BEIJING, Aug. 13, 2018 /PRNewswire/Korea IT Times -- Recently, Gen Market Insights released its "Global Face Recognition Device Market Research Report 2018", which surveyed the market conditions of global face recognition devices. According to the report, China is the largest market for face recognition, and the China AI giant Cloudwalk ranks 1st in the world for its face recognition market share.
Face recognition technology is implemented in specialized machines that utilizes custom software and can be applied to various fields such as finance, justice, military, public security, frontier inspection, government, factories, education, medical care, and enterprises and institutions.
In recent years, with changes to payment methods, increased safety awareness, and enhanced requirements on security inspections, the demand for face recognition devices has increased significantly, and the potential demand has even more room to grow. The global Face Recognition Device market is valued at 1070 million US$ in 2017 and will reach 7110 million US$ by the end of 2025, growing at a CAGR of 26.8% during 2018-2025.
China is the largest consumption area, accounting for 29.29% in 2017, and will reach 44.59% in 2023, with a CAGR of 29.53% during 2018-2023 largely owing to the release of "A Next Generation Artificial Intelligence Development Plan". The top three manufacturers have 20.37% of the global revenue market share in 2017. Cloudwalk, which has a market share of 12.88% in 2017, is the leader in research and manufacturing of face recognition technology and devices. The other two manufacturers are Aurora and Insigma Group, which have global market shares of 4.18% and 3.31%, respectively.
China will have 44.59% of the global facial recognition market share by 2023 and Cloudwalk will become the biggest winner
Cloudwalk's market share mainly derives from financial, security, civil aviation and other fields. According to official data, more than 400 banks including Agricultural Bank Of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank head office have adopted Cloudwalk's products as of July 2018. Cloudwalk has become the largest AI supplier in the Chinese banking industry and also has had great success in the fields of security and civil aviation.
In the end, the study group recommended that new entrants who have money, but do not have technical advantages, raw materials advantages, and downstream support, to not overly focus on the market prospects and hastily enter the face recognition market .
