Affective Computing Market Trends: Anticipating Striking Growth to US$ 12,94,617.60 Million by 2033

The affective computing market is forecasted to expand at 33.6% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 71,282.9 million in 2023 and US$ 12, 94,617.60 million by 2033.

Wide use of affective computing solutions and technologies in the automotive sector is fueling the market growth. A large proportion of market competitors provide at least one service or are well-geared toward automobile applications. In the automobile industry, affective computing is recurrently being used to develop Advanced Driver-assistance Systems (ADAS).

A considerable increase in the adoption of emerging technologies in the automotive sector is expected to create ample opportunities for the providers of affective computing solutions.

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The surge in the demand for advanced electronic devices like power banks, portable chargers, mobile phones, etc., and continuous requirements for technical advancements, are fueling the demand outlook for affective computing. From the records, the number of mobile devices was around to be 15 billion in 2021.

Heightened demand for virtual assistants that are capable of identifying fraudulent activities, along with increasing requirements for better security in varied sectors is fueling the market growth.

The market is being positively impacted by the development of robots with computational data, making it emotional and informative. It is projected to warrant flexibility in certain or complex situations. This is expected to dictate the upcoming trend in the forecast period.

Industries are yet at a nascent stage concerning the detection of customers’ emotions. Affective computing lets the computational device decode the non-verbal and emotional cues of users. The technology reacts in real time to movements, physiology, gestures, and other behaviors. This is projected to propel the scope of affective computing.

The accelerating demand for affective computing in sectors related to security applications like voice-activated biometrics to restrict access for authorized users is further expected to propel market growth.

Top Highlights from the Affective Computing Market Report:  

The Affective Computing market is witnessing significant growth globally, with North America leading the charge, holding a substantial 32.2% share in 2022. The United States and Europe also show promising trajectories, with the US expected to secure over 18.4% market share by 2023 and Europe projected to capture more than 23.2%. Within Europe, Germany emerges as a key player, anticipated to surpass a 10.5% market share in 2023. The United Kingdom demonstrates remarkable potential, forecasted to expand at a robust 32.3% compound annual growth rate (CAGR). Meanwhile, Japan and China also exhibit substantial growth prospects, with Japan expected to hold over 5.5% market share in 2023, while China's market is projected to soar with a staggering 34.3% CAGR from 2023 to 2033. Furthermore, India is poised to make significant strides, with a forecasted CAGR of 30.2% in the coming years. These insights underscore the dynamic landscape and promising opportunities within the global affective computing sector.

 

Innovation Watch: Key Developments in the Market

Nuance Communications, Inc., in September 2022 announced that Liberty Global increased its use of Nuance Dragon TV for Virgin Media O2 users in the United Kingdom. The extension incorporates new capabilities that offer better assistance for visually impaired consumers like reading aloud program information.

CallMiner, a global leader in conversation intelligence to propel business upgradation, announced new integrations with Amazon Connect and Genesys Cloud CX in August 2022. Organizations can leverage CallMiner’s platform based on live-voice audio availability, with these new integrations.

Leading Key Players:

The leading key players in the Affective Computing Market include Microsoft, IBM Corporation, Apple, Qualcomm, Intel, Sony Depth sensing Solutions, and Affectiva. Microsoft and IBM are renowned for their innovative software solutions, while Apple's integration of affective computing into its devices sets industry standards. Qualcomm and Intel drive advancements in hardware technology, enabling seamless integration of emotion recognition capabilities. Sony Depth sensing Solutions offers cutting-edge depth-sensing technology, enhancing affective computing applications. Affectiva specializes in emotion AI, providing robust solutions for emotion detection and analysis across various platforms. Together, these key players shape the landscape of affective computing, driving its growth and evolution.