Affective Computing Market Size, Share & Industry Analysis By Component (Hardware, Software), By Application (Automotive, Healthcare, Retail, Others) And Regional Forecast, 2024-2032

The need for improved electronic gadgets, such as voice-activated biometrics, as well as the growing requirement to analyze the client behavior, is a major factor driving the market's rise. Furthermore, the increasing use of support tools in the sector of medical services, as well as software tools for educational establishments, are some of the significant market growth drivers.

Furthermore, the market's positive outlook is influenced by increased internet penetration and the adoption of smart wearable gadgets. Technological advancements such as improved human-computer interfaces, seamless computing, and cutting-edge network technologies are projected to increase the performance of an effective computer system with the introduction of Industry 4.0.

Additionally, the increasing use of robots adds to the need for this technology to be implemented. The rapid growth of robotics has resulted in a surge in demand for artificially intelligent robots that can behave respectfully and socially intelligently. For Instance, according to the International Federation of Robotics, more than 381,000 industrial robots were supplied worldwide in 2017. By 2021, this figure is expected to reach 630,000 units.

As affective computing can make these industrial robots more appealing and improve human-computer interaction.

IMPACT OF COVID-19 ON THE AFFECTIVE COMPUTING MARKET

The COVID-19 pandemic has positively impacted on affective computing market. During the lockdown, people were more concerned about their health and safety. The use of Al-based temperature measurement equipment, Covid detection equipment, sophisticated vaccination machines, and other technology has increased as Covid-19 infections have grown.

KEY INSIGHTS-

The report will cover the following insights-

• Micro Macro Economic Indicators


• Drivers, Restraints, Opportunities, and Trends


• Impact of Covid-19


• Business Strategies Adopted by Key Players


• Consolidated SWOT Analysis of Key Players

ANALYSIS BY APPLICATION-

Healthcare to Boost the Market Growth.

Affective computing in the healthcare industry is among the most advanced and commercial applications. Some of the first developments in the affective computing sector are aimed at helping medical personnel, particularly with technologies that would help understand mentally challenged people. Artificial intelligence (AI) in medicine is on the increase, and substantial efforts are being made to boost its contribution to the field. Companies like DeepMind, Babylon Health, and others have been stepping up their efforts in this area.

REGIONAL ANALYSIS-

Some of the most active research groups in the region are focused on building breakthrough affective computing devices that can serve a variety of end-user applications, particularly in the healthcare, market research, and automotive industries.  North America was one of the first regions to embrace artificial intelligence fully. Research organizations like MIT focusing on a number of research projects such as automatic stress recognition in real-life settings, affective response to haptic signals, and other research projects have been emphasized in the region, which is predicted to enhance expenditures in the country for affective computing growth.

KEY PLAYERS COVERED-

Key players in the affective computing market include Affectiva Inc., CroudEmotion Ltd., Kairos AR, Inc., IBM Corporation, Nuance Communications Inc., Apple Inc., Microsoft Corporation, Intel Corporation, Eyesight Technologies, Sony Depthsensing Solutions, Qualcomm Technologies, nViso, Cognitec Systems GmbH, Sightcorp, and others.

SEGMENTATION

KEY RECENT DEVELOPMENTS-

• February 2021 – IBM Corporation collaborated with Shree Cement Limited to host its database and core software products on IBM POWER9-based IBM Power Systems using Red Hat and AIX. Shree Cement used Oracle Enterprise Command Center on Red Hat Enterprise Linux to automate important supply chain procedures. This transition will enable the organization to improve operational decisions, procedures, supply chain efficiency, and cost and revenue decisions.