Product Code: 62323
The Affective Computing Market was valued at USD 867.2 million in 2019 and is expected to reach a value of USD 5367.3 million by 2025, registering a CAGR of 35.5% during the forecast period (2020 - 2025). The emergence of affective computing could spur the growth of various applications. The major area in affective computing is the design of computational devices proposed to showcase either natural emotional capabilities or that are capable of convincingly simulating emotions.
- For people with speech impairments and emotionally handicapped people, Gestele, a prototype, has been developed which adds to the emotions, to gestures or any other forms of communication from the affected people. Affective computing can also be used for personalization such as adjusting light, type of music, and room temperature by detecting a person's mood, etc.
- Increasing use of robots provides further incentive for the implementation of this technology. The recent advancement of robotics leads to an immense increase in the demand for robots that are artificially intelligent to behave politely and socially smart.
- A report on World Robotics by the International Federation of Robotics (IFR) revealed that more than 381,000 industrial robots were shipped globally in 2017. This number is anticipated to reach to 630,000 units by 2021. The feature addition such as affective computing can make these industrial robots more acceptable and have better human-computer interaction.
- The users of robotic devices equipped with AI, do not want themselves to be bothered with unimportant information. However, that high level of reasoning requires an understanding of the person's emotional state. With the recent advancement in machine learning, companies are developing new ways to utilize the advancements to their advantage.
Scope of the Report
Affective computing is the study and development of systems and devices that can recognize, interpret, process, and simulate human affects. It is an interdisciplinary field spanning computer science, psychology, and cognitive science.
Key Market Trends
Healthcare is Expected to be one of the Primary Recipients of the Technology
- The healthcare segment has some of the most advanced and commercialized applications for affective computing. Some of the initial developments in affective computing domain are targeted to aid the medical care professionals, primarily with technology that is expected to help them understand the mentally disabled patients.
- Artificial Intelligence (AI) in medicine has been growing, and significant efforts are being made to increase the contribution to the domain. Companies such as DeepMind, Babylon Health, etc. have been accelerating their efforts towards such goals.
- Moreover, there are several companies that are working toward advanced patient monitoring devices, which are making use of facial coding techniques to continuously monitor patients. However, when compared to other end users, post-approval procedures in the healthcare sector, the products take time to reach the retail market.
- In the current market scenario, Empatica is one of the very few companies that offer wearable effective computing devices for healthcare applications. The company's devices are approved by the US Food and Drug Administration (FDA). The company has geographically limited its operations, to serve its customers in the United States and Europe.
North America is Expected to Hold the Largest Market Share
- North America is the largest market for affective computing, globally, led by the United States. The region has some of the most active research organizations that are working toward developing innovative affective computing devices that are capable of serving several end-user applications, especially in the healthcare, market research, and automotive sector.
- North America was one of the first regions to adopt Artificial intelligence on an extensive scale. With the improved infrastructure for artificial intelligence, the region consists of mature infrastructure required for the deployment of affective computing.
- Research organizations such as MIT have been concentrated in the region conducting various research projects which include Affective Response to Haptic signals, Automatic Stress Recognition in Real-Life Settings, etc. which is expected to increase the investments in the region for the growth of affective computing.
- There are huge future prospects of affective computing converging with the robotics in the future, due to the deployment platform that robotics provides. The increased adoption rate of robotics in the United States points toward increased popularity. Thus showcasing increased customer adoption toward more intelligent robots.
The Affective Computing Market is currently dominated by a few players with their technological expertise in AI technology. The global market is expected to be nearly consolidated in nature, and the major players with a prominent share in the market are focusing on expanding their customer base across foreign countries by leveraging on strategic collaborative initiatives to increase their market share and their profitability. Affectiva Inc., CroudEmotion Ltd., Kairos AR, Inc., nViso AI, are some of the major players present in the current market.
- January 2019 - Kia Motors in collaboration with the Massachusetts Institute of Technology (MIT) Media Lab's Affective Computing Group showcased a significant technological development called Real-time Emotion Adaptive Driving (R.E.A.D.) system at Consumer Electronics Show 2019. This technology is in the process of development for the post-autonomous driving era and monitors a driver's emotional state using sensors to read their facial expressions, heart rate, and electrodermal activity.
- March 2019 - Empatica began deploying a smart device that can be used to manage stress. The device has been modeled similar to a watch and has received FDA approval. The device analyzes physiological signals to detect an increase in the stress inside the body and prevent seizures due to diseases such as epilepsy etc.
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Increased Adoption of Connected Devices Across Various End-User Industries
- 4.3.2 Significant Growth of Investment in R&D for Affective Computing Software Technologies
- 4.3.3 Adoption of Latest Technological Developments in Various Domains
- 4.4 Market Restraints
- 4.4.1 Lack of Standardization and High Production Costs
- 4.5 Industry Value Chain Analysis
- 4.6 Industry Attractiveness - Porter's Five Force Analysis
- 4.6.1 Threat of New Entrants
- 4.6.2 Bargaining Power of Buyers/Consumers
- 4.6.3 Bargaining Power of Suppliers
- 4.6.4 Threat of Substitute Products
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Technology Snapshot
- 4.7.1 Speech Recognition
- 4.7.2 Gesture Recognition
- 4.7.3 Facial Recognition
- 4.7.4 Other Technology Types
5 MARKET SEGMENTATION
- 5.1 By End-User Industry
- 5.1.1 Healthcare
- 5.1.2 Automotive
- 5.1.3 Retail
- 5.1.4 Other End-User Industries
- 5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Affectiva Inc.
- 6.1.2 CroudEmotion Ltd.
- 6.1.3 Kairos AR, Inc.
- 6.1.4 nViso
- 6.1.5 Microsoft Corporation
- 6.1.6 IBM Corporation
- 6.1.7 Beyond Verbal Communication, Ltd.
- 6.1.8 Nemesysco Ltd.
- 6.1.9 Realeyes Data Services Ltd.
- 6.1.10 audEERING GmbH
- 6.1.11 Eyesight Technologies Ltd.
- 6.1.12 Sensumco Ltd.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS