Further breakthroughs in facial recognition with a market boom like mushroom after rain

According to prediction of Qianzhan.com (One Beijing-based consultancy), the market size of facial recognition systems will have seen an increase to over 30 billion CNY by the year 2020. Thanks to the remarkable improvement on its recognition accuracy and efficiency, facial recognition systems have built its further extension in different scenarios, which is expected to broad market in the fields such as check-in gate and security.

After years of development, facial recognition technology, with 99.84% as its highest accuracy as indicated at present, has observed a long-stride progress at a commercial and industrial-scale level.

Then in September 2017, face scan has placed itself in the limelight due to its broad application in finance sector. During the iphone X releasing ceremony, the updated function that allows users to unlock their new iphones using their faces instead of fingerprints has become an eye-poping feature. Besides, a new e-payment system using facial recognition has come entered the commercial pilot phase, jointly announced by KFC and Ant Financial (a financial technique company). Domestically, given its relative high technical maturity, human recognition technology has been increasingly applied in security fields with different product families up to 20 categories including attendance machines, access control machines and so on, with full coverage of coal mining, building, banking, army, social welfare system and telecommerce as well as security business.

It has been estimated that its market size will maintain a growth rate with an average of 25% in a five-year-time, risen to 5.7billion CNY in 2022.

Experts believe that technological breakthroughs will continue to occur to face recognition area. On the one hand, the accuracy and security will shape a further development in special conditions like plastic surgery or twins. On the other hand, its order of magnitude will undergo a gradual expansion, which can enable it to capture and even find out the exact face wanted among billions of images.