According to the latest report by IMARC Group “Affective Computing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, offers a comprehensive analysis of the industry, which comprises insights on the global affective computing market analysis. The global affective computing market reached a value of US$ 37.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 227.6 Billion by 2027, exhibiting a CAGR of 35.7% during 2022-2027.
Affective computing, or emotional AI, enables computers to interpret, simulate, recognize, and process human emotions and feelings. It applies knowledge from psychology, computer science and cognitive science. Affective computing analyzes emotions by employing big data, different sensors, machine intelligence and an analytics engine. Businesses leverage the insights gained from this system to improve decision-making in consumer-centric processes, such as marketing, sales and customer services. Consequently, affective computing finds widespread applications in e-learning and autonomous systems.
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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The increasing penetration of the internet and the escalating demand for wearable devices are primary factors propelling the global affective computing market. It is further being supported by the rising need for understanding consumer behavior by businesses across the globe. Other than this, rapid technological development has inflated the demand for advanced electronic devices, such as voice-activated biometrics, which is propelling the market growth. Moreover, the increasing deployment of software tools in educational institutes and support mechanisms in medical services is creating a positive outlook for the market.
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