The Affective Computing Market size is estimated at USD 73.5 billion in 2024 and is expected to reach USD 218.2 billion by 2029, registering a CAGR of 24.29% during the forecast period.
The rise in demand for telehealth-related affective computing solutions and the rising need for socially intelligent artificial agents are some significant factors that are anticipated to propel the growth of the affective computing market during the projected period. Furthermore, the demand for effeemand for effective computing is expected to develop due to the increasing use of wearable technology, increased internet penetration across industrial verticals, and global technical breakthroughs.
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. Affectiva Inc., IBM Corporation, Nuance Communications Inc., Element Human Ltd., and Kairos AR Inc. are a few prominent players with a significant share of the market.
In 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. Also, in June 2022, Aural Analytics, Inc., a prominent player in clinical-grade speech analytics, announced a partnership with Koneksa, a player in digital biomarker development, to further strengthen its platform and research capabilities using Aural Analytics' technology, Speech Vitals.
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