Who Will Be World Leader in Face Recognition Technology?
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A recent research evaluates that China will become the biggest player in facial recognition technology both as a consumer and a provider. By 2023, the country will have 44.59% of the global facial recognition market share, up from 29.39% in 2017.
The report by Gen Market Insights said that this growth is being fuelled by the rapid adoption of the technology within the country, particularly in security and banking.
Over 400 banks in China are already making use of the technology. In some areas of the country the technology is also being used to assist law enforcement, such as in Shenzen, where the technology is deployed at pedestrian crossings to catch and deter jaywalkers.
The leading manufacturer of facial recognition technology is the Chinese firm CloudWalk technology, with a market share of 12.88% as of 2017. In second place is British provider Aurora, with a market share of 4.18%, and in third is the Chinese company Insigma Group, with 3.31%.
The forecast for the next few years is that the market itself is set to grow significantly, as more industries and companies embrace facial recognition technology’s potential. While the market was valued at $1.07bn in 2017, by 2025 it will be worth $7.11bn, representing a compound annual growth rate of 26.8%.
With China fuelling much of this growth, this is likely to result in Chinese companies taking an ever-greater share of the market.
At the same time, privacy concerns remain strong in many other parts of the world, according to verdict.co.uk. The increased use of facial recognition technology in airports, for example, has prompted concerns within the tourism industry.
Meanwhile, rising use in UK police forces coupled with a lack of government action has resulted on one expert to raise concerns about a “policy void” surrounding the technology.
In the US, the technology is proving particularly controversial. Amazon’s own shareholders called upon the company to stop selling its facial recognition technology to law enforcement.
