The global affective computing market is disrupting the traditional emotional disorder treatment practices with the introduction of advanced diagnostic solutions in the healthcare sector. According to a report by the WHO, healthcare expenditure is increasing faster, as compared to rest of the global economy, and is accountable for 10% of the global GDP in 2019. The demand for affective computing in the healthcare industry is growing rapidly, due to its capability to improve therapeutic solutions for patients. Owing to its number of applications, which include facial expression recognition for specially-abled children with dyslexia, and autism diseases, affective computing recorded a substantial growth in the healthcare sector. Growing demand for artificial intelligence-enabled solutions to determine psychological ailments is anticipated to impel the affective computing market growth around the globe. The Global Affective Computing Market size valued at $22 billion in 2018, and is anticipated to grow with a CAGR of 27.2%, throughout the forecast period 2019-2025.
Apart from the healthcare industry, affective computing technology is used in numerous other applications such as autonomous cars, logistics, and surgical robots. Recording passengers’ gestures and additional safety measures were deployed in autonomous cars, by the advent of affective computing. Affective computing is used in logistics for planning, implementing, and controlling an efficient flow of goods and services from the point of origin until the delivery. Robots equipped with affective computing technology can better judge the patient’s emotional state and change their programming aptly. Furthermore, teenagers can get assistance in emotional development programs in case of autism-related diseases by the use of affective computing technology. A varied range of solutions were developed for such children, which is expected to boost the affective computing market growth globally. The retail sector is dominating the affective computing market, by using data analytics, and sensors as it plays a vital role to understand consumer behavior for taking better decisions. The processing speed of affective computing to record and analyze a human response in real-time can contribute to rapid growth of this technology. For instance, Internet-based therapy cannot detect and depict a patient’s emotional state, as a face-to-face session can. On the other hand, affective computing gives more accuracy in the evaluation of a patient’s psychological condition by interpreting facial expressions and gestures.
North America is Anticipated to Hold a Major Market Share of the Global Affective Computing Market
North America held the largest market share in the affective computing market, with a 36.8% of global market share in 2018. Countries such as the U.S., Canada, and Mexico are leading with high consumer base in the region. The affective computing is gaining tremendous revenue, due to huge developments in retail, healthcare, transportation, and logistics sectors. Businesses involved in artificial intelligence have been investing more in the affective computing market. Additionally, import and export patterns, manufacturing volumes, and cost breakups contribute to the affective computing market revenue in this region.
The application segment that is creating the lucrative opportunities for affective computing market is media and advertising. This application segment is projected to grow at a CAGR of 29.6%, through to 2025. Affective computing can be used in online and television advertisements, through a real-time video recording of customer, and the consequent study of end-users facial expressions and emotional state, one can better judge the impact of media and advertisements in the e-commerce sector.
Affective Computing Market Growth Drivers
· A Rise in Demand for Affective Computing in Education Sector
Affective computing can be used in e-learning applications to adjust the pattern of presentation of a computerized tutor. By measuring facial blood flow information with a camera, it is very easy to determine student’s emotions, where visual data is not available in transdermal optical imaging technique, in which affective computing technology is used. Emotionally intelligent computing systems that can analyze facial expressions and emotional states and enabling instructors to deliver personalized content that encourages students.
· Augmented Growth in Healthcare Sector
In the healthcare sector, affective computing systems can be used for monitoring and recognizing emotions for various diagnostic purposes. In telepsychiatry, doctor on demand, and telemedicine practices affective computing technology has its prominence. In the development of communicative technologies, which are used by autism people, affective computing technology is deployed, which is increasing its market in the healthcare sector worldwide.
· Propelled Demand in Video Gaming
Video games can access gamers’ emotional responses through feedback devices. Nowadays, video games are designed to give gamers a better gaming experience by accessing players’ emotional responses during the gameplay. To support the emotional development of autistic children, affective computing technology are used to design video games.
· Affective Computing in Government and Defense Sectors
Security technologies such as facial and gesture recognition and iris scan are crucial to protect sensitive information in the defense sector. Unauthorized access to the data in this sector can be calamitous. To reduce fatalities in the defense sector, copious prototypes of military robots have been developed with affective computing technology, which in turn, led the market growth, around the globe.
· Growth in Information Technology and Telecommunication sectors
Application programming interface and software development kits are installed within the workplace, which can enhance the work environment. Employees who are working in the IT & telecom sector commence demanding and critical tasks under tight deadlines. So, software technologies with affective computing have tremendous growth in this sector.
The Major Players in the Affective Computing Market:
The prominent players in the affective computing market include Affectiva, Inc., Apple Inc., Beyond Verbal Communication, Ltd., Eyeris Technologies, Inc, GestureTek, Inc., Google Inc., IBM, Intel Corporation, Kairos AR, Inc., Microsoft Corporation, Numenta, Inc., nViso Sarl, Realeyes Data Services Ltd, and SoftKinetic-Optrima S.A., etc.
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