Emergen Research believes the automotive industry will fuel major growth in the Affective Computing Market in the next few years. The report specifically predicts that the demand for affective computing technology (a category that includes emotion detection systems) will climb at a CAGR of 32.5 percent to reach $284.73 billion by 2028.
The technology will appeal to smart car manufacturers looking to make driving safer. In that regard, a car outfitted with an emotion detection system can determine whether the driver is tired, distracted, or confused, and can then issue an alert or take some other pre-emptive action to prevent a potential collision.
Emotion detection has additional applications in the realms of education and analytics. On the former front, teachers can deploy it in the classroom to gauge how a child is responding to an assignment, and can try a new approach if that child seems frustrated or disengaged. Start-ups, meanwhile, are using it to evaluate the level of interest of the people that come in for interviews, and whether they are sincere, nervous, or confident when responding to questions.
That last feature may raise some concerns with civil rights advocates, insofar as it seems like there would be an extremely high risk of bias. The same is true in the financial sector, where emotion detection could be used to approve or deny a loan, thereby exacerbating the impact of any inaccuracies that may be present in an emotion recognition system.
Emergen nevertheless identified interviews and financial services as some of the most noteworthy applications of emotion detection technology. The firm expects the Asia Pacific region to display the highest CAGR, due to the use of the technology in retail, gaming, an telecommunications. It also called particular attention to Realeyes’ PreView attention measurement system, before listing Microsoft, Google, Cognitec, and Qualcomm as some of the other key players in the affective computing space.
Allied Market Research has predicted that the emotion recognition market will reach $33.9 billion by 2023. MarketsandMarkets, on the other hand, places it at $56 billion in 2024.
July 23, 2021 – by Eric Weiss