Recently, the international authoritative market research organization Gen Market Insights released a "Global Face Recognition Device Market Research Report 2018". The report shows that China will become the largest consumer and provider in the field of facial recognition technology, and the facial recognition market share occupied by the Chinese artificial intelligence giant Cloudwalk has ranked first in the world.
The report stated that by 2023, China will account for 44.59% of the global facial recognition market, up from 29.39% in 2017.
Face recognition technology (Face RecogniTIon) is implemented in a dedicated machine using customized software, and can be applied to various fields such as finance, justice, military, public security, border inspection, government, factories, education, medical treatment, enterprises and institutions.
In recent years, with changes in payment methods, increased security awareness, and increased requirements for security inspections, the demand for face recognition equipment has increased significantly, and the potential demand has more room for growth. The global face recognition equipment market was valued at US$1.07 billion in 2017 and will reach US$7.11 billion by the end of 2025, with a compound annual growth rate of 26.8% from 2018 to 2025.
China is the largest consumer market, accounting for 29.29% in 2017 and 44.59% in 2023. The compound annual growth rate from 2018 to 2023 is 29.53%, mainly due to the release of the "Next Generation Artificial Intelligence Development Plan". It is reported that China's National Development and Reform Commission has established major projects such as a public service platform for basic artificial intelligence resources and a high-accuracy face recognition industrialization platform.
In 2017, the world's top three manufacturers together accounted for 20.37% of the global revenue market. Crowwalk, a wholly-owned artificial intelligence company in China, had a market share of 12.88% in 2017. It is a leader in the development and manufacturing of face recognition technology and equipment. Its market share mainly comes from the fields of finance, security, and civil aviation. The other two manufacturers are British biometrics supplier Aurora and China's Zhejiang University Insigma Group (Insigma Group), their global market shares were 4.18% and 3.31%.
China's rapid adoption of face recognition technology in many fields, especially in banking and security services, has promoted market development. According to data, as of July 2018, more than 400 banks, including the Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank, have adopted Cloudwalk products. Cloudwalk has become China's largest AI supplier. At the same time, it also has a good record in the fields of security and civil aviation.
In some cities, this technology is also used to assist law enforcement, such as Shenzhen-face recognition technology will be deployed on zebra crossings to warn pedestrians, and pedestrians will be automatically recognized at intersections, and then the image will be displayed on the screen on the right, and used after recording Take it as a reference for publicity.
On the one hand, people's embrace of face recognition is driving the growth of market share, on the other hand, most people still have concerns about face recognition technology. On a global scale, including Australia, Japan, the United States, and China have already used facial recognition technology in some airports, but not long ago, the technology also caused a lot of controversy in the United States. Google employees called for no longer providing drones to the U.S. military. Amazon’s shareholders also called on the company to stop selling its facial recognition technology to law enforcement agencies.
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