Multiple public and private sectors are adopting numerous applications powered by AI. One such application is facial recognition technology. While facial recognition technology is a set of algorithms that work together to identify people in a video or a static image, the integration of artificial intelligence within this technology has become more widespread and innovative in recent years. Facial recognition did not become mainstream until artificial intelligence software and machine learning solutions boomed in the 21st century. With the help of AI-powered software, one can immediately search databases of faces and compare them to one or multiple faces that are detected in a scene, thus delivering 99.5% accuracy rates on public standard data sets.
AI facial recognition is used across various sectors such as banking, healthcare, retail, travel, and so on. Following are the ways in which this technology is used in different sectors:
- Healthcare: In the healthcare sector, computer vision is combined with AI to support pain management procedures and track patient medication consumption.
- Security: With the help of deep learning algorithms, there is a reduction in the need for regular passwords on mobile devices, recognise fraud detection, and improve anti-spoofing capabilities.
- Banking: Even though financial institutions take a number of security measures, there are recurring banking frauds. While banks have one-time passwords to access accounts or authorize transfers, one solution is biometric identification via AI-powered facial recognition technology where one can authorise transactions by looking at their smartphone or computer.
- Airport boarding: With millions of people traveling, there is a high need to speed airport security screening and boarding processes. Keeping this in mind, the airports have begun using “smart gates,” which use a combination of facial identification and liveness checks.
- Proctoring: Some proctor services use AI solutions to detect and document suspicious behavior via webcam monitoring. Live proctors can then analyse and contextualise those events.
From biometric identification, convenient banking, real-time identification, lessened racial or gender bias due to model training across millions of faces, and can also be used across multiple cameras, AI facial recognition has multiple benefits such as:
Enhanced security: In regards to surveillance, AI-powered facial recognition helps to identify trespassers, thieves, or burglars or for personal use such as a security tool for locking personal devices and surveillance cameras. Apart from this, it majorly also helps the government in identifying criminals or terrorists with the help of a face scan.
Fast processing speed: AI-based facial recognition is incredibly helpful for companies as it helps identify faces in seconds, granting efficient and quick verification of the person. With the increase in constant cyber attacks and hacking, there is a high demand for technology that is both fast and secure, and AI facial recognition fits the bill!
Transparency: Facial recognition systems often work by loading a database of biometric data, images, or videos into a computer and allowing the AI to make matches. This process usually requires a massive amount of data and AI technology helps to sort this data without making any errors. The general data protection regulation (GDPR) requires that when the public’s information is collected and used that they are given an explanation of how their data is collected and used and AI technology contributes to the same.
While there are many benefits AI facial recognition can offer society, from preventing crimes and increasing safety and security to reducing unnecessary human interaction and labor, and medical support, businesses need to understand the cons for the same and work around it to benefit them.
According to research by Markets and Markets 2020, the facial recognition market value is expected to reach $8.5 billion by 2025—a significant growth from $3.8 billion in 2020. Another research by Grand View Research, 2020 also states that between 2020 and 2027, the facial recognition market is projected to grow at a compound annual growth rate (CAGR) of 14.5%.
- Collotech, An Intelligent Process Automation Solutions Provider