With the advent of technology, we have seen drastic changes in the way of life. Right from automation to improved security systems, technology got us covered. Machines deployed with intelligence stand the potential to drive cars, perform medical procedures, control traffic, and possibly everything that we can think of. Several large and small-scale organizations are adopting AI technologies to amplify their growth and surpass prior business results. Emotional AI can also help businesses to solve sensitive issues at the workplace. The global outlook is that AI imbibed into automation or robotics is going to revolutionize the markets and workforces. As per market estimates, over the next five years, the affective computing market will witness new heights surging to a growth rate of 43.0% CAGR in terms of revenue, with the global market reaching to US$ 1710 million by 2024 up from US$ 200 million in 2019. In the forecast period from 2019-2024, development around touchless AI models are expected to grow in the affective computing market between 2017 and 2025.
Innovation is the commercial application and successful exploitation of the idea. This means introducing something new into the business for improving or replacing business processes to increase efficiency and productivity. Development of entirely new and improved products and services for changing customer or consumer demands or needs, adding value to existing products, services, or markets is called business innovation. It is critical for any forward-thinking organization that technology plays a major role. Choosing technologies that will empower an organization is challenging. Today, technological innovations like internet-enabled mobile devices have allowed businesses to innovate news ways of doing things that were previously unthinkable. Innovation must be more than just technologically feasible and economically profitable. The successful exploitation of new ideas is crucial to a business being able to improve its processes, bring new and improved products and services to market, increase its efficiency, and most importantly, improve its profitability.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.