Facial recognition technology is a system that identifies a person from an image or a video principally applied in surveillance systems, smartphones, among others. Facial recognition is utilized across various applications and industry verticals. The technology remained untapped until the emergence of AI-enabled camera applications and secondary authentication of mobile devices, which spurred the awareness. For instance, in June 2019, Megvii announced a partnership with ams AG to work on plug-and-play solutions for 3D face recognition on smart devices.
The Advent of Facial Recognition Technology in the Sports Industry Prove to be Seminal
3D facial recognition offers improved identification and verification of individuals even in low light or dark areas. In sports, the deployment of emerging technologies facilitates innovative experiences, which are seminal for futuristic developments. For instance, in September 2019, Intel announced that it would use facial recognition and 3D Athlete Tracking (3DAT) at Olympics — Tokyo 2020, to enhance the viewing experience. It’s NeoFace facial recognition technology will identify over 300,000 people involving athletes, volunteers, media, and other staff members.
Facial Recognition in the Retail Industry to Bridge the Gap Between Online and Offline Stores
The retail industry is snowballing across several countries due to inclination of customer preferences. Embracing facial recognition technology into the retail industry could potentially bridge the gap between online and offline stores data about customer purchases. For instance, in July 2019, Kairos launched a plug & play data visualization and analytics solutions with biometric facial recognition. This solution developed for retail stores is capable to gather demographic and tracking information of customers. Such instances are expected to offer potential growth opportunities for the global facial recognition market during the forecast period, 2019–2026.
Facebook Acquires FacioMetrics to Keep Pace with Snapchat
North America is expected to witness exponential growth in the facial recognition market due to early adoption of emerging technologies in the region. For instance, in November 2016, Facebook acquired FacioMetrics to enhance AI-based research and facilitate facial gestures controls. With this acquisition, Facebook aimed to strengthen its Snapchat selfie lens-style augmented reality face masks applied into videos and live broadcasts.
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Law Enforcement Agencies are Increasingly Adopting Facial Recognition Technology in Asia-Pacific
Asia-Pacific is expected to grow at an accelerated pace in the facial recognition market during the forecast period due to increasing cybercrime activities; the government organizations are embracing advanced technologies into the law enforcement system to identify fraud and threats. For instance, in June 2019, India’s National Crime Records Bureau (NCRB) initiated the process of installing an Automated Facial Recognition System (AFRS), which would aid in the investigation of crimes by matching the digital images, photos, and videos in the existing database. Such instances accelerate the regional demand for facial recognition market.
Some of the prominent players in the global facial recognition market are NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix Face Technologies (Japan), Cognitec Systems GmbH (Germany), NVISO SA (Switzerland), Daon (US), StereoVision Imaging (US), Neurotechnology (Lithuania), Animetrics (US), Leidos (US), and Smilepass (UK)
Facial Recognition Market Segmentation
By Application Area
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