ResearchAndMarkets.com says the global affective computing market size is projected to grow from USD 22.2 billion in 2019 to USD 90.0 billion by 2024 at a CAGR of 32.3%.
The research lists deployment of emotion AI-related technologies in customer interaction solutions across retail and healthcare verticals and growing adoption of virtual assistants for healthcare and entertainment purposes as drivers in the overall growth of the affective computing market.
Technological advancements, along with the rising adoption of advanced electronic devices, are also projected to stimulate the growth of the market during the forecast period.
More key findings from the study:
- By component, the software segment is estimated to hold a larger market size than the hardware segment in 2019.
- By software, facial feature extraction is expected to register a higher growth rate than any other software segments during the forecast period in the affective computing market.
- The Asia Pacific affective computing market is expected to register the highest growth rate during the forecast period.
APAC has witnessed advanced and dynamic adoption of new technologies and expected to record the highest CAGR in the global affective computing market during the forecast period. APAC constitutes major economies, such as China, India, Japan, and Australia, which are expected to register high growth in the affective computing industry.
Verticals, such as healthcare and life sciences, government, and IT and telecom, are expected to adopt affective computing solutions at the highest rate in the region. Companies operating in APAC would benefit from the flexible economic conditions, industrialization-motivated policies of the governments, as well as from the growing digitalization, which is expected to have a significant impact on the business community.
Download the full report here.