According to new market research report the global affective computing market to increase from USD 12.20 billion in 2016 to USD 53.98 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 34.7%. The affective computing market is growing rapidly, owing to the increasing need for data archiving tools to organize the data generated from varied end-use sectors.
Facial feature extraction software is expected to grow during the forecast period
The research study for the global affective computing market encompasses the analysis of the market on the basis of software, which is further segmented into speech recognition, gesture recognition, facial feature extraction, analytics software, and enterprise software. The deployment of facial feature extraction software is mainly driven by the increasing demand expression recognition technique, used by various end-use sectors, especially, healthcare & life sciences and media & entertainment
The healthcare and life sciences sector is expected to hold the largest market share
The affective computing end-users are segmented into academia & research, media & entertainment, government & defense, healthcare & life sciences, Information Technology (IT) & telecom, retail & e-commerce, automotive, and Banking, Financial Services, & Insurance (BFSI). The healthcare and life sciences sector holds large scale application areas for affective computing technology, which include facial expression recognition for the specially-abled children (autism & dyslexia) and detection of psychological disorders, thereby holding the largest market share among other end-use verticals studied for the market analysis.
Asia-Pacific is expected to be the most lucrative market in 2016
The research study encompasses regional market analysis for North America, Europe, Asia-Pacific (APAC), and the Rest of World (RoW), along with some of the major countries in specific regions. North America is expected to hold the largest share in the affective computing market in 2016, which may then overshadowed by the APAC region, by the end of forecast period.
The rapid developments in infrastructure and higher adoption of digital technologies are the two major drivers that increase the demand for the affective computing market. Furthermore, the U.S is the most technologically-advanced region, with the presence of different business verticals in this region, such as BFSI, healthcare, and retail & e-commerce.
The prominent players in the affective computing market are Google Inc. (California, U.S.), IBM Corporation (New York, U.S.), Microsoft Corporation (Washington DC, U.S.), Saffron Technology (North Carolina, U.S.), Softkinteic System S.A. (Brussels, Belgium), Affectiva (Waltham, U.S.), Elliptic Labs (Oslo, Norway), Eyesight Technologies Ltd. (Israel), Pyreos Ltd. (Edinburgh, U.K.), Cognitec Systems GmbH (Germany), Beyond Verbal Communication Ltd. (Tel Aviv, Israel), Numenta (California, U.S.), GestureTek (Canada), and SightCorp (Amsterdam, the Netherlands).
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