By 2023, China's facial recognition market will account for a global share of 44.59%

According to research by Gen Market Insights, China will become the largest consumer and provider of facial recognition technology.

By 2023, China will account for 44.59% of the global facial recognition market share, up from 29.39% in 2017.

China's rapid adoption of facial recognition technology in several sectors, especially banking and security businesses, has fueled the market.

More than 400 banks in China are already using this technology for identity authentication and smart branch transformation, including Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications and China Merchants Bank.

The technology is also being used to assist law enforcement in some Chinese cities, such as Shenzhen, which deploys facial recognition technology at zebra crossings to warn pedestrians.

At an intersection in Shenzhen, facial recognition technology is deployed there. Use the system to automatically identify pedestrians and then display the image on the screen on the right.

China will lead facial recognition technology

In 2017, China-owned artificial intelligence company Yuncong Technology accounted for 12.88% of the global facial recognition equipment market, followed by British biometric supplier Aurora, accounting for 4.18%, and third place was the Chinese company Zhejiang University Insigma Group, accounting for 3.31% %. In addition to providing products and technologies to more than 400 banks, Yuncong Technology also provides services to large-scale security, shopping malls and civil aviation airports including Guangzhou, Chongqing and other places.

The "Global Facial Recognition Equipment Market Research Report 2018" shows that while the market value was US$1.07 billion in 2017, it will reach US$7.11 billion by 2025 as more industries and companies accept the potential of facial recognition technology. USD, with a CAGR of 26.8%. China's market share in 2017 accounted for 29.29% of the global total, but the compound annual growth rate will reach 29.53%. This is partly due to China's national promotion of artificial intelligence, including the National Development and Reform Commission's establishment of an artificial intelligence basic resource public service platform, high-accuracy It plans major projects such as the facial recognition industrialization platform, plans new artificial intelligence research parks such as the Guangzhou Artificial Intelligence Industry Cluster, and large-scale national investment.

With a strong push from the government, Chinese companies may capture a larger market share.

A recent UBS investment report showed that the large-scale facial recognition and surveillance market will drive NVIDIA's sales to grow by US$5 billion. By 2020, NVIDIA will occupy 90% of the market share of artificial intelligence chips.

Concerns about facial recognition technology remain

While the global facial recognition market has grown significantly, privacy concerns remain strong in many parts of the world.

For example, the increased use of facial recognition technology in airports has attracted the attention of privacy groups. Australia, Japan, the United States, and China have all used facial recognition technology in some airports, with the main purpose of preventing violent terrorist incidents.

Meanwhile, rising use of facial recognition technology by UK police and a lack of public statements from the government has led one expert to express concern about the technology.

The technology has been particularly controversial in the United States, with Amazon shareholders calling on the company to stop selling its facial recognition technology to law enforcement.