Global Affective Computing Market is estimated to reach $87.9 billion by 2025, forecast to grow at a CAGR of 26.8% during the forecast period from 2020 to 2025. The affective computing platform enables a computational device to sense and responds in real-time, to a user’s non-verbal emotional cues, using video, gesture and moment, physiology and other behavior communicate to the interface. Day-by-day increase demand for virtual assistants, advancement to detect the counter fraudulent activities, and enhanced security in the automotive and banking sectors have contributed ample amount of growth to the overall active computing market. The camera is one of the critical components in the overall affective computing using the application, is estimated to be the fastest-growing segment during the forecast period, and helps to support the affective computing making commercial facilities, public place, and government agencies.
By Vertical- Segment Analysis
Healthcare and life science segment are expected to grow at the highest CAGR during the forecast period. The healthcare segment has the potential and having more advanced applications for affective computing. Healthcare companies are focusing on innovative developments that affecting the affective computing market, which is majorly focusing on medical care professionals, majorly focusing on advanced technology that is expected to help the medical professional to the mental condition of the various patients.
Additionally, different healthcare and medical device companies are majorly focusing to develop advanced patient monitoring devices that are mostly used to detect facial recognition techniques to monitor the patient. Empatica is one of the prominent companies in the healthcare industry, which offers wearable effective computing devices for healthcare applications. The company is currently focusing to expand its operation across the globe mainly the U.S., and Europe to serve better to its end-user customers.
By Software and HardwareType- Segment Analysis
The affective computing market is classified into hardware and software segments. Speech recognition sub-segment is currently dominating the software segment for the affective computing market. Affective computing offers to explore emotion recognition from continuous speech and recommend a real-time speech emotion recognition system. This affective computing system comprises of voice activity detection, speech segmentation, and signal pre-processing future extraction, emotional classification, and statistical analysis of emotion frequency. This speech recognition system is capable of investing in the application of the developed real-time speech emotion system in online learning.
Geography- Segment Analysis
North America region dominated the global Affective Computing market with a share of more than 32.8%, followed by Europe and APAC in 2018. North America is one of the prominent regions to adopt technological advancement include Artificial Intelligence (AI) on an extensive scale. Continuously improved infrastructure for AI in the North American region is consists of mature infrastructure required for deployment of affective computing. The increasing adoption rate of robotics in this region is one of another factor that penetrates the adoption and growth of affective computing market.
Different associations and companies are investing in research and developments to have a severely impaired social-emotional skills have sometimes expressed that they love communicating by computer. The computers are allowed for the little transmission of non-verbal affective information and help level the playing field for then to communicate with non-autistics. With the help of advanced technology companies developed a system that is aimed at helping young autistic children learn to associate emotions with expressions and with the particular situation. These advanced building tools help to develop social-emotional skills for the affective computing market
The artificial intelligence includes machine learning associated with the model building process problems associated with emotional mapping. Companies are facing the effect of emotion on decision making and behavior and the majority of these data were collected in a highly artificial lab environment. Additionally, within the research laboratory, much disagreement exists regarding the types of mechanisms that mediate the effects of emotions, to the extent that attempts have even been made to characterize this mechanism. So companies’ need to focus on these issue associated with while doing the model building for affective computing.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players for the Affective Computing market. In 2018, the market of Affective Computing has been fragmented by the top five players accounting for around 28% of the market share from the global market. Major players in the Affective Computing market are, Apple Inc., Google Inc., Qualcomm Inc., and Microsoft Corporation, Elliptic Labs, Intel, Cognitec Systems, Pyreos, IBM, SightCorp among others.
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