Face recognition has been increasingly used since the pandemic due to the drastic shift towards contactless technology. According to Statista, the Facial Recognition market size will reach a potential $4.95 billion in 2023 and scale up to $10.34 billion by 2030, with a CAGR of 11.10%.
The rising market value is also due to the versatile application of face recognition technology across multiple industries like healthcare, BFSI, education, etc. The quick adoption is because of the accuracy, accountability, transparency, data protection, and other factors that come bundled with it.
Today, we uncover the top three face recognition industry trends in 2023 and divulge their multiple implications.
Top 3 Face Recognition Trends to Look Out for in 2023
Whether it is corporates or educational institutions, attendance is a compulsory part of it. Long gone are the days of punching cards or contact-based fingerprint attendance tracking systems.
The new age has revolutionized attendance management for the HR department with frictionless face recognition solutions available on-premise and on the end user’s device, providing uninterrupted options to mark attendance, regularize timings (if any!), and apply for leaves.
The boom of face recognition attendance management is also a result of remote accessibility to attendance apps, systems, or technologies. Time tracking with the highest level of accuracy has become possible through it.
Moreover, the best organizations assist with liveness detection, real-time alerts, geolocation, timestamps, and many other features, eliminating the risk of buddy punching, spoofing, or tampering.
Today, the Biometric Attendance System (BAS) revolving around face recognition, iris detection, and biometric-linked QR codes has become a part of many Indian and foreign government departments. As per the Government of India (GoI) dashboard, it currently has 3,18,930 registered users in Central Delhi managing attendance through it.
Traveling and Border Control
One of the most amazing facts about FRT is that nearly 20% of countries use it on buses, and 30% of them have applied it on subways and train stations. Another interesting stat is that Customs and Border Control in the US has implemented it in nearly 200 airports and 12 seaports. Moreover, the application of this tech in airports has already finished in almost 60% of the countries. (Source: G2)
The incorporation of Face Recognition Market Trends is transforming and securing passenger journeys as well as the security of countries. It eliminates the risk of traveling under a false identity, removing the risk of identity misuse and providing seamless access from airport arrival to boarding. Furthermore, it reduces the burden of the traveler by eliminating airport queues, providing paperless check-ins, and allowing to link baggage with a digital biometric identity.
Account Creation and Security
Whether it is healthcare, hotel, hospitality, or banking, the benefit of using a digital face authentication system during account creation, taking loans, availing insurance benefits, etc., is proving extremely handy.
In the healthcare sector, it has enabled the maintaining of accurate records of patients and avoiding tampering/mismanagement. Accessibility to rooms in healthcare centers through FRT ensures visitation by authorized doctors and known people, removing the risk of unwarranted threats.
Healthcare institutions are also benefitting from the decreased level of insurance fraud and associated lawsuits. Moreover, including biometrics in the systems is derailing digital and physical breaches, making it challenging for criminals to enact fraudulent activities.
Simultaneously, the application of the technology is proving handy in the BFSI industry, as it enables secure onboarding and account usage without the risk of identity duplication. The in-built liveness detection, AI, ML, Big Data Analytics, and other technologies associated with face identification technology prevent criminals from misusing digital identities. On the other hand, it allows the end user to make cardless payments, forget passwords, document verification, and more.
Although we have uncovered the top three face recognition technology trends of 2023, the application has become much more versatile due to the enhanced security and convenience it offers to organizations and end users.
Moreover, this technology is expected to become more advanced in the coming years and make human lives much easier. As many organizations have realized the scope of it, they have started adopting it at a much faster rate.