China’s face recognition market will reach 53 billion yuan in 2021

In the context of the rise of artificial intelligence as China’s national strategic development level, China’s artificial intelligence technology has entered a new development boom, and artificial intelligence business applications have blossomed everywhere. Among them, the use of computer vision technology to achieve analysis and comparison of face recognition has become a widely used artificial intelligence technology. Typical representative. According to the 2019 Computer Vision Facial Recognition Market Research Report from EOU Think Tank, China’s computer vision face recognition market size was 15.17 billion yuan in 2018, and it is expected to reach 53 billion yuan in 2021, with a compound annual growth rate of 53%. The scale is growing rapidly.

Face recognition products are constantly being enriched and market applications are concentrated in 6 major areas

Face recognition technology is based on the facial features of a person to identify and compare the input face image or video stream. A complete face recognition system includes face image acquisition, face image pre-processing, face image feature extraction, and Final match identification.

Corresponding to the face recognition system is the deployment of hardware equipment, from cloud platform servers that meet the data storage comparison to network switches and wireless transmission equipment for data transmission, as well as monitoring equipment and intelligent identification equipment for specific front-end applications. Underlying support for face recognition applications. At present, the face recognition market application has formed a complete product and service combination of software and hardware and has gradually developed towards the integration of software and hardware, such as face recognition cameras with recognition functions, face recognition attendance machines, faces Identify gates, witnesses and all-in-ones.

The perfection of the product has provided favorable conditions for the rapid development of the face recognition market. According to the research report of an EOU think tank, the face recognition market application covers multiple industries such as security, finance, smart parks, transportation, and Internet services. As one of the industry areas where face recognition has penetrated earlier, the huge market demand has made it the largest downstream industry in the market and the main driving force for the short-term growth of the face recognition market, followed by finance and wisdom. Park area.

Thanks to China’s construction of “safe cities” and “smart cities” in recent years, China’s security industry has maintained steady growth. In 2018, the public security prevention and control project “Xueliang Project” with the county, township, and village three-level comprehensive treatment center as the command platform and the focus on public safety video monitoring and networking applications were written into the No. 1 Central Document, and it was clear to 2020 The development goal of “Global coverage, network sharing, full-time availability, and full-process controllability” will be realized in the year.

The “Xueliang Project” has promoted the explosive growth of the market size of the video surveillance field in the security industry and has greatly stimulated the demand for video surveillance products such as high-definition cameras and face recognition cameras. Therefore, artificial intelligence devices represented by face recognition are rapidly gaining popularity and realizing commercial applications in the field of security.

According to data from the National Bureau of Statistics, the urbanization rate of China’s permanent population reached 51.27% at the end of 2011; as of the end of 2018, the urbanization rate of China’s permanent population increased by 8.31 percentage points from 2011 to 59.58%. Compared with the urbanization level of more than 70% and even more than 80% in developed countries, China’s urbanization level is far below that of developed countries, and there is still much room for growth.

In the future, with the gradual completion of the Xueliang project, the government’s investment in the field of video surveillance will slow down, but with the continued growth of China’s urbanization rate, China’s urban security investment will continue to be a market growth in the video surveillance field The main driving force is to drive the face recognition security market to continue to grow steadily.

Fintech innovation and development provide opportunities for face recognition development

With the development of the Internet and new technologies, fintech innovation has ushered in a new development boom. Core technologies represented by artificial intelligence, big data, and cloud computing are being comprehensively applied in wealth management, payment settlement, loan finance, insurance, and other fields. In the large financial sector, it is driving financial technology change and business model innovation. Face recognition, as a representative of commercial implementation in the field of artificial intelligence, began to be widely used by many banks and fintech institutions in 2017.

From the perspective of functional requirements in the financial field, face recognition technology is mainly used for real-name authentication, account registration, self-service withdrawals, and face-to-face payments. The business scenarios include network transactions, self-service equipment transformation, smart outlet construction, and convenient payment.

According to the latest statistics of the China Banking Association in 2018, China has a total of 4,588 banks and financial institutions. Among them, there are 4,069 banks, which mainly include 6 large state-owned banks (China Agricultural, Industrial and Commercial Communications), 12 joint-stock commercial banks, 134 urban commercial banks, 812 rural credit cooperatives, 1,427 rural commercial banks, and 1,616 village and town banks; banking outlets The number is 228,600, and 1.03 million self-service equipment.

According to the data from the Eum think tank report, from the perspective of face recognition penetration, except for large state-owned banks, joint-stock commercial banks and city commercial banks, large-scale layout of face recognition and implementation of applications, most of the remaining banks are still in the blank development stage, smart The number of outlet transformation is less than 20%, and the self-service equipment transformation rate is less than 30%. In 2018, the number of transactions of self-service equipment was 40 billion, and the number of online transactions of Alipay and WeChat reached 197.5 billion and 460 billion, respectively.

Regardless of the stock market to be transformed or the new market for financial equipment and transactions, the face of the financial market will continue to grow rapidly in the short term. The construction of smart parks has increased the demand for facial recognition applications

The core of the smart park is the highly intelligent integration of existing hardware and software such as sensors and information processing through big data, cloud computing, and the Internet of Things, to form a digital intelligent comprehensive park with smart control, unified coordination, and convenient management. Face recognition is the most basic in the popular applications of smart parks.

The smart park includes scenes such as campuses, buildings, shopping malls, and scenic spots. Face recognition technology is implemented through system solutions, relying on smart pass devices such as gates, time attendance machines, and intelligent door locks.

However, the overall construction and transformation rate of China’s smart parks is relatively low, and face recognition is currently only a small-scale application. Taking smart door locks as an example, the penetration rate of Chinese smart locks in the door lock market is less than 7%. The opening method is mainly composed of password recognition and biometrics, and the proportion of face recognition in the opening of biometrics is even less than 2%. Therefore, face recognition has a vast exploration space in the smart door lock market.

In the future, with the mature development of the new generation of information technology, the construction and transformation speed of the smart park will further increase, and the rapid growth of the face recognition market in the smart park will be promoted.

The continuous improvement of face recognition solutions will promote the continuous penetration of the industry

In 2018, China’s transportation passenger volume was 17.94 billion people. Compared with traditional travel stops, face recognition can make a quick pass in 3-5 seconds, which greatly saves transit time and improves transportation efficiency. The real-name authentication of face recognition will greatly promote network security and improve the quality of service users. The mobile phone in personal smart devices will be unlocked through the face, which will provide convenience for users. The convenience of face recognition applications and the increasing demand of the industry will become important factors that will promote the stable growth of the face recognition market.

Also, face recognition manufacturers’ continuous improvement and innovation of industry solutions will make the penetration of face recognition in other industries continue to deepen, such as smart retail, government service, smart cockpit, and other fields. Therefore, based on the comprehensive market development needs of the multi-domain market, Eur thinks tank estimates that the face recognition market in China will reach 53 billion yuan in 2021.

With the continuous deepening of face recognition technology and the widespread popularity of application scenarios, it is estimated that by 2025, the size of China’s computer vision face recognition market will exceed 100 billion levels, and the market development prospects are promising.

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