Affective Computing Market Size

Affective Computing Market Size

The global affective computing market was valued at USD 62 billion in 2023 and is anticipated to grow at a CAGR of over 25% between 2024 and 2032. The increasing demand for personalized experiences is driving the market growth.

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As consumers and businesses seek more tailored interactions, affective computing technologies are becoming essential in delivering personalized services. These systems use emotional data to customize user experiences across various platforms. To gain market share major players are focusing on launching new solutions in the market. For instance, in June 2024, OMNIVISION Technologies launched OV01D1R intelligent CMOS image sensor. This sensor addresses human presence detection (HPD), infrared (IR) facial authentication and always-on (AON) technology with a single sensing camera.
 

The rising interest in emotional AI is anticipated to drive the market growth. Emotional AI, which focuses on creating systems capable of understanding and responding to human emotions, is gaining traction due to its potential to enhance user experiences. Businesses are leveraging emotional AI to improve customer service by developing chatbots and virtual assistants that can understand and react to emotional cues, leading to more personalized and effective interactions. To enhance business capacities market players are focusing on strategies initiatives.
 

For instance, in September 2024, Hume AI introduced EVI 2, a new foundational voice-to-voice AI model that enhances human-like interactions. EVI 2 is designed to adapt to user preferences through specialized emotional intelligence training. It aims to provide engaging and personalized interactions by maintaining a consistent voice identity across sessions. The increasing interest in emotional AI is boosting the affective computing market growth.
 

The collection and analysis of emotional data involves sensitive personal information, raising concerns related user consent and data protection. Regulations related to security impose strict requirements on how personal data, including emotional insights, must be handled. Companies must ensure that they obtain explicit consent from users before collecting emotional data and implement robust security measures to protect this information from unauthorized access and misuse. Failure to address privacy concerns can lead to legal repercussions, loss of user trust, and damage to a company's reputation. Addressing these concerns requires careful planning, transparent data practices, and adherence to legal standards, which can be complex and costly.