Affective Computing Market to grow by USD 236.41 billion from 2023 to 2028; increasing demand for affective computing from the media and entertainment industry to boost market growth- Technavio

NEW YORK, Dec. 7, 2023 /PRNewswire/ -- The Affective Computing Market is segmented by component (software and hardware), technology (touch-based and touch-less), and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2024-2028" report has been added to Technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the affective computing market between 2024 and 2028 is USD 236.41 billion. 

The increasing demand for affective computing from the media and entertainment industry is the key factor driving market growth. Several videos and filmmakers use affective computing to catch and examine the expressions of audiences for making strategic decisions. Besides, capturing and analyzing the audience's emotions is crucial for video and movie designers to comprehend the scenes and characters that impact the audience positively or negatively. In addition, affective computing can recognize and explore the entire human emotional spectrum. Therefore, it is expected to drive the market growth during the forecast period.

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Significant Challenge- 

Privacy and security concerns is a challenge that affects market growth. With the rising number of cyber crimes, many individuals regard such activities as suspicious even if permission is solicited. Besides, companies that rely on emotion recognition software, such as market research organizations and advertising agencies, must comply with the new regulation. Therefore,  such factors are expected to impede the market growth during the forecast period. Furthermore, risks related to safety and leakage of sensitive information are some of the further significant problems that organizations face while using emotion recognition solutions. 

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The affective computing market is segmented by component (software and hardware), technology (touch-based and touch-less), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The software segment is estimated to witness significant growth during the forecast period. Some developers can utilize affective computing software to create intelligent applications, whether they want to enhance existing applications with ML or speech recognition or develop totally new applications using an AI platform. Furthermore, software engineers may create solutions that will help employees in many sectors, including corporates, by using AI software, which performs necessary actions. 
• North America is estimated to contribute 36% to the growth of the global market during the forecast period. 

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Key Companies in the Affective Computing Market:

Affectiva Inc., Alphabet Inc., Amazon.com Inc., Apple Inc., audEERING GmbH, Cipia Vision Ltd., Cognitec Systems GmbH, Elliptic Enterprises Ltd., Eyeris Technologies Inc., GestureTek technologies, Intel Corp., International Business Machines Corp., Kairos AR Inc., Microsoft Corp., Nemesysco Ltd., NVISO SA, Qualcomm Inc., Raydiant Inc., Realeyes OU, and Sony Group Corp.

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The Neuromorphic Computing Market size is estimated to grow by USD 96.18 million at a CAGR of 24.13% between 2023 and 2028. 

The Edge Computing Market size is estimated to grow at a CAGR of 24.74% between 2022 and 2027. The size of the market is forecasted to increase by USD 9,928.42 million.

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Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Component

Market Segmentation by Technology

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio