According to the research report titled ‘Global Affective Computing Market Size study with COVID-19 Impact, by Component (Software and Hardware), by Technology (Touch-based and Touchless), by Software (Speech Recognition, Gesture Recognition, Facial Feature Extraction, Analytics Software and Enterprise Software), by Hardware (Sensors, Cameras, Storage Devices and Processors and Others), by Vertical (Academia and Research, Media and Entertainment, Government and Defense, Healthcare and Life Sciences, IT and Telecom, Retail and eCommerce, Automotive, BFSI and Others) and Regional Forecasts 2020-2027‘, available with Market Study Report, global Affective computing market was valued at USD 20.8 billion in 2019 and is expected to witness a y-o-y growth rate of 37.4% through 2027.
 

High demand for telehealth solutions, rising internet penetration, growing popularity of socially intelligent artificial agents, and increasing adoption of wearable devices are fueling the growth of global affective computing market. Further, technological developments, preference for high operational excellence, better resource utilization, and improved productivity are driving the industry growth.

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Also, ability of affective computing to reduce the difference between human emotions and machines by developing computational systems that respond, recognize, and express emotions is contributing to the market growth. Moreover, rising prevalence of COVID-19 has compelled organizations to roll out work from home policies in order to maintain social distancing and mallow the virus spread, hence stimulating global affective computing industry outlook. Efforts taken by computer scientists and leading companies for developing a highly intelligent computing system for enriched human-machine interaction will create opportunities for the market growth in coming years. However, high production cost, and existing differences between academic research & real-life applications are hampering the global affective computing market expansion.

Speaking of vertical, global affective computing industry is bifurcated into healthcare & life sciences, academia & research, retail & ecommerce, government & defense, IT & telecom, BFSI, automotive, media & entertainment, and others. Based on technology, the market is divided into touchless, and touch based.
 

In terms of component, global affective computing industry is classified into hardware, and software. Based on hardware, the market is fragmented into storage devices & processors, sensors, cameras, and others. With respect to software, the industry is fragmented into facial feature extraction, speech recognition, enterprise software, analytics software, and gesture recognition.
 

From a regional frame of reference, worldwide affective computing market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to rising adoption of advanced technologies across the region. Whereas, Asia-Pacific industry is anticipated to amass considerable revenues by the year 2027.
 

Major players operating in global affective computing industry sphere include IBM Corp., Google LLC, Qualcomm Technologies Inc., Microsoft Corp., Apple Inc., Eyesight Technologies (Cipia), Sony Depthsensing Solutions, Affectiva, Elliptic Labs, and Intel Corporation.