Facial recognition has served as the biometric benchmark.
By 2024, revenue in the facial recognition market is projected to increase to $7 billion. It is anticipated to expand at a compound annual growth rate of 16% between 2019 and 2024.
Facial recognition has been embraced by businesses and governments all around the world, with the USA, China, and other countries leading the way.
As companies prepare to merge artificial intelligence (AI), the Internet of Things (IoT), and face recognition systems, the market is expanding to grow further.
Technology firms like Google and Facebook have made significant investments, advancing their development.
Facial recognition has assisted companies in building and maintaining unique user profiles that follow customers’ moves between online and physical stores.
Facial recognition permeates almost all sectors, including hospitality, aviation, and others. Let’s consider the insurance providers. To give insurance policy quotations, certain insurance f irms examine applicants’ faces.
There are several instances of contentious technological applications that pose issues with ethics and human rights.
The future will need to focus more on taking the facial recognition industry forward by ensuring the technical glitches and vulnerabilities won’t happen. Industry observers expect to see more efforts in this regard.