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%
NEW YORK, Nov. 13, 2019 /PRNewswire/ --
Deployment of emotion AI-related technologies in customer interaction solutions across retail and healthcare verticals and growing adoption of virtual assistants for healthcare and entertainment purposes are driving the overall growth of the affective computing market.
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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. Technological advancements, along with the rising adoption of advanced electronic devices, are projected to stimulate the growth of the market during the forecast period. Voice-activated biometrics used for security purposes help in providing access to authenticated users for performing a transaction, therefore, surging the use of affective computing solutions across the globe.
By component, the software segment is estimated to hold a larger market size than the hardware segment in 2019.
The increasing need to capture customer behavior & personality, the demand for software platforms for the provision of efficient learning tools in educational institutes, and the rapidly growing use of supportive tools for medical emergencies are the major drivers that have bolstered the software providers to offer affective computing software platforms.Growing virtualization across industries and the adoption of cloud computing is promoting the demand for software-based affective computing solutions in various countries.
Moreover, software installations are suitable for business entities that are dynamic in nature and usually have a limited budget allocated for deploying new infrastructure.
By software, facial feature extraction is expected to register a higher growth rate than any other software segments during the forecast period in the affective computing market.
Facial recognition is a type of biometric software that is used to scan, store, and recognize human faces by comparing digital images with those stored in databases.One of the major advantages of facial recognition is that it enables the identification of a person by comparing a person's image with that stored in the database, resulting in a higher level of security.
Facial recognition has found increasing usage where it is used by defense personnel to identify criminals and by enterprises to identify personnel to prevent any unauthorized use of the enterprise resources.
The Asia Pacific affective computing market is expected to register the highest growth rate during the forecast period.
APAC has witnessed advanced and dynamic adoption of new technologies and expected to record the highest CAGR in the global affective computing market during the forecast period. APAC constitutes major economies, such as China, India, Japan, and Australia, which are expected to register high growth in the affective computing industry.
Verticals, such as healthcare and life sciences, government, and IT and telecom, are expected to adopt affective computing solutions at the highest rate in the region. Companies operating in APAC would benefit from the flexible economic conditions, industrialization--motivated policies of the governments, as well as from the growing digitalization, which is expected to have a significant impact on the business community.
-- By Company Type: Tier 1 - 30%, Tier 2 - 45%, and Tier 3 - 25%
-- By Designation: C-level - 35%, D-level - 35%, and Others - 30%
-- By Region: North America - 45%, Europe - 25%, Asia Pacific - 25%, RoW - 5%
Major vendors offering affective computing solutions 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). The affective computing market study includes an in-depth competitive analysis of these key market players, along with their profiles, recent developments, and key market strategies.
Research Coverage
The market study covers the affective computing market size across segments.It aims at estimating the market size and the growth potential of this market across different segments by technology, component, software, hardware, vertical, and region.
The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall affective computing market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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