DUBLIN--(BUSINESS WIRE)--The "Affective Computing Market - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
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
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.
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 behaviour & 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 effective 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 defence 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.
- Growing Need for Telehealth-Related Affective Computing Solutions
- Rising Need for Socially Intelligent Artificial Agents
- Increasing Adoption of Wearable Devices and Growing Internet Penetration Across Industry Verticals
- Technological Advancements Across the Globe
- Growing Need for High Operational Excellence, Increased Resource Utilization, and Enhanced Productivity
- High Production Cost of Affective Computing Systems
- Gap Between Academic Research and Real-Life Applications
- Growing Inclination Toward Industry-Specific Solutions
- Increasing Government Initiatives to Leverage the Benefits of Emotion AI/Affective Computing Technology
- Growing Adoption of Cloud-Based Applications and Services
- Growing Number of Partnerships and Widening Ecosystems
- Complex Systems for Emotion Recognition
- Lack of Knowledge and Awareness and Technical Challenges
- High Power Consumption of Wearable Computing Devices
Ethics of Measuring Emotions
Key Guardrails for Adoption of Affective Computing
- Neurodata Lab
- Government and Defense
- Beyond Verbal
- Cognitec Systems
- Elliptic Labs
- Eyesight Technologies
- Right to Win
- Sony Depthsensing Solutions
For more information about this report visit https://www.researchandmarkets.com/r/yfy1n7