The Affective Computing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Affective Computing Global Market Report 2024, The affective computing market size is expected to see exponential growth in the next few years. It will grow to $218.25 billion in 2028 at a compound annual growth rate (CAGR) of 28.3%. The growth in the forecast period can be attributed to rising internet penetration, adaption of smart wearable device, adoption of gesture-enabled iot devices for smart home automation, increasing use of wearable technology, huge adoption of the cloud based services. Major trends in the forecast period include introduction of new products and technologies, innovation to fulfill consumer demand, need for affective computing research, address communication and emotion regulation challenges.
The growing adoption of Internet of Things (IoT) devices is expected to propel the growth of the affective computing market going forward. IoT devices are nonstandard computing hardware that connect wirelessly to a network and can transmit data. IoT devices are used in affective computing to understand and process human emotions through technology. For instance, in May 2023, according to DataProt, a Republic of Serbia-based cybersecurity information company, it was revealed that by 2030, it is anticipated there will be more than 25.4 billion IoT devices in use and IoT devices are expected to connect to the internet at a rate of 152,200 per minute by 2025. Therefore, the growing adoption of Internet of Things (IoT) devices is driving the growth of the affective computing market.
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The affective computing market covered in this report is segmented –
1) By Technology: Touch-Based, Touchless
2) By Component: Hardware, Analytics Software, Cameras, Other Components,
3) By Vertical: Media And Entertainment, Healthcare And Life Sciences, Government And Defense, Banking, Financial Services And Insurance (BFSI), Other Verticals
Major companies operating in the affective computing market are innovating solutions, such as new AI facial recognition and emotion detection solutions, to sustain their position in the market. An AI facial recognition and emotion detection solution is a technology that combines artificial intelligence (AI) and computer vision to analyze facial expressions and identify emotions displayed by individuals. For instance, in August 2022, Intetics Inc., a US-based software development company, introduced a new AI facial recognition and emotion detection solution. This solution utilizes machine learning and artificial intelligence to evaluate sentiment and emotions automatically by analyzing facial expressions, body language, and other non-verbal cues. This field encompasses the detection of facial emotions and the automated evaluation of sentiment derived from non-verbal cues, including body language, voice patterns, gestures, facial expressions, and other non-verbal signals. Emotion detection solutions extend beyond facial recognition, encompassing the analysis of body language, voice patterns, and additional non-verbal signals to offer a more comprehensive insight into an individual’s emotional state.
The affective computing market report table of contents includes:
1. Executive Summary
2.Affective Computing Market Characteristics
3.Affective Computing Market Trends And Strategies
4.Affective Computing Market analysis
5.Affective Computing Market Size And Growth
6.Affective Computing Segmentation
7.Affective Computing Regional And Country Analysis
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27.Affective Computing Competitive Landscape And Company Profiles
28.Affective Computing Key Mergers And Acquisitions
29Affective Computing. Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Amazon.com Inc.
- Apple Inc.
- Alphabet Inc.
- Microsoft Corporation
- Sony Group Corporation
- Panasonic Corporation
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