Affecting Computing Market size was valued $21.91 billion in 2019, estimated to grow at a CAGR of 27.2% during 2020-2025. The growing demand for artificial emotional intelligence, emotion AI, passive sensors, speech recognition, facial expression detection, machine intelligence, Natural-language understanding (NLU) are fueling the affective computing industry. Additionally, the demand for virtual assistants and the need for detecting fraudulent activities for the enhanced banking sector are driving the growth of the market. The demand for hardware critical components such as sensor-based cameras, storage devices and so on are also embracing the affective computing market during the forecast period.
Vertical – Segment Analysis
Media and Advertising segment held the largest market share in the Affective Computing market in 2019. The media and advertising industry is exploring technology such as gesture recognition which is further offering an interactive platform for developing unique techniques. This has also enhanced the gaming, and has led to the introduction of motion games that can be played using gesture recognition technology. Moreover, companies such as Sensum are deploying emotion AI solutions for providing customers with effective video quality which uses biometric measurements for enhancing viewing experience. This factors are enhancing the growth of the media and advertising segment further propelling the demand for the affective computing market.
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Geography – Segment Analysis
In 2019, North America dominated the Affective Computing market with a share of more than 36.8%, followed by Europe and APAC. In North America, the adoption of Artificial intelligence is increasing at a wide scale which is leading to the implementation of affective computing in this region. Moreover, the presence of key players such as Apple Inc., Google Inc, Microsoft and so on in the United States are effectively leading to deployment of touch-based solutions which is enhancing the growth of the market. Additionally, the presence of research organizations such as Massachusetts Institute of Technology (MIT) that concentrates on the affective computing projects are enhancing the market growth in this region. This significant factors are expected to increase the investments in this region, thus propelling the growth of the affective computing market.
Drivers – Affective Computing Market
Rising demand for Human-computer interaction
Affective computing offers enhances human-computer interaction in which a device can detect the ability of the user and respond according to the user emotions. Moreover, the demand for facial recognition, gesture recognition and speech recognition in mobile devices are growing rapidly which has driven the need for human-computer interaction. In addition, the mobile devices which are used today are in-built with cameras that captures images and the process the meaningful data. Thus, the increasing need for technologies such as gesture and speech recognition are highly surging the demand for effective human-computer interaction which will drive the market growth.
Requirement of tools that can understand emotional skill
As affective computing is designed by including computational devices which are capable of stimulating emotions. This also provides a practical approach for the current technological capabilities which enrich the simulation of emotions and facilitate interactivity between human and machine. Moreover, the rising investment in the development of devices with the ability to interact with human emotions is growing tremendously. With the rise of tech companies are also leading to the deployment of systems and tools which is aimed for helping acoustic children and understand their emotions. Thus, the advancement and the requirement of computing tool for understanding emotional skill of human are fueling the growth of the market.
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Challenges – Affective Computing Market
Power consumption in wearable computing device
The wearable computing devices which are used today include several technologies such as speech recognition, facial recognition, gesture recognition, and sensors-based cameras. Thus, the sensor-based cameras usually require more power in order to offer emotion capturing techniques. Thus, the integration of sensor-based cameras leads to high power consumption , and further affecting the modelling of computing devices. These key challenge will further have a negative impact on the growth of the market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Affecting Computing market. In 2019, the market of Affecting Computing has been consolidated by the major players – Affectiva, Inc., Apple Inc., Microsoft Corporation, IBM, Google Inc., Intel Corporation, Eyeris Technologies, Inc, GestureTek, Inc., Numenta, Inc. and Beyond Verbal Communication, Ltd.,
In January 2020, OneStream Software launched a new predictive analytics solution which provides advanced planning and forecasting capabilities for the OneStream XF platform. This new solution will allow financial leaders to create predictive forecast for financial operations and planning.
In May 2018, Motion Gestures launched a platform for gesture recognition application. This platform offers a significant advancement for building a gesture interface for any system, device or app, and also provides reduction in time, cost and effort for supporting gesture recognition.
In 2019, the Affective Computing market was dominated by North America owing to increasing adoption of artificial intelligence and key players such as Apple Inc, Google and so on. Also, the presence of research organization such as MIT in the US that is mainly concentrating on the projects related to affective computing are enhancing the growth of this market in North America.
The increasing adoption of gesture recognition technology for gaming and the need for emotion AI are by media and advertising industry are highly fueling the growth of the market.
The rising demand for human-computer interaction devices in order to detect and provide response as per the user emotions has enhanced the growth of the market.
The presence of sensor-based cameras and other critical components in the wearble computing devices are leading to high power consumption which is hampering the growth of the market.
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