“Mirror mirror on the wall, who’s the fairest of them all?” Old tales tell a seemingly unbelievable story of a mysterious mirror, but modern technology has secretly turned the magic into reality.
In August, news went viral that police had caught criminal suspects who attended Chinese singer Jacky Cheung’s concerts. How did the police pick out the suspects among thousands of screaming fans? Well, the mysterious helping hand is AI facial recognition technology. The low-key yet powerful tool is no longer far-fetched, but entering the world of China’s top investors and startup companies.
Technical principles: How does AI facial recognition work?
Facial recognition is a technology capable of identifying or verifying a person from a digital image or a frame from a video source. There are multiple methods in which facial recognition systems work, but in general, they work by comparing selected facial features from given images with faces within a database.
Facial recognition technology has been traditionally associated with the security sector but today there is active expansion into other industries including retail, marketing and finance.
By 2022, the global facial recognition technology market is projected to generate an estimated 9.6 billion US dollars in revenue with a compound annual growth rate of 21.3 percent, according to MarketWatch.
In terms of security, AI cameras have been installed in cities to work day and night to help recognize wanted criminals. When the system spots a face in a mass database, the nearest police offices are alerted. The whole process can take as little as 20 minutes.
Meanwhile, China has issued the “Cyber-security Law of the People’s Republic of China” to protect the online security and privacy of citizens.
Sheng Xitai-Founder of Hongtai Aplus & Chairman Hongtai Capital Holdings
The law states that network operators shall establish and complete user information protection systems and strictly preserve the secrecy of user information they collect.
China has also developed a fast and convenient 3D facial unlock function with the new 3D sensor and leading facial recognition technique to apply the technology to mobile phones.
AI can also bring convenience to the finance sector. Facial recognition is the most efficient security means in opening a bank account, transferring money, shopping and paying online because it is the most convenient tool.
Business: From rapid acquisitions to fierce competitions
Chinese start-ups have seen the potential of AI facial recognition in simplifying and speeding up tasks in multiple industries. And the market is…