Affective Computing Market Globally Grow at a CAGR of 32.81% by 2023: Apple, Google, IBM, Microsoft, Qualcomm, Beyond Verbal Communication

Affective Computing Market
Global Affective Computing Market was valued at USD 16.17 billion in 2017, and is expected to reach a value of USD 88.69 billion by 2023 at a CAGR of 32.81%, over the forecast period (2018-2023). The scope of the report is limited to software type which includes Speech Recognition, Gesture Recognition, Facial Feature Extraction, Analytics Software, and Enterprise Software. The End Users considered in the scope of the report include Healthcare, Research, Academics, Life Sciences, BFSI, Retail, Government and Defense, IT and Telecom.

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The advent of affective computing could spur the growth of various applications. Affective computing can be used for personalization such as adjusting light, type of music, and room temperature by detecting a person’s mood etc. For people with speech impairments and emotionally handicapped people, Gestele, a prototype, has been developed which adds to the emotions, to gestures or any other forms of communication from the affected people. Growing use of robots provides further incentive for the implementation of this technology. Artificial intelligence has been growing in domains such as autonomous cars, logistics and parking aid software, surgical robots etc.

Top Industry Players:
Apple, Inc.,Google Inc.,IBM Corporation,Microsoft Corporation,Qualcomm Inc.,Beyond Verbal Communication Ltd.,Eyesight Technologies, Ltd.,Affectiva,CrowdEmotion,iMotions,GestureTek,Cognitec Systems GmbH. amongst others.

Increasing Applications in Various Domains Fueling the Growth of Affective Computing Market
The number of applications for the technology have been growing rapidly across various domains. Companies such as Disney have been using algorithms such as factorized variational autoencoders (FVAEs) to record the reaction of audience to various characters in a movie. Similar experiments have been conducted by the company for the movie Toy Story 5 to get an insight into some of the funniest characters in the movie. Video games are being designed to provide gamers with a better gaming experience through gauging gamers’ emotional responses during the gameplay. Furthermore, the use of such technology is expected to assist teenagers in social-emotional development in case of autism related diseases. A range of treatment therapies have been devised for such children, which is expected to boost the overall growth of the Affective computing market.

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Healthcare is expected to be one of the Primary Recipients of the Technology
Artificial Intelligence (AI) in medicine has been growing and significant efforts are being made to increase the contribution to the domain. Companies such as DeepMind, Babylon Health etc. have been accelerating efforts towards such goals. Healthcare has been continuously growing in terms of demand and the need for better technology for better patient care. With regard to healthcare cognitive computing techniques such as physiological healthcare, and medicine analysis have been adopting the use of affective computing. Affective computing is still in a developing phase, as many experiments are being conducted in the domain. Experiments are being conducted on hippocampus of the macaque monkey and mouse brain to check the working of affective computing systems on biological systems.

North America Is Expected To Hold a Large Share of the Affective Computing Market
North America has been a relatively advanced region in terms of technology adoption and there have been increasing research institutes and organizations which have been involved with affective computing. Research organizations such as MIT have been concentrated in the region conducting various research projects which include Affective Response to Haptic signals, Automatic Stress Recognition in Real-Life Settings etc. which is expected to increase the investments in the region for the growth of affective computing. Firms involved in artificial intelligence have been making investments in the region which have been contributing to the growth of Affective computing in the region. About 8.5% of the firms are set to spend an amount of USD 250 million in 2016, boosting the North American Affective Computing Market.

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