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

Key Developments

• In October 2023, Panasonic Connect Co., Ltd., in partnership with the Panasonic R&D Center Singapore and Nanyang Technological University (NTU) Singapore, announced the launch of a groundbreaking facial recognition technology. This new system significantly enhances the accuracy of facial recognition for non-Caucasian individuals and women, addressing a critical challenge in the industry stemming from historically smaller training datasets for these demographics.
• In June 2023, Hitachi, Ltd., a global leader in technology and innovation, partnered with Panasonic Connect Co., Ltd., a subsidiary of Panasonic Corporation, to develop a new service that combines Hitachi's advanced technology for preventing biometric data leakage with Panasonic Connect's cutting-edge facial recognition technology. This partnership aims to enhance security and user convenience in biometric authentication systems, addressing growing concerns over data privacy and security in the digital age.
• In December 2022, Jyotiraditya Scindia, the Minister of Civil Aviation of India, launched DigiYatra, an innovative program that enables air travelers in the nation's capital to access airports using advanced facial recognition technology. Developed by the DigiYatra Foundation, this biometric-enabled system aims to provide Indian air travelers with a seamless, paperless travel experience.
• In September 2022, CyberLink Corporation, a leader in AI and facial recognition technology, announced the integration of its advanced facial recognition engine, FaceMe, into MediaTek's new AIoT platform, Genio. This collaboration enhances the capabilities of the Genio 1200 platform, providing AIoT and IoT developers, as well as system integrators, with precise facial recognition functionalities that can be deployed across a variety of sectors, including security, access control, public safety, smart banking, and smart retail.