Affective Computing Market is expected to reach US$ 53.95 Bn by 2026 at a CAGR of 34.5% during the forecast period. The Affective computing is a technology which helps in recognizing human decision making through analyzing heart rate, voice, facial expressions, and other body parameters. Due to increasing use of connected devices and smart phones, consumer centric businesses are finding new ways to stay ahead in competition by using computing technology.
The application of survey and focus group do not provide accurate emotional state of an end-user related to a specific product. Further, their responses may be prejudiced depending upon the surrounding conditions. The emotional state of a consumer can trigger his/her engagement with the brand and this affects on the decision making to buy the product. Thus, knowing the real-time emotional state can help the businesses to sell their product and thereby increase revenue.
Affective computing market is segmented by technology, software, hardware, vertical, and region. Among software segment, facial feature extraction software is expected to reach at a highest CAGR during the forecast period, owing to increasing demand to expression recognition techniques which are used by healthcare & life sciences, media and entertainment and by end-users, growing demand for authenticating devices and smartphones.
In case of vertical, the healthcare and life sciences sector is likely to hold the largest market share during the forecast period. The healthcare and life sciences sector holds large scale application areas for affective computing technology, which include detection of psychological disorders, facial expression recognition for the children (autism & dyslexia) and, thereby holding the largest market share among other end-use verticals studied for the market analysis.
While using regions, the North America is estimated to hold the largest market share during forecast period due to the presence of a large number of enterprises and infrastructure, along with technological advanced scenarios. However, APAC is expected to reach at a highest CAGR during the forecast period.
APAC offers the potential growth opportunities for the market to emerge over the coming years and surpass the North American affective computing market in terms of technology adoption, owing to rising investment in security infrastructure and growing demand for wearable devices. Some of the key players are IBM Corporation, Microsoft Corporation, Saffron Technology, Softkinetic System S.A., Affectiva, Elliptic Labs etc.
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