The affective computing market is forecasted to expand at 33.6% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 71,282.9 million in 2023 and US$ 12, 94,617.60 million by 2033.
Wide use of affective computing solutions and technologies in the automotive sector is fueling the market growth. A large proportion of market competitors provide at least one service or are well geared toward automobile applications. In the automobile industry, affective computing is recurrently being used to develop Advanced Driver-assistance Systems (ADAS).
A considerable increase in the adoption of emerging technologies in the automotive sector is expected to create ample opportunities for the providers of affective computing solutions.
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The surge in the demand for advanced electronic devices like power banks, portable chargers, mobile phones, etc., and continuous requirements for technical advancements, are fueling the demand outlook for affective computing. From the records, the number of mobile devices was around to be 15 billion in 2021.
Heightened demand for virtual assistants that are capable of identifying fraudulent activities, along with increasing requirements for better security in varied sectors is fueling the market growth.
The market is being positively impacted by the development of robots with computational data, making it emotional and informative. It is projected to warrant flexibility in certain or complex situations. This is expected to dictate the upcoming trend in the forecast period.
Industries are yet at a nascent stage concerning the detection of customers’ emotions. Affective computing lets the computational device decode the non-verbal and emotional cues of users. The technology reacts in real time to movements, physiology, gestures, and other behaviors. This is projected to propel the scope of affective computing.
The accelerating demand for affective computing in sectors related to security applications like voice-activated biometrics to restrict access for authorized users is further expected to propel market growth.
Top Highlights from the Affective Computing Market Report:
- North America affective computing industry stands out from the rest of the markets, owing to its large chunk share of 32.2% in 2022.
- The United States affective computing industry is expected to garner a market share of more than 18.4% in 2023.
- Europe’s affective computing industry is projected to account for more than 23.2% market share in 2023.
- Germany’s market is expected to record a market share of above 10.5% in 2023.
- The United Kingdom’s affective computing industry is forecasted to expand at 32.3% CAGR.
- Japan’s market is projected to hold a market share exceeding 5.5% in 2023.
- China’s affective computing industry is projected to expand at 34.3% CAGR from 2023 to 2033.
- India’s market is forecasted to register a CAGR of 30.2% in the forecast period.
Innovation Watch: Key Developments in the Market
- Nuance Communications, Inc., in September 2022 announced that Liberty Global increased its use of Nuance Dragon TV for Virgin Media O2 users in the United Kingdom. The extension incorporates new capabilities that offer better assistance for visually impaired consumers like reading aloud program information.
- CallMiner, a global leader in conversation intelligence to propel business upgradation, announced new integrations with Amazon Connect and Genesys Cloud CX in August 2022. Organizations can leverage CallMiner’s platform based on live-voice audio availability, with these new integrations.
Leading Key Players:
- Microsoft
- IBM Corporation
- Apple
- Qualcomm
- Intel
- Sony Depthsensing Solutions
- Affectiva
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Key Segments
By Components:
- Software
- Speech Recognition
- Gesture Recognition
- Facial Feature Extraction
- Analytics Software
- Enterprise Software
- Hardware
- Sensors
- Cameras
- Storage Devices and Processors
- Others
By Technologies:
- Touch-based
- Touchless
By Verticals:
- Academia and Research
- Media and Entertainment
- Government and Defense
- Healthcare and Life Sciences
- IT and Telecom
- Retail and E-Commerce
- Automotive
- BFSI
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa (MEA)
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