Hyderabad, July 04, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Affective Computing Market Report (2023-2028)," the market is estimated at USD 59.2 billion in 2023. It is expected to register a CAGR of 24.29% during the forecast period.
The process of creation and study of different technologies to analyze, simulate and interpret human emotions is referred to as affective computing. The existence and growth of the affective computing market rely upon the sales garnered from selling affective computing solutions to various industries.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 59.2 billion |
| Market Size (2028) | USD 175.6 billion |
| CAGR (2023-2028) | 24.29% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | The increasing need for top-notch security in multiple industries. |
| Increase in the usage of robotics in various industries. |
Who are the Top Companies in the Affective Computing Market?
The affective computing market is fragmented, with the presence of major global players engaged in widespread competition for more market share.
Notable players in the affective computing market are:
- Affectiva Inc.
- Element Human Ltd
- Kairos AR Inc.
- Nuance Communications Inc. (Microsoft Corporation)
- IBM Corporation
- Gesturetek Inc.
- Nemesysco Ltd
- Realeyes Data Services Ltd
- audEERING GmbH
- Eyesight Technologies Ltd
- Emotibot Technologies Limited
- Amazon Web Services Inc.
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Key Highlights from the Affective Computing Market Report:
Rise in the Adoption of the Affective Computing Technology
- Presently, the maximum number of applications of affective computing solutions are occurring in the automotive sector.
- Affective computing is used to develop Advanced Driver-Assistance Systems (ADAS) in vehicles in the automotive industry.
- The ADAS functions in a vehicle aim to reduce the risk of accidents.
North America is Predicted to Hold the Maximum Share of the Affective Computing Industry
- The North American region, which is led by the United States, has been one of the dominating markets for affective computing globally.
- Multiple organizations around the world are actively involved in developing new technologies which contribute toward the growth of the affective computing industry.
What are the Latest Developments in the Affective Computing Market?
- In September 2022, Nuance Communications Inc. announced that for Virgin Media O2 customers in the United Kingdom, Liberty Global had expanded its use of Nuance Dragon TV.
- In August 2022, CallMiner announced new integrations with Genesis Cloud CX, which enabled organizations to gain quick access to effective real-time analytics.
Mordor Intelligence has Segmented the Affective Computing Market Based on Component, End-user Industry, and Geography:
- By Component (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Hardware
- Sensors
- Cameras
- Storage Devices and Processors
- Others
- Software
- Analytics Software
- Enterprise Software
- Facial Recognition
- Gesture Recognition
- Speech Recognition
- Hardware
- By End-user Industry (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Healthcare
- Automotive
- Retail
- Other End User Industries
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- Europe
- Asia Pacific
- Rest of the World
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Affective Computing Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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