Development and Opportunities for Facial Technology in the Small Retail, Transport, Financial Services, and Automotive Application Industry Projections until 2022


Published on : Nov 13, 2018

Albany, New York, November 13, 2018: The advent of technology has taken the world to the stage where facial recognition has become a thing of reality in various sectors. People realized the essentiality of facial recognition only after the infamous September 11 massacre. No technology is sparking the imagination like facial technology. This research report titled “Developments And Opportunities For Facial Recognition Technology In The Smart Retail Transport Financial Services And Automotive Applications Industry” has been included in the exhaustive research repository of Market Research Hub (MRH). The facial technology has lessened the security concerns associated with small retail, transport, services, financial and automotive application industry. The global face recognition market would garner around 10 billion USD by 2022.

Retaining old customers and attracting new customers have always been the mantra of any business forms. Facial technology helps provide accurate customer feedback thereby eradicating any delay which could have been encountered through paper or mobile applications. Further, technology giant Amazon uses facial technology to verify the authentic customers. Also, retail industry could use the customers’ information to augment sales through advertisements.  Various industries have been taking cue from big data analytics to analyze the market trends and retarget customers. Physical retailers will have a better chance to compete with e-commerce giants like Amazon and Alibaba through facial recognition.

With regards to transport, facial recognition assists in crime tracking and immigration inspection which bolsters the security. Facial recognition has been used for the verification of uber’s drivers in the US. 

 In finance sector, master card uses facial recognition to authenticate online payments and restrict unauthorized use. China’s financial service industry uses the facial technology in higher number. The application of vein authentication in ATM machines has furthered strengthen the security of ATM machines. On the other side, biometric technology and smart cars has further fueled the growth of automobile industry.

However, privacy lingers to be the obstacle for the facial recognition technology. Ever since the data leakage of millions of Facebook customers, people have become wary than ever before. Brand’s goodwill plays a significant part in the consumers’ acceptance of facial recognition.

 Development and Opportunities for Facial Technology in the Small Retail, Transport, Financial Services, and Automotive Application Industry: Report Overview

The study on the report provides a comprehensive analysis on the landscape of development and opportunities for facial technology market. Furthermore, the report gives a thorough assessment with regards to market size— production, value, consumption and exports. Essentially, the report peruses major drivers, restraints, trends, predominant players in the market and product categories along with market estimation.

The report delves into data analytics and its impact in the facial technology along with having customer-centric retail model and retargeting customers. Moreover, the report analyzes the advent of facial recognition patent applications. It gives a thorough overview with respect to the majority of assignees being automobile vendors. Plus, the report assesses iris and facial recognition technology for ATM machines.

The report begins with the executive summary which highlights market size in terms of revenue, market value and production. Furthermore, a thorough analysis of the competitive landscape highlights profiles of eminent players in the global market space. Moreover, the report also studies the strategic moves, areas of interest, and developments undertaken by major players in the market.

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