For most of us, facial recognition is just a tool to unlock our phones or perform similar functions in a different way. However, large enterprises and governments look at it as a very useful software that maps, analyses and confirms the identity of an individual, before handing him the access to vital information.
The usage of such technology in movies and TV series is prevalent, which gives us some understanding of how it works, although it isn’t used commonly in our daily lives yet. The facial recognition technology is getting better and cheaper, which is set to make it common in the coming years. Though, big corporates and some governments are already using it quite effectively to lay down better security measures.
Similarly, there is a growing demand from enterprises to obtain actionable insights from video data. Video content analytics is quite useful in extracting information by analysing data stream or images from CCTV cameras.
Companies like XRVision offer robust video analytic and image analysis solutions available on various form factors. Recently funded Rajat Khare led investment firm Boundary Holding, the company is known for obtaining top ranking from clients for its AI-based analytics. It is capable of solving complex visual and data analytics in a comprehensive way.
As per the most recent reports, the facial recognition market is all set to reach USD 12.92 billion by 2027. On the other hand, the global video content analytics market is expected to grow from USD 3.34 billion in 2018 to USD 12.87 billion by 2025.
With increasing security concerns, rising demand for security products and declining prices of video surveillance equipment, the growth of global video content and facial recognition market isn’t surprising. At this juncture, the demand doesn’t seem to be going down anytime soon.
The fierce competition and lack of reliability is further influencing the companies to integrate such technologies in their security system. Especially North America and European nations are dominating the global facial recognition and video analytic market with increasing investments from governments and big enterprises.
There is a long list of benefits offered by these modern technologies, and it is becoming increasingly difficult for the companies to ignore the well-versed new-age security system. Thus, we are set to witness an extensive usage of facial recognition and video analytics in our societies, instead of restricting them to unlocking our phones.