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Worldwide Affective Computing Market Outlook to 2024 - Growing Number of Partnerships and Widening Ecosystems Present Opportunities

Dublin, Dec. 30, 2019 (GLOBE NEWSWIRE) -- The "Affective Computing Market by Technology (Touch-based and Touchless), Component (Software (Speech Recognition and Gesture Recognition) and Hardware (Sensors, Cameras, and Storage Devices and Processors)), Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global affective computing market size is projected to grow from USD 22.2 billion in 2019 to USD 90.0 billion by 2024, at a CAGR of 32.3% during the forecast period

Deployment of emotion AI-related technologies in customer interaction solutions across retail and healthcare verticals and growing adoption of virtual assistants for healthcare and entertainment purposes are driving the overall growth of the affective computing market.

Technological advancements, along with the rising adoption of advanced electronic devices, are projected to stimulate the growth of the market during the forecast period. Voice-activated biometrics used for security purposes help in providing access to authenticated users for performing a transaction, therefore, surging the use of affective computing solutions across the globe.

By component, the software segment is estimated to hold a larger market size than the hardware segment in 2019.

The increasing need to capture customer behaviour & personality, the demand for software platforms for the provision of efficient learning tools in educational institutes, and the rapidly growing use of supportive tools for medical emergencies are the major drivers that have bolstered the software providers to offer effective computing software platforms.

Growing virtualization across industries and the adoption of cloud computing is promoting the demand for software-based affective computing solutions in various countries. Moreover, software installations are suitable for business entities that are dynamic in nature and usually have a limited budget allocated for deploying new infrastructure.

By software, facial feature extraction is expected to register a higher growth rate than any other software segments during the forecast period in the affective computing market.

Facial recognition is a type of biometric software that is used to scan, store, and recognize human faces by comparing digital images with those stored in databases. One of the major advantages of facial recognition is that it enables the identification of a person by comparing a person's image with that stored in the database, resulting in a higher level of security. Facial recognition has found increasing usage where it is used by defence personnel to identify criminals and by enterprises to identify personnel to prevent any unauthorized use of the enterprise resources.

The Asia Pacific affective computing market is expected to register the highest growth rate during the forecast period.

APAC has witnessed advanced and dynamic adoption of new technologies and expected to record the highest CAGR in the global affective computing market during the forecast period. APAC constitutes major economies, such as China, India, Japan, and Australia, which are expected to register high growth in the affective computing industry.

Verticals, such as healthcare and life sciences, government, and IT and telecom, are expected to adopt affective computing solutions at the highest rate in the region. Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies of the governments, as well as from the growing digitalization, which is expected to have a significant impact on the business community.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Affective Computing Market
4.2 Market, Market Share of Top 3 Verticals and Regions, 2019
4.3 Market, By Technology, 2019-2024
4.4 Market, By Software, 2019-2024
4.5 Market, By Hardware, 2019-2024

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need for Telehealth-Related Affective Computing Solutions
5.2.1.2 Rising Need for Socially Intelligent Artificial Agents
5.2.1.3 Increasing Adoption of Wearable Devices and Growing Internet Penetration Across Industry Verticals
5.2.1.4 Technological Advancements Across the Globe
5.2.1.5 Growing Need for High Operational Excellence, Increased Resource Utilization, and Enhanced Productivity
5.2.2 Restraints
5.2.2.1 High Production Cost of Affective Computing Systems
5.2.2.2 Gap Between Academic Research and Real-Life Applications
5.2.3 Opportunities
5.2.3.1 Growing Inclination Toward Industry-Specific Solutions
5.2.3.2 Increasing Government Initiatives to Leverage the Benefits of Emotion AI/Affective Computing Technology
5.2.3.3 Growing Adoption of Cloud-Based Applications and Services
5.2.3.4 Growing Number of Partnerships and Widening Ecosystems
5.2.4 Challenges
5.2.4.1 Complex Systems for Emotion Recognition
5.2.4.2 Lack of Knowledge and Awareness and Technical Challenges
5.2.4.3 High Power Consumption of Wearable Computing Devices
5.3 Ethics of Measuring Emotions
5.4 Key Guardrails for Adoption of Affective Computing
5.5 Innovation Spotlight
5.5.1 Neurodata Lab
5.5.2 Emteq
5.5.3 Sensum
5.6 Use Cases
5.6.1 Use Cases: Gaming
5.6.2 Use Cases: Government and Defense
5.6.3 Use Cases: Automotive
5.6.4 Use Cases: High-Tech

6 Affective Computing Market, By Technology
6.1 Introduction
6.2 Touch-Based
6.2.1 Growing Need to Adopt Touch-Based Affective Computing for People Engagement
6.3 Touchless
6.3.1 Rising Demand for High-Security Measures and User Authentication to Drive the Growth of Touchless Technologies

7 Market, By Component
7.1 Introduction
7.2 Software
7.2.1 Rising Implementation of Software-Based Affective Computing for Improved Time and Resource Efficiency
7.3 Hardware
7.3.1 Growing use of Miniaturized Hardware By End Users

8 Market, By Software
8.1 Introduction
8.2 Speech Recognition
8.2.1 Growing use of Speech Recognition Software in the Healthcare and Government Sectors for Implementing Affective Computing Applications
8.3 Gesture Recognition
8.3.1 Increasing Need to Determine Emotional Behavior Through Gesture Recognition Across Verticals
8.4 Facial Feature Extraction
8.4.1 Growing Demand for Fast and Secure User Identification to Fuel the Demand for Facial Feature Extraction
8.5 Analytics Software
8.5.1 Growing Need to Optimize Operations and Increase Productivity to Drive the Demand for Analytics Software
8.6 Enterprise Software
8.6.1 Growing Preference for Standardization of Processes to Drive the Market Growth of Enterprise Software

9 Affective Computing Market, By Hardware
9.1 Introduction
9.2 Sensors
9.2.1 Growing Adoption of Home Healthcare Services to Drive the Affective Computing-Enabled Sensors Industry
9.3 Cameras
9.3.1 Increasing use of Smart Cameras for Security and Surveillance Purposes
9.4 Storage Devices and Processors
9.4.1 Growing Adoption of Solid-State Devices to Drive the Demand for Storage Devices and Processors
9.5 Others

10 Market, By Vertical
10.1 Introduction
10.2 Academia and Research
10.2.1 Enhanced Class Monitoring and Student Engagement to Drive the Adoption of Affective Computing in the Academia and Research Vertical
10.3 Media and Entertainment
10.3.1 Growing Demand for Digital Media Content to Drive the Market Growth in the Media and Entertainment Vertical
10.4 Government and Defense
10.4.1 Increasing Need to Protect Sensitive Data and Ensure the Safety of Citizens to Drive the Adoption of Affective Computing Solutions in the Government and Public Sector
10.5 Healthcare and Life Sciences
10.5.1 Need to Analyze Patient Information to Drive the Market Growth in the Healthcare and Life Sciences Vertical
10.6 IT and Telecom
10.6.1 Growing Demand for Enhanced Customer Experience to Drive the Market Growth in the IT and Telecom Vertical
10.7 Retail and Ecommerce
10.7.1 Increasing Popularity of Wearable Biosensors to Monitor Emotional and Physiological Changes to Drive the Market Growth in the Retail and Ecommerce Vertical
10.8 Automotive
10.8.1 Growing Adoption of Affective Computing to Provide Ease of Access for Drivers in the Automotive Vertical
10.9 Banking, Financial Services, and Insurance
10.9.1 Rising Need for Virtual Assistants and Customer Behavioral Analytics to Drive the Adoption of Affective Computing in the Banking, Financial Services, and Insurance Vertical
10.1 Others

11 Affective Computing Market, By Region
11.1 Introduction
11.2 North America
11.2.1 United States
11.2.1.1 Government Focus on Innovation and Research to Fuel the Adoption of Affective Computing Technologies in the United States
11.2.2 Canada
11.2.2.1 Increasing Government Initiatives for the Adoption of Affective Computing Technologies to Drive the Growth of the Market in Canada
11.3 Europe
11.3.1 United Kingdom
11.3.1.1 Rising Adoption of Affective Computing Technologies Across BFSI, Retail, and Government Verticals to Boost the Growth of the Market in the United Kingdom
11.3.2 Germany
11.3.2.1 Increasing Adoption of Affective Technologies Across Healthcare, Automotive, and BFSI Verticals to Boost the Growth of the Market in Germany
11.3.3 Rest of Europe
11.4 Asia Pacific
11.4.1 China
11.4.1.1 Increasing Investments in Integrating AI and ML With Affective Computing Solutions to Drive the Adoption of the Market in China
11.4.2 Japan
11.4.2.1 Government Initiatives to Provide Opportunities for the Adoption of AI-Enabled Technologies Driving the Growth of the Affective Computing Market in Japan
11.4.3 Australia
11.4.3.1 Increasing Digitalization Initiatives to Provide Deployment Opportunities for Affective Computing Solutions in Australia
11.4.4 Rest of Asia Pacific
11.5 Rest of the World
11.5.1 Middle East and Africa
11.5.1.1 Increasing Investments in Advanced Technologies to Drive the Growth of the Market in Mea
11.5.2 Latin America
11.5.2.1 Growing Technological Advancements to Drive the Growth of the Affective Computing Market in Latin America

12 Competitive Landscape
12.1 Introduction
12.2 Competitive Leadership Mapping
12.2.1 Visionary Leaders
12.2.2 Dynamic Differentiators
12.2.3 Innovators
12.2.4 Emerging Companies
12.3 Competitive Scenario
12.3.1 New Product Launches and Product Enhancements
12.3.2 Partnerships and Collaborations
12.3.3 Mergers and Acquisitions

13 Company Profiles
13.1 Introduction
13.2 Google
13.3 Microsoft
13.4 IBM
13.5 Apple
13.6 Qualcomm
13.7 Affectiva
13.8 Elliptic Labs
13.9 Eyesight Technologies
13.10 Sony Depthsensing Solutions
13.11 Intel
13.12 Pyreos
13.13 Cognitec Systems
13.14 Beyond Verbal
13.15 GestureTek
13.16 SightCorp
13.17 CrowdEmotion
13.18 Kairos
13.19 nViso
13.20 PointGrab
13.21 Eyeris
13.22 Numenta
13.23 Right to Win

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