FACIAL RECOGNITION MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Concentration and Competitive Landscape

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Growing adoption of AI technologies across various sectors

AI's capabilities to mimic human cognitive functions like learning, reasoning and problem solving through machine learning algorithms have spawned innovations across many application areas. Facial recognition forms a key part of this revolution as one the most prevalent forms of biometric identification leveraging recent advancements in computer vision and deep learning.

Over the past few years, AI technologies have found a multitude of commercial uses beyond just security. Advanced computer vision powers futuristic technologies like self-driving cars that rely on visual perception systems for navigation. Smart cities are incorporating facial analytics for traffic management, surveillance and citizen service applications. Retail and consumer tech giants are developing AI virtual assistants, smart home devices as well as augmented reality applications that can recognize users seamlessly.

For instance, in July 2023, Xiaomi, a Chinese multinational electronics company, launched the Smart Door Lock M20 Pro, a state-of-the-art smart lock featuring AI-driven 3D structured light facial recognition technology that is designed to enhance security and ensure precise identification. This advanced model is an upgrade from the earlier M20 version. The M20 Pro utilizes sophisticated 3D structured light technology, which is well-regarded for its adaptability and accuracy in high-end digital devices and security systems.