Affective computing, also widely known as emotion AI, helps building successful collaborative commercial strategies accelerating market adoption and revenue growth. Affective computing is designed to make embedding computational capability effectively communicate and perform useful tasks, minimizing the end user's need to interact with computers as computers.
This technology can significantly disrupt experience in high-growth growth digital innovation companies. Resultantly, the affective computing market is growing steadily across the globe. Besides, the increasing uptake of cloud-based services in growing numbers of enterprises impacts the growth of the market positively.
With the proliferation of smartphones, smart mobile devices, and connecting workforce solutions, the market is projected to witness exponential growth in the upcoming period. In this regard, Market Research Future (MRFR) asserts that the global affective computing market would garner significant traction by 2027, registering a striking CAGR during the forecast period (2020 - 2027).
Additionally, the growing adoption of IoT is also one of the predominant factors fostering market growth. Augmented uptake of BYOD policy in organizations and the rising demand for high-speed data services fuels the market growth further. Similarly, the spurring increase in web-based applications and government funding towards secured centrally connected systems supports the market growth.
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Affective Computing Market - Segmentation
The market has been segmented into types, technology, deployment, organization size, verticals, and regions. The type segment is sub-segmented into hardware and software. The sub-segment software is further divided into analytics software, facial feature extraction, enterprise software, speech recognition, gesture recognition, and others. The technology segment is sub-segmented into touch-based and touchless technology.
The deployment segment is sub-segmented into cloud and on-premise. The organization size segment is sub-segmented into small & medium scale enterprises (SME's) and large enterprises. The vertical segment is sub-segmented into retail, transportation & logistics, IT &Telecom, public sector, BSFI, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Affective Computing Market - Regional Analysis
North America dominates the global affective computing market, heading with many enterprises acquiring these technologies and other AI technologies. The region is a hub for many enterprises and early adopters of innovative technology, offering a favorable platform for the technology to evolve significantly.
Resultantly, the market witnesses significant upgrades in major products integrated with cost breakup, manufacturing volume, and import/export scheme, contributing to market revenue. The US, Canada, and Mexico are major markets for affective computing solutions in this region. Rising collaborations among different researchers in multimodal recognition and detection provide huge impetus to the market value.
Global Affective Computing Market - Competitive Landscape
The market appears fiercely competitive, mainly due to major players focusing on developing their product portfolio with the help of advanced technologies. Various dynamic and diversified organizations, having an international presence and new entrants, form a competitive landscape. Mergers & acquisitions, innovation, and increasing R&D investments to develop a cost-effective product portfolio and expand global footprints remain key strategies for these players.
Major Players
Players leading the pervasive computing market include Microsoft Corporation (US), Google LLC (US), IBM Corporation (US), Qualcomm Inc. (US), Saffron Technologies Inc. (US), Elliptic Labs A/S (Norway), Pyreos Limited (Scotland), Eyesight Technologies Ltd. (Israel), Softkinetic Systems (Belgium), Dream Face Technologies (US), SiteCorp (Netherlands), Gesturetek (US), Affectiva (US), Palantir Technologies(US), Emotional Recognition(UK), CrowdEmotion (UK), Numenta (US), SRI International (US), Feel Wristband (Sentio Solutions - US), and Vokaturi (Netherlands), among others.
Industry/ Innovation/ Related News:
Sep.01, 2021 – EnableX.io launched FaceAI, face analysis and emotion recognition AI solution to augment live video to understand cognitive and emotional states. FaceAI enables deep insights into the emotional impact of each conversation, providing smarter, more contextual, and dynamic customer engagements.
AI focuses on intelligence in improving processes and automation. However, FaceAI adds an EQ to technology's IQ using affective computing technology. Besides, FaceAI helps recognize the emotional state and the context of every conversation, equipping organizations to respond more contextually and accurately.
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