Even though #facialrecognition software had been in the market for quite some time, it was always met with a lukewarm response from people and businesses in the past. But from 2010, the demand for facial recognition software soared, and the development of even more advanced software gained pace. New companies began to enter the market, and it soon got flooded with a plethora of innovative and useful facial recognition software programs. In fact, a report points out that by 2024, the face recognition market is expected to generate nearly $7 billion in revenue globally.
The utility of facial recognition software became even more prominent after the pandemic struck due to the non-contact form of authentication offered by it. This led to huge investments in 2020 to develop more such facial recognition software that can help businesses and governments alike.
There was a time when most facial recognition algorithms were weak and inaccurate to point out the differences between different races. This led to various issues. But today, facial recognition algorithms have become powerful than ever by joining hands with #deeplearning and other disruptive technologies. The error rates have reduced drastically in these systems. According to a study by NIST, it is reported that facial recognition algorithms in 2020 have an error rate of just 0.08%. This is a mammoth improvement when compared with the leading facial recognition software of 2014, which had an error rate of 4.1%.
After the onset of the pandemic, almost all companies are urging their employees to work from home. Tracking attendance was one of the biggest challenges in this type of working model. But with the help of facial recognition software, this challenge has been addressed. All that it requires is an employee to sit in front of the webcam while the software analyzes the facial pattern and compare it with the employee record. Gigasource is a facial recognition software company that offers a powerful product used for tracking attendance in remote work enabled companies.
Apart from taking attendance, facial recognition is also the core principle behind employee monitoring software. Such software is deployed to remotely monitor employee productivity. It even takes into account the various breaks taken by the employee and records only the screen time to track productivity.
With pandemic came multiple new norms and social distancing was definitely the most common of them. In events like marriage, it is impossible to track the attendees who cannot be asked to go through a check-in booth every time they come and go. But with facial recognition software, it is quite easy to track when it is installed at the entry. The best part is that most of the software programs are so intelligent that it can identify the attendees even if they are behind masks.
The advent of advanced facial recognition software that is based on super-resolution and acute angle recognition in 2020 has proved to be useful for the police department. Criminals can be identified easily from far, even if the image is pixelated. Donning masks has also proved to be ineffective. Facial reconstruction helps to reveal their real faces with accuracy.
This is the most common use case that most of us are already used to. Pick any modern smartphone, and you will find facial recognition as one of the modes of authorizing your identity. The software is so powerful that it can identify and authorize your face in milliseconds.
2020 is the year where we have seen the facial recognition markets taking huge strides forward towards growth. Giant corporations such as IBM and Microsoft are placing their bets on facial recognition markets aiming to yield higher revenues. For instance, Microsoft Azure has developed a new facial recognition tool called Face, which is an AI recognition system and is capable of analyzing faces in images.
There were days where analyzing face was a cumbersome task. But it has now advanced to such levels that it is even possible to analyze facial features from an image. Some of the software can even sense the emotional state of humans such as anger, joy, sadness, and fear from their facial expressions.