According
to the new market research "Affective Computing Market
by Technology (Touch-based and Touchless), Component (Software (Speech
Recognition and Gesture Recognition) and Hardware (Sensors, Cameras, and
Storage Devices and Processors)), Vertical, and Region - Global Forecast to
2024", published by MarketsandMarkets, the global
affective computing market size is projected to grow from USD 22.2 billion in
2019 to USD 90.0 billion by 2024, at a CAGR of 32.3% during the forecast
period.
The major factors driving the market include
the growing demand for voice-enabled virtual assistants, soaring need to
counter fraudulent activities, and enhanced security in the automotive and
banking sectors.
Browse and in-depth TOC on "Affective
Computing Market"
117
- Tables
32
- Figures
176
- Pages
Based
on technology, the touch-based segment is estimated to lead the market in 2019.
Touch-based
technologies play a crucial role in the deployment of affective computing
solutions. Most of the affective computing technologies need hardware, such as
cameras, sensors, and storage devices, to provide a full-fledged computing
solution, which can analyze various facial expressions. It enables users to
make certain gestures by either touching the device or through the controller
connected to the device.
With
most of the developments taking place in the affective computing market, the
market for touch-based technologies is expected to increase at a healthy CAGR.
Some of the most popular touch- or gesture-based technologies deployed to
monitor or detect human gestures include accelerometers, gyroscopes, or a
combination of both.
Based
on the vertical, healthcare & life sciences sector is estimated to grow at
the fastest rate during the forecasted period.
Affective
computing technology plays a vital role in the field of medical emergency and
healthcare. Companies operating in this market integrate affective
computing-related technologies applicable in the healthcare sector by
evaluating not only the emotional state of mind but also pain & medical
conditions that exhibit themselves through facial cues, such as autism and
depression. The technology is a boon to the area of health science, which is
now available for detecting the pain felt by people who are unable to express.
It is ubiquitously understood that emotions and health have interrelation.
North
America is expected to hold the largest affective computing market share during
the forecast period.
North
America is the largest revenue contributor to the affective computing industry,
as the growth in the region is being driven by the rising internet penetration
and increasing adoption of cloud-based and IoT applications across verticals.
Countries in North America are well-established economies, which enable
investments in advanced technologies.
US
and Canada have heavily invested in R&D activities, contributing to the
growth of new technologies. In addition, massive government funding and a strong
technical base help this region for the growth of the affective computing
market. The demand for affective computing technologies, such as facial feature
extraction, analytics software, and gesture recognition, is increasing across
verticals, such as healthcare and life sciences, automotive, government, and
defense.
Market
Players
The
major vendors covered in the affective computing market include Google (US),
Microsoft (US), IBM (US), Apple (US), Qualcomm (US), Affectiva (US), Elliptic
Labs (Norway), Eyesight Technologies (Israel), Sony Depthsensing Solutions
(Belgium), Intel (US), Pyreos (UK), Cognitec Systems (Germany), Beyond Verbal
(Israel), GestureTek (Canada), SightCorp (Noord-Holland), CrowdEmotion (UK),
Kairos (US), nViso (Switzerland), PointGrab (US), Eyeris (US), Numenta (US).
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