Asia Pacific Facial Recognition Market Forecast 2019-2028
The Asia Pacific facial recognition market is predicted to foster a CAGR of 17.58% across the forecast period of 2019 to 2028. Developments in Artificial Intelligence (AI), and the growing prevalence of facial recognition systems in airports and banks are estimated to propel the region’s market growth.
The Asia Pacific facial recognition market growth is evaluated through the analysis of China, Australia & New Zealand, India, Vietnam, Japan, South Korea, Indonesia, Thailand, and the rest of the Asia Pacific. The adoption of Artificial Intelligence (AI) in Thailand is gradually progressing, through robotic process automation (RPA), ChatBot, and consumer segmentation among primary targets for enterprises. Also, the country’s endorsement of AI is likely to have a more significant influence on society and businesses, due to machine learning, automation, and predictive ability. However, Thailand needs an Artificial Intelligence strategy to prepare its inbound and incoming workforce.
The Transport Ministry in Thailand proposed using a facial recognition system in five up-country airports as a part of its prospective ‘smart airport’ project, in October 2019. The system would minimize overcrowding and bolster tourism, while enhancing safety and security. Moreover, the face-authentication technology is predicted to replace passport and national identity card inspections as it is an excruciatingly time-consuming process, especially with the number of air passengers continually rising. Additionally, banks in Thailand will be permitted to use biometric facial recognition to validate clients for remote account openings. Banks such as Bangkok Bank, Bank of Ayudhya, and CIMB Thai Bank, have already been certified by the Bank of Thailand to conduct electronic Know-Your-Customer (eKYC) verifications, using facial biometrics.
Prominent companies operating in the market are, Panasonic Corporation, NEC Corporation, Fujitsu, Facephi Biometrics SA, Nuance Communications Inc, etc.
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