NEW YORK, March 29, 2017 /PRNewswire/ -- Frequent advancement in the field of gesture recognition, facial feature extraction, and speech analytics is expected to bring about lucrative business prospects in the affective computing domain
MarketsandMarkets expects 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 market is escalating rapidly, owing to rising digitization and continuous advancements in the field of cognitive science and computer science that are shaping the way for a new technology. However, the cost incurred in making affective computing systems is more and the tangible return on investment is low, thereby posing a major restraining factor for the market's growth.
Touchless technology is expected to dominate the affective computing technology market by the end of the forecast period
The affective computing market is segregated into touch-based and touchless technologies. Touch-based technology recorded for the largest market share during the initial phase of the growth period. However, due to rising technological advancements, the touchless technology is expected to dominate the market.
Asia Pacific (APAC) is expected to grow at the highest CAGR
APAC offers prospective growth opportunities. The major factors affecting the growth in the APAC region include smart technology initiatives growing demand for wearable devices, and rising investments in security infrastructure. Moreover, the APAC countries have witnessed tremendous traction, in terms of technological innovations, including facial feature extractions, gesture recognition, and speech recognition, coupled with the growing adoption of neural analytical solutions.
In the process of determining and verifying the market size for several segments & subsegments gathered through secondary research, extensive primary interviews were conducted with key people. Break-up of profile of primary participants is as follows:
- By Company type – Tier 1- 56%, Tier 2- 20%, and Tier 3- 24%
- By Designation – C-Level- 72% and Manager Level- 28%
- By Region – North America- 58%, Europe- 22%, and APAC- 20%
The prominent players in the affective computing ecosystem 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).
The affective computing market is segmented by technology, which includes touch-based and touchless technologies. Affective computing software is further segmented into speech recognition, gesture recognition, facial feature extraction, analytics software, and enterprise software. Affective computing hardware is categorized into sensors, cameras, storage device, processors, and others (inclduing touch point/screen/display, radio/antenna, and microphone/speaker).
Segmentation on the basis of verticals include academia & research, media & entertainment, government & defense, healthcare & life sciences, Information Technology (IT) & telecom, retail & e-commerce, automotive, and Banking, Financial Services, & Insurance (BFSI). The regional analysis includes the study of North America, Europe, Asia-Pacific (APAC), and the Rest of World (RoW).
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