The facial recognition system has gained a massive gain in accuracy and precision in the last half-decade. These improvements were seemed to outperform the upgrades that were previously made in the years from 2010 to 2013. The recognition algorithms in 2018 excelled as compared to that of the most accurate algorithms of 2013, all because of the technological advancements and the hard work of China smart lock manufacturers.
The failure rate in the 2018-19 test was read as 0.2%, which is far more than that of the 2013 trial, where the failure rate was 4%. That is quite right, it is indeed an improvement worth 20 times since 2013. The estimated revenue that was generated by the facial recognition system in the period 2018-19 is worth $3.2 billion. It is driven because of the top two markets of facial recognition. The first one is public security and surveillance of general market segments.
The Major Markets of Facial Recognition Technology
In this section, we would discuss the top three markets for facial recognition. The overall revenue for this technology is primarily driven by the following three markets. Let us talk them below
Security and law enforcement
This is one of the top market that is driving the facial recognition. It is used for issuing identity documents. All the systems for law enforcement are often baked up with biometric and face recognition. Cross border security checks are also substantialized using biometrics and facial recognition systems.
Health and medicine.
Healthcare and medicine
Faial recognition and biometric systems are used in the healthcare and medicine industry. It is used to track a patient’s health record, and several healthcare information systems have been significantly used.
Marketing and retail
The last industry that makes up the most revenue for facial recognition is the retail industry. The security cameras and biometric safety equipment are most used by the top brands. The retail sector does not directly contribute to the revenue; however, it uses security and safety applications for the usage of technology.
Security and law enforcement
This is one of the top market that is driving the facial recognition. It is used for issuing identity documents. All the systems for law enforcement are often baked up with biometric and face recognition. Cross border security checks are also substantialized using biometrics and facial recognition systems.
Health and medicine.
Healthcare and medicine
Faial recognition and biometric systems are used in the healthcare and medicine industry. It is used to track a patient’s health record, and several healthcare information systems have been significantly used.
