IMARC Group, a leading market research company, has recently released a report titled “Affective Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global affective computing market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What Are The Growth Prospects Of The Affective Computing Industry?

According to the report, The global affective computing market size reached US$ 51.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 298.7 Billion by 2028, exhibiting a growth rate (CAGR) of 34.5% during 2023-2028.

What is Affective Computing?

Affective computing, or emotional AI, enables computers to interpret, simulate, recognize, and process human emotions and feelings. It applies knowledge from psychology, computer science and cognitive science. Affective computing analyzes emotions by employing big data, different sensors, machine intelligence and an analytics engine. Businesses leverage the insights gained from this system to improve decision-making in consumer-centric processes, such as marketing, sales and customer services. Consequently, affective computing finds widespread applications in e-learning and autonomous systems.

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What are the growth prospects and trends in the Affective Computing industry?

The increasing penetration of the internet and the escalating demand for wearable devices are primary factors propelling the global affective computing market. It is further being supported by the rising need for understanding consumer behavior by businesses across the globe. Other than this, rapid technological development has inflated the demand for advanced electronic devices, such as voice-activated biometrics, which is propelling the market growth. Moreover, the increasing deployment of software tools in educational institutes and support mechanisms in medical services is creating a positive outlook for the market.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Technology:

  • Touch-based
  • Touchless

Breakup by Components:

  • Hardware
    • Sensors
    • Cameras
    • Storage Devices and Processors
    • Others
  • Software
    • Analytics Software
    • Enterprise Software
    • Facial Recognition
    • Gesture Recognition
    • Speech Recognition

Breakup by End Use:

  • Automotive
  • BFSI
  • Government
  • Healthcare
  • IT and Telecom
  • Others

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Affectiva Inc.
  • Cipia Vision Ltd.
  • Cognitec Systems GmbH
  • Elliptic Laboratories A/S
  • Google LLC (Alphabet Inc.)
  • Intel Corporation
  • International Business Machines Corporation
  • Kairos AR Inc.
  • Microsoft Corporation
  • Nuance Communications Inc.

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