Affective Computing Global Market Expected to Witness $218.25 Billion with Impressive Growth at a 28.3% CAGR By 2028 | Amazon.com Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Sony Group Corporation

The affective computing market size has grown exponentially in recent years. It will grow from $62.48 billion in 2023 to $80.4 billion in 2024 at a compound annual growth rate (CAGR) of 28.7%. The growth in the historic period can be attributed to growing adoption of electronic devices, proliferation of gesture-enabled iot devices in smart home automation, growing demand for voice-driven workstations and navigation systems, integration of in-car infotainment systems, rising adoption of advanced electronic devices.

The affective computing market size is expected to see exponential growth in the next few years. It will grow to $218.25 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%. The growth in the forecast period can be attributed to rising internet penetration, adaption of smart wearable device, adoption of gesture-enabled iot devices for smart home automation, increasing use of wearable technology, huge adoption of the cloud based services. Major trends in the forecast period include introduction of new products and technologies, innovation to fulfill consumer demand, need for affective computing research, address communication and emotion regulation challenges.

Market Overview -
Affective computing refers to the study and development of systems and devices that can recognize, interpret, and respond to human emotions. The goal of affective computing is to create machines with the ability to understand and appropriately respond to the emotional states of individuals.

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Affective Computing Market Soars With Rising Internet Penetration And Smart Wearable Adoption
The growing adoption of Internet of Things (IoT) devices is expected to propel the growth of the affective computing market going forward. IoT devices are nonstandard computing hardware that connect wirelessly to a network and can transmit data. IoT devices are used in affective computing to understand and process human emotions through technology. For instance, in May 2023, according to DataProt, a Republic of Serbia-based cybersecurity information company, it was revealed that by 2030, it is anticipated there will be more than 25.4 billion IoT devices in use and IoT devices are expected to connect to the internet at a rate of 152,200 per minute by 2025. Therefore, the growing adoption of Internet of Things (IoT) devices is driving the growth of the affective computing market.

Competitive Landscape -
Major companies operating in the affective computing market report are Amazon.com Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Sony Group Corporation, Panasonic Corporation, Intel Corporation , International Business Machines Corporation, Qualcomm Technologies Inc., NEC Corporation, Tobii Technology AB, Gorilla Technology Group, Noldus Information Technology, Entropic Technologies, Affectiva Inc., Beyond Verbal Communication Ltd., iMotions A/S, Sentiance NV, audEERING GmbH, Gesturetek Inc., NuraLogix Corporation, NVISO Inc., Numenta Inc., Kairos AR Inc., Cipia Vision Ltd.

Innovations In AI Facial Recognition And Emotion Detection Solutions By Major Affective Computing Players
Major companies operating in the affective computing market are innovating solutions, such as new AI facial recognition and emotion detection solutions, to sustain their position in the market. An AI facial recognition and emotion detection solution is a technology that combines artificial intelligence (AI) and computer vision to analyze facial expressions and identify emotions displayed by individuals. For instance, in August 2022, Intetics Inc., a US-based software development company, introduced a new AI facial recognition and emotion detection solution. This solution utilizes machine learning and artificial intelligence to evaluate sentiment and emotions automatically by analyzing facial expressions, body language, and other non-verbal cues. This field encompasses the detection of facial emotions and the automated evaluation of sentiment derived from non-verbal cues, including body language, voice patterns, gestures, facial expressions, and other non-verbal signals. Emotion detection solutions extend beyond facial recognition, encompassing the analysis of body language, voice patterns, and additional non-verbal signals to offer a more comprehensive insight into an individual's emotional state.

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Key Segments -
The affective computing market covered in this report is segmented -
1) By Technology: Touch-Based, Touchless
2) By Component: Hardware, Analytics Software, Cameras, Other Components,
3) By Vertical: Media And Entertainment, Healthcare And Life Sciences, Government And Defense, Banking, Financial Services And Insurance (BFSI), Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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