VANCOUVER, B.C., July 22, 2021 /PRNewswire/ — The global affective computing market size is expected to reach USD 284.73 Billion at a steady CAGR of 32.5% in 2028, according to latest analysis by Emergen Research. Steady market revenue growth can be attributed to growing demand for incorporating advanced features in vehicles to improve on-road safety of drivers and passengers. Automotive manufacturers across the globe are emphasizing on integrating improved safety features to make driving a safer experience. Leading automakers are deploying affective computing to incorporate smart car features to recognize human emotions. Through detection of facial emotion, smart cars are capable of sending alert signals to the driver in case the technology senses that they are feeling drowsy or confused. According to estimates by the US Department of Transportation, driving-related mistakes account for around 95% of life endangering road accidents.
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Some Key Highlights From the Report
- In August 2020, Realeyes, which is a company providing affective computing solutions, introduced PreView, which is an attention measurement system based on Machine Learning and facial recognition technology to deliver true measure of emotional reaction and attention of consumer to enhance creative advertising.
- Facial feature extraction software analyzes emotions of individuals and helps to determine their mental state, intentions, and various other aspects. Various startups are implementing this technology to conduct job interviews to ascertain whether an aspirant is sincere, confident, or nervous, during the interview process. Also, this technology holds immense potential for BFSI firms to determine the eligibility of an applicant for loan approval.
- Affective computing is gaining rapid traction in the education sector. Learning software have been designed to adapt to emotional state of kids while learning. In case a child is frustrated with a difficult task, the software adjusts the task to make it exciting and relatively simpler for the child.
- Affective computing market revenue in Asia Pacific is expected to register the fastest CAGR during the forecast period, attributed to growth of retail, gaming, and IT & telecom sectors in the region. Additionally, rising disposable income, increasing demand for smart wearables, and growing demand for telemedicine are fueling marketing growth to a significant extent.
- Key players in the market include Microsoft Corporation, Affectiva, Google LLC, Elliptic Laboratories A/S, Apple Inc., Cognitec Systems GmbH, Sony Depthsensing Solutions, International Business Machine Corporation, Qualcomm Technologies Inc., and Cipia Vision Ltd.
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Emergen Research has segmented the global affective computing market on the basis of offering, technology, industry vertical, and region:
- Offering Outlook (Revenue, USD Billion; 2018–2028)
c. Storage Devices
a. Speech Recognition
b. Facial Feature Extraction
c. Gesture Recognition
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- Industry Vertical Outlook (Revenue, USD Billion; 2018–2028)
- Media & Entertainment
- IT & Telecommunication
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
h. Rest of Europe
- Asia Pacific
d. South Korea
e. Rest of APAC
- Latin America
b. Rest of LATAM
- Middle East & Africa
a. Saudi Arabia
c. South Africa
e. Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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