Why facial recognition technology is a must in today’s business world?

Facial recognition technology has a wide range of applications in security, retail, law enforcement, healthcare, and other fields where identity verification, access control and data analytics are important.

The facial recognition market value is expected to reach $8.5 billion by 2025. -Markets and Markets

Many big brands such as Facebook, Amazon, Google, Microsoft are already reaping the benefits of facial recognition technology by deploying AI-based face authentication applications to optimize security, user experience and performance.

Let’s look at the top use cases for facial recognition:

  1. Facial recognition in security and surveillance

  2. Facial recognition in healthcare

  3. Facial recognition in automotive

  4. Facial recognition in retail

Key functionalities of facial recognition:

Identity verification: Facial recognition technology can be used for identity verification purposes, such as authentication for secure access to buildings, devices, or online accounts. This involves matching the facial features of an individual with a pre-existing database of known individuals.

eKYC and spoofing prevention: Facial recognition can be used in eKYC (Electronic Know Your Customer) processes to verify the identity of individuals. Facial recognition technology can also detect and prevent spoofing attempts, such as the use of a photograph or a video to bypass security checks.

Authorization: Facial recognition can be used to authorize transactions or access to secure systems, such as authorizing payments, confirming attendance at events or workplaces and unlocking mobile devices.

Customer segmentation and analytics: Facial recognition can be used in customer segmentation and analytics, where retailers can capture customer data to gain insights into shopping behaviors and demographics, including age and gender.

Health measures: Facial recognition can be used to monitor and enforce health measures, such as enforcing the use of masks, identifying individuals with a high body temperature, and tracking compliance with social distancing rules.

Conclusion:

There are several benefits of leveraging computer vision services for businesses, including improved security, enhanced customer experience, streamlined operations, increased efficiency, finding missing persons/pets, etc. with the help of data (pictures) uploaded in the database.

The ability to accurately identify and track individuals in real-time can be a valuable asset for businesses across various industries, including hospitality, healthcare, retail and law enforcement. By implementing facial recognition technology, businesses can gain a competitive advantage and support their growth and success in the long term.