Walking Barcodes Market Insight
Walking barcodes is defined as the trend in which the bodies can act as a signature for effectively blending digital and physical selves. The walking barcode is able to implement due to the advance in biometric technology as physical feature is growing and moving forward to become machine readable which can also act like human barcode and thus it will result in design of products and services which are more personalized than ever. With the enhancement, the AI powered experience uses photography and emotion recognition to enable a similar image. 5G deployment, facial expression recognition and other technology is expected to unlock multiple possibilities for the market.
Impact of COVID-19 on Walking Barcodes Market
- The COVID-19 pandemic and the new reality unveiled by this crisis has not only disrupted lives but also the arc of several technologies. The contact biometric technologies may not only have become redundant but also potentially lethal given the risk it carries in spreading the infection.
- Pandemic has also triggered opportunities for the development and improvement of AI-based biometric technologies. Although some companies have already adapted their offerings to integrate touchless fingerprint technologies, a primary option that is currently being explored by many companies and governments is facial recognition.
- Various governments has been looking for vendors who can provide an effective and immediate solution. The facial recognition pilots involve retrofitting existing biometric infrastructure with a security system enabled by AI facial recognition technology to deliver a contactless attendance system. And with this, many facial recognition companies are seeing a business opportunity
- These developments predicted a spike in facial recognition technology from longer-term investments in new contactless identification systems and AI-powered biometric firms will develop solutions to meet the challenges borne by this ‘forced evolution’ of biometric technologies.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Numerous factor such as growing impact of facial and body recognition technology, latest advancements in machine learning technology and growing popularity of Self-managed identity solutions are some of the key driving factors for the growth of this market. However, privacy and security issues related to their data may hinder the growth of the market. Furthermore, enhanced security, analytics and big data with growing penetration of 5G technology and rise in the demand of adoption of tracking systems are expected to increase opportunities for the market.
Growth in impact of facial and body recognition technology:
The technological advancement in machine learning have created software which can determine the person’s face from imagery to video which is unique and thus it will help you to offer higher degree of accuracy than earlier. The walking barcode will make it possible to track large number of people automatically as they move through public space, which is not possible with human labor. In addition to this, this tracking can also be used in police and security organizations as Facial recognition which will further merge the tracking that happens in the digital and physical realms.Thus the implementation of facial and body recognition technology can be implemented into various sectors and thus driving the growth for the market.
Privacy and Security concerns:
However, the scanning, image and facial recognition includes personal data information and thus, the privacy and security would always remain on consumer’s mind and which needs to be prioritized. The organizations need to be transparent and also ensures the consumers about each scanning process, transaction or consent is completely obtained. In addition to this, the organizations also need to give complete information about the building platforms in which the users would able to see their complete and detailed scanned information.
Key benefits of the report:
- This study presents the analytical depiction of the global walking barcodes market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of global walking barcodes market share.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the global walking barcodes market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed walking barcodes market analysis based on competitive intensity and how the competition will take shape in coming years.
Walking Barcodes Market Report Highlights
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 Key Market Players | First Data Corp., PayPal Holdings Inc., Verifone Systems Inc., NCR Corp., Samsung Electronics Co. Ltd., Ingenico Group S.A., Panasonic Corp., Toshiba Tec Corp., PAX Technology Inc., Square Inc. |
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