Affective Computing Market Scenario:
Market Research Future (MRFR) predicts the global Affective Computing Market to grow exponentially from 2020 to 2027 (forecast period).
Affective computing is a multidisciplinary area of research that encompasses psychology, cognitive science, physiology, and computer science. Facial expressions, posture, gestures, speech, keystroke force or rhythm, and temperature changes of the hand on a mouse all indicate changes in the user’s emotional state, and these can be identified and interpreted by a computer. For example, the technology includes wristbands that attempt to detect emotional cues in users through vital signs.
The market’s major players are primarily focused on affective computing in order to develop highly intelligent systems for improved human-machine interaction. The primary goal of affective computing is to create a computing device that can gather clues to user emotion from a variety of sources. Computing will impact many industrial applications, including consumer electronics, Customer Relationship Management (CRM), security, healthcare, virtual reality, and robotics.
One of the major market drivers is the growing adoption of connected devices across various end-user industries, as well as continuous advancements in enabling affective computing technology. However, inadequate standards and high production costs are expected to impede market development.
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COVID-19 Impact on the Global Affective Computing Market
In the midst of the COVID-19 pandemic, different governments and regulatory bodies require both public and private organizations to adopt new procedures for operating remotely while maintaining social distance. Since then, the digital ways of doing business have become the latest business continuity plan (BCP) for many companies. With the extensive use of mobile devices and Internet penetration across the world, people are increasingly turning to emerging technologies such as facial recognition, speech recognition, and gesture recognition to stay connected virtually.
Organizations, on the other hand, are implementing various concepts such as bring your own device (BYOD) and work from home (WFH) to modernize their work cultures. To mitigate the spread of the virus, organizations can use affective computing solutions like facial feature recognition and camera sensors for temperature sensing. Many industries are investing heavily in R&D to build analytics software to track the spread of COVID-19.
Competitive Outlook:
Some of the main players in the affective computing market include Google LLC (U.S.), Qualcomm Inc. (U.S.), Microsoft Corporation (U.S.), IBM Corporation (U.S.), Eyesight Technologies Ltd. (Israel), Saffron Technologies Inc. (U.S.), Pyreos Limited (Scotland), and Softkinetic Systems (Belgium), SiteCorp. (The Netherlands), Elliptic Labs A/S (Norway).
Other players in the market are Palantir Technologies (U.S.), Dream Face Technologies (U.S.), Gesturetek(U.S.), Affectiva (U.S.), Emotional Recognition(U.K), Feel Wristband (Sentio Solutions)(U.S.), Numenta (U.S.), CrowdEmotion(U.K), SRI International (U.S.), Vokaturi (The Netherlands) among others.
Segmentation:
- The segment study of the affective computing market is based on technology, organization size, type, vertical, and deployment.
- The type based, affective computing market segments are hardware and software. The software segment comprises of enterprise software, speech recognition, analytics software, gesture recognition, and facial feature extraction among others.
- The vertical-based segments of the affective computing market are transportation & logistics, IT &Telecom, retail, BSFI, public sector, and others.
- The deployment based, the affective computing market segments are on-premise and cloud.
- The organization size- based segments of the affective computing market are large enterprises and small & medium scale enterprise (SME’s).
- The technology based segments of the affective computing market are touchless and touch-based.
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Regional Analysis:
The affective computing market in the North America region is expected to attain a large share of the world market share throughout the review period. The presence of numerous enterprises that are deploying affective computing technologies, with modern technologies can promote the expansion the affective computing market in the region, reveals MRFR study.
In Europe, the rise of the affective computing market can be attributed to the increase in its demand, along with cost cutting benefits, availability of import or export scheme, boost in manufacturing volume, and significant contribution to affective computing in the GDP of EU can boost the expansion of the regional market. The UK can lead the regional market, followed by the rest of EU. The rise in cases of COVID positive in EU can impact the affective computing market dynamic of the region. A temporary halt in research and development activities associated with multimodal recognition can impede the affective computing market growth in the region.
In Asia Pacific, the high growth potential of the affective computing market can gain considerable revenue for the market across the forecast period. The expansion of the affective computing market in the APAC region can be driven by improvement in technological implementations and increased investments in smart cities. In India, South Korea, Australia, and other regions of Asia Pacific the growing popularity of affective computing market is observed as a key driver for the market to rise as robotic culture and digital call centers are gaining prominence.
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