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Affective Computing Market Shares, Growth Analysis, Key Insights, Size And Forecast To 2033
Affective Computing Market Shares
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Affective Computing Market 2024 Key Insights:
• The affective computing market is expected to grow to $218.25 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%.
• Affective Computing Market Soars With Rising Internet Penetration And Smart Wearable Adoption
• Innovations In AI Facial Recognition And Emotion Detection Solutions By Major Affective Computing Players
• North America was the largest region in the affective computing market in 2023
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