Facial Recognition System Market Continues To Expand With PHC Corporation Launching New Software For Their Medical-Receipt System With The Facial Recognition System*2 Developed By Panasonic

 

Facial Recognition System Market

A facial recognition system (recognition system) is an artificially intelligent technology capable of quickly identifying a human face in a photograph, typically from video footage or a digital source, and then matching that face against a pre-specified database of human faces, usually by using advanced facial recognition algorithms. Face recognition systems have been at the forefront of biometric technology research for many years. The most well-known example of a facial recognition software program is the Face recognition software of the Canadian government.

Increasing adoption of facial recognition in consumer electronics is expected to drive growth of the global facial recognition system market. Key companies in the consumer electronics industry are focused on product launches, in order to expand the product portfolio and enhance the market presence. For instance, in August 2020, KENT RO Systems Ltd., a water purifying brand, launched KENTCamAttendance, a next-gen touchless attendance system based on facial recognition, in the wake of the COVID-19 outbreak. Furthermore, in March 2020, Ramco Software, a software enterprise, launched RamcoGEEK, an advanced facial attendance system embedded with temperature recording, which helps organizations improve employees’ safety. Thus, such factors are expected to drive growth of the global facial recognition system market. Furthermore, growing importance of the surveillance industry is expected to propel the global facial recognition system market growth in the near future.

Concerns regarding the privacy of facial recognition technologies combined with technical difficulties such as facial detection error & facial occlusion are expected to hamper the global facial recognition system market growth in the near future. However, the adoption of cloud-based facial recognition technology can present lucrative growth opportunities in the global facial recognition market in the near future. Among regions, Asia Pacific is expected to witness significant growth in the global facial recognition system market. This is owing to wide adoption of this technology in emerging economies such as India to solve investigation cases. Furthermore, North America is expected to register a robust growth rate, owing to growing adoption of technology in various departments such as homeland, defense, and justice in the U.S.

Key players involved in the global facial recognition system market are Panasonic Corporation, Daon Inc., Gemalto NV (Thales Group), Idemia France SAS, NEC Corporation, Face First Inc., Cognitec Systems GmbH, Ayonix Corporation, Aware Inc., Animetrics Inc., and FacePhi Biometria SA.

For instance, in January 2021, PHC Corporation, a subsidiary of PHS Holdings Corporation, launched new software for their medical-receipt system for medical institutions and pharmacies that links the online health insurance verification system and the IC Card Reader with the Facial Recognition System*2 developed by Panasonic. 

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