What's New

Facial recognition: Unlimited business opportunities (2)
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2019-11-14 10:00
In addition to being used for unlocking mobile phones and as an alternative for workplace punch cards, facial recognition technology has been widely used in airport customs, smart ATMs, traffic safety, and smart community applications. Facial recognition can help prevent sleep-related road accidents. According to the U.K. Department of Transport, 20 percent of traffic accidents on major roads are sleep related, and about 40 percent of accidents involve commercial vehicles. Facial recognition technology can be used to detect and alert sleepy drivers who may be dozing off by monitoring head and eye movements. In smart office and smart community applications, facial recognition technology can be used for access control and for improved security surveillance.

According to global industry research firm Variant Market Research (VMR), there are two main factors driving the rapid growth of the global face recognition market. The first is that demand for public space monitoring continues to increase, and the second is the impetus provided by use of related technology by the government and defense sectors.

VMR data shows that the facial recognition market is expected to reach US$15.4 billion in 2024, for a compound annual growth rate of 21.4 percent between 2016 and 2024.

Although facial recognition technology is welcome from a security or commercial point of view, there are many concerns from the standpoint of privacy. More and more law enforcement agencies are starting to use the technology, but civil libertarians believe the issue of privacy may outweigh the value of security. What's more, there are concerns about the error rate of facial recognition technology, which is a difficult problem that no player in the industrial ecosystem can evade.

Sources: Learning & Development magazine 765 edition, Viatech website


Update: 2020-04-23
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