Affective Computing Market Size to Worth US$ 298.7 Billion By 2028 | With a 34.5% CAGR

IMARC Group, a leading market research company, has released a report titled "Affective Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". 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.

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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Affective Computing Market Trends and Drivers:

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.

Report 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

Competitive Landscape with Key Player:

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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This release was published on openPR.