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Affective Computing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Affective Computing Market (henceforth referred to as the market studied) was valued at USD 36. 32 Billion in 2021, and it is expected to reach USD 175. 60 Billion by 2027, registering a CAGR of 30.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Affective Computing Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06249257/?utm_source=GNW
42%, during the period of 2022- 2027 (henceforth referred to as the forecast period).
Key Highlights
Affective computing allows a computational device to detect and react in real-time to a user’s nonverbal emotional cues, such as gestures, motions, physiology, and other behaviors. The market is developing due to the rising demand for virtual assistants to detect fraudulent activity and the growing need for improved security in various industries. Affective computing is being more widely used in security applications, such as voice-activated biometrics to restrict access to approved users.
With the advancement in computing capacity, improving communication technology, and the emergence of new solutions, such as artificial intelligence, new possibilities are now being realized, which were earlier limited, owing to the scarcity of resources.
Trained on a vast database, the current AI systems and devices have recognized, interpreted, processed, and processed data in the medical, automotive, and retail industries. With further advancements, these systems are expected to analyze human emotions. A combination of facial analysis, voice pattern analysis, and deep learning is already used to decode human emotions for market research purposes.
As technology advances, the threats are only growing more complex and intelligent and may bypass the existing security protocols of the organizations. The security concerns grow further with the cloud-based solutions. However, vendors in the market, in conjunction with industry associations and law enforcement agencies, are working to curb the vulnerability toward security.
Affective computing technology may aid in gaining a better understanding of people’s affective reactions to the Covid-19 problem, which is necessary for effective intervention tactics. Research into detecting and treating emotional problems during the pandemic is gaining traction.
Key Market Trends
Automotive Sector to Drive the Market Growth
In the current market, the automotive industry has some of the most commercialized affective computing solutions. The majority of market players have at least one product or service that caters to automotive applications. Affective computing is commonly employed in the automotive sector to build improved driver assistance systems (ADAS).
ADAS functions can be divided into two groups: comfort functions and security functions. The purpose of the comfort feature is to alert the driver by triggering alerts such as flashing lights, sounds, vibrations, or gentle steering suggestions. The purpose of the security feature is to intervene in the vehicle itself if the driver does not react to a potentially dangerous situation. Possible actions include brake preloading, seatbelt preparation, hood pulling, automatic braking, and avoidance steering.
The major applications of affective computing in the automotive sector are also useful to prevent accidents by alerting and warning the drivers. According to World Health Organization (WHO), road accidents kill about 1.3 million people worldwide each year, leaving 20 to 50 million fatal injuries. More than half of all road casualties affect vulnerable road users such as pedestrians, cyclists and motorcyclists, and their passengers. With proven measures to reduce the risk of road injuries and deaths, the 2030 Agenda for Sustainable Development sets ambitious goals for reducing road traffic injuries that include affective computing technologies in the automotive sector.
Companies like Eyeris and Affectiva pack cameras in cars to detect and respond to the behavior and emotions of drivers and passengers. Emotional technology monitors driver drowsiness. It can be used to trigger alerts, postures, and positioning, link to smart seats to improve passenger comfort, and in the long run, avoid road anger and impatience accidents. Moreover, in 2021, Affectiva was acquired by Smart Eye, and Affectiva’s automotive technology has now been integrated into SmartEye’s innovative interior sensing solution. These insights allow automakers to improve safety features that meet Euro NCAP requirements.
North America is Expected to Hold the Largest Market Share
North America is the largest market for affective computing, globally, led by the United States. The region has some of the most active research organizations that are working toward developing innovative affective computing devices that are capable of serving several end-user applications, especially in the healthcare, market research, and automotive sector.
The Massachusetts Institute of Technology (MIT) has carried out various research and projects. The primary motivation is to help those who are not doing well or at risk of not prospering. University projects are diverse, from finding new ways to predict and prevent depression, inventing new solutions to help extraordinary people facing communication, motivational, and emotional regulation problems, and making robots and computers natural humans.
For instance, one of MIT’s projects was Empathetic GPS includes three different modes. 1) "congruent"where the navigator’s voice is always the same, 2) "joint"where the perceived voice arousal reflects the driver’s physiological arousal, 3) "incongruent"the voice of the navigation system reflects the driver’s opposite excitement.
Voice and speech recognition help receive and interpret human voices and execute voice commands. This type of technology is skyrocketing in access to mobile devices and other consumer electronics with improvements in network enhancements, data storage, open API integration, and, most importantly, artificial intelligence techniques. Also, demand for speech recognition increases due to the rising use of artificial intelligence (AI) in virtual assistants in the region, such as Apple Siri, Amazon Alexa, Google Assistant, and the increased use of online collaboration software.
Further, various companies in Canada are focused on innovating new products for speech recognition, gesture recognition, and more. GestSure Systems, a Canadian-based company, provides a gesture software interface that gives doctors access to medical records stored on computers in non-sterile areas of the operating room. The company offers a box that acts as a USB bridge to connect Kinect to an existing hospital PC to exchange CT and MRI data. Gestures are mapped to mouse commands, allowing surgeons to navigate images OR hands-free.
Competitive Landscape
The Affective Computing Market competition among the existing vendors is high. It makes it prone to aggressive acquisition strategy to capture the market and increase the first mover’s advantage with new solutions.
March 2021 - Nemesysco, a provider of voice analytics technologies and solutions for genuine emotion detection, and Spire Solutions, a leading value-added distributor in the Middle East and Africa, announced that the two companies had signed a partnership agreement for Spire Solutions to distribute Nemesysco’s voice analytics technologies and solutions across the Gulf Region. Spire Solutions will initially be focusing on promoting the human resources application of Nemesysco’s Layered Voice Analysis (LVA) technology in the United Arab Emirates.
February 2021 - IBM announced that Safexpress, IIndia’sleading supply chain & logistics company, has deployed ‘’ROPEL-i,’’ a bespoke, end-to-end cloud-native logistics platform developed in collaboration with IBM Global Business Services. The digital platform enables the company to attain agility in demand management, obtain advanced and flexible dynamic pricing modeling capabilities, and provide its customers with enhanced visibility and transparency.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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