Affective Computing Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Affective Computing Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The affective computing market is estimated to register a CAGR of 30.42% during the forecast period (2022- 2027). The affective computing market is developing due to the growing need for improved security in various industries and the rise in the demand for virtual assistants to detect fraudulent activities. Affective computing is majorly used in various security applications, such as voice-activated biometrics, to restrict access to unapproved users. With the advancement in computing capacity, improved communication technology, and the emergence of new solutions, such as AI, new possibilities are being realized, which will add a positive impact on the market to grow.

Key Highlights

• The emergence of affective computing has driven the growth of various applications. One of the major areas in affective computing has been the design of computational devices that are proposed to showcase either natural emotional capabilities or capable of convincingly simulating emotions. For example, for speech impairments and emotionally handicapped people, Gestele, a prototype, was developed that adds to the emotions, gestures, or any other forms of communication from the affected people. The technology can also be used for personalization by adjusting light, type of music, and room temperature by detecting a person’s mood, etc.
• Moreover, the increasing usage of robotics provides further incentives for implementing this technology. The recent advancement in robotics has led to an immense increase in the demand for artificially intelligent robots to behave politely and socially smartly. A report on World Robotics by the International Federation of Robotics (IFR) also showcased that the worldwide industrial robot shipments amounted to some 384,000 in 2020. It is prognosticated that by the year 2024, global industrial robot shipments will amount to around 518,000. Additional feature inclusion, such as affective computing, can make these industrial robots much more acceptable and have better human-computer interaction.
• In its present technological capabilities, AI can support three important business needs extending from automation of business processes, gaining insight through data analysis, and engaging with customers and employees. The third level requires cognitive engagement. Cognitive insights offered by machine learning differ from traditional analytics and require higher-level data. Due to such factors, these solutions are expected to improve further, and vendors are expected to form strategic partnerships with the end-users to use the data for development purposes and offer them extended solutions and services.
• Moreover, the market has been witnessing multiple new developments. For instance, as of November 2021, therapists, psychologists, and psychiatrists would be able to use a new tool to assist in treating their patients using a system that uses artificial intelligence to identify signs of depression on social networks. The technology was developed during the doctoral research carried out by Felipe Giuntini at the Institute of Mathematics and Computer Science (ICMC) at USP in São Carlos. It was able to assess the mental health of users through the interpretation of texts and emoticons that were published on the platforms.
• The emergence of the COVID-19 pandemic significantly affected the affective computing industry, as people became more concerned regarding their health and safety during the lockdown measures. The rapidly increasing COVID-19 infections also gave rise to the usage of Al-based monitoring equipment, detection equipment, and advanced vaccination machines, among others.

Key Market TrendsAutomotive Sector to Drive the Market’s Growth

• Currently, some of the most widely used affective computing technologies and solutions are found in the automotive sector. The majority of market participants offer at least one good or service geared toward automobile applications. In the automotive industry, affective computing is frequently used to create Advanced driver-assistance systems (ADAS).
• The two categories of ADAS functions are comfort functions and security functions. The comfort feature is designed to warn the driver by causing alerts like flashing lights, sounds, sensations, or light steering recommendations. In the event that the driver does not respond to a potentially hazardous scenario, the security feature is designed to intervene within the car itself. Brake preloading, seatbelt installation, hood pulling, automatic braking, and avoidance steering are examples of possible maneuvers.
• By notifying and warning the drivers, the key affective computing applications in the automotive industry also aid in reducing accidents. As per the WHO (World Health Organization), it is estimated that 20–50 million people suffer from fatal injuries in traffic accidents each year, killing around 1.3 million people. Pedestrians, motorcyclists, and cyclists are among the most at-risk road users, accounting for more than half of all fatalities. The 2030 Agenda for Sustainable Development sets lofty goals for reducing road traffic injuries, including affective computing technology in the automobile industry, using proven methods to lower the risk of accidents and fatalities.
• Moreover, to track and react to the actions and feelings of drivers and passengers, Eyeris and Affectiva put cameras in the automobiles. Driver drowsiness is monitored via emotional technology. It can also be used to start alarms, postures, and positioning, connect to intelligent seats to increase passenger comfort, prevent driving rage, impatient accidents, etc.
• Also, to incorporate Affectiva's automotive technology into SmartEye's ground-breaking interior sensing solution, the company bought Affectiva in 2021. These insights enable the Automakers to enhance safety features to meet Euro NCAP standards.

North America is Expected to Hold the Largest Market Share

• The North American region has been one of the largest markets for affective computing globally, majorly led by the United States. The region comprises some of the most active research organizations 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. Moreover, with the improved infrastructure for artificial intelligence and other advanced technologies, the region consists of various infrastructures that are primarily required for the deployment of affective computing.
• Also, the technology of Affective computing was developed during the doctoral research carried out by Felipe Giuntini at the Institute of Mathematics and Computer Science (ICMC) at USP in São Carlos. It was able to assess the mental health of users through the interpretation of texts and emoticons that were published on the platforms.
• Moreover, research organizations such as MIT have also been concentrated in the region conducting multiple research projects, including Affective Response to Haptic signals and Automatic Stress Recognition in Real-Life Settings, among others. The university has a department in the MIT media lab called the Affective Computing Group, which majorly researches new methods of communicating affective and cognitive states and inventing personal technologies for improving self-awareness of affective states, which is further anticipated to increase the investments in the region driving the growth of affective computing.
• Over the past decade, several companies emerged from the Affective Computing Group of MIT Media Lab (research laboratory at the Massachusetts Institute of Technology,). For instance, Affectiva Inc., a major affective computing company, has established its footprint in the global market. The company has raised over USD 60 million since its inception.
• A wide range of Canadian businesses is concentrating on developing new solutions for gesture and speech recognition. The Canadian company GestSure Systems offers a gesture software interface that enables doctors to access patient records kept on computers in locations other than sterile operation rooms. Also, to interchange CT and MRI data with an already installed hospital PC using Kinect, the company offers hardware that serves as a USB bridge. Surgeons can navigate images without using their hands since mouse commands are translated into gestures.
• Additionally, a Canadian-based company Baanto, has developed ShadowSense Technology, an optical positioning-based touch technology that can be used on multiple touchscreen displays. Recently, in March 2022, the company announced 27-inch night vision imaging system samples for high-performance military applications.

Competitive Landscape

The competition among the existing market players in the affective computing market is high, making them prone to aggressive acquisition strategies to capture the market and enhance the first mover's advantage with new solutions.

• June 2022 - Nuance Communications announced a partnership with SCIENTIA Puerto Rico, Inc. to expand access to Nuance's Dragon Medical One speech recognition solution for the island's physicians and nurses to improve clinical documentation quality and patient outcomes while reducing administrative workloads that contribute to clinician burnout.
• June 2022 - Aural Analytics, Inc., a leader in clinical-grade speech analytics, announced a partnership with Koneksa, a leader in digital biomarker development, to further strengthen its platform and research capabilities using Aural Analytics' technology, Speech Vitals.

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