US), Microsoft (US), IBM (US), Apple (US), Qualcomm (US), Affectiva (US), Elliptic Labs (Norway), Eyesight Technologies (Israel), Sony Depthsensing Solutions (Belgium), Intel (US), Pyreos (UK), Cognitec Systems (Germany), Beyond Verbal (Israel), GestureTek (Canada), SightCorp (Noord-Holland), CrowdEmotion (UK), Kairos (US), nViso (Switzerland), PointGrab (US), Eyeris (US), Numenta (US).
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