Facial Recognition – From Empowering Businesses To Knowing Your Customers
Guests who filled the packed hall were kept at the edge of their seats as figures, in the form of billions and trillions of US dollars, were projected on the big screen.
WISE AI Co-founder and Business Director Justin Goh had to do little to get the attention of the already converted crowd.
Goh, who was a speaker at the 30th International Invention, Innovation and Technology Exhibition, Malaysia (ITEX’19) at Kuala Lumpur Convention Centre on May 3, 2019, spoke in the presence of fellow exhibitors, industry players, academicians and other stakeholders about the research areas for a US$10 billion facial recognition market.
He explained that by next year, some US$20 billion will be invested in digital, AI and Internet of Things (IoT) in Southeast Asia.
Goh also highlighted:
- The business value for the AI market will be nearly US$4 trillion by 2022.
- US$900 billion worth of work activities (in wages) will soon be automated in Indonesia, Malaysia, the Philippines and Thailand.
- The Information and Communications Technology (ICT) market in Asean will be worth US$48 billion by the end of this year.
- 63 million medium, small and micro enterprises in Asean are expected to invest in such technology in the near future.
“I travel a lot especially to Thailand and Indonesia and believe me when I say this, Malaysia still has a long way to go. We need to quickly catch up to be an Asian Tiger in such technology,” said Goh.
“We need to enlarge our talent pool as well. We need more experts in the industry and this is how WISE AI can assist in addition to our other contributions.”
Goh explained facial recognition is widely used worldwide by various industries, namely security, banking, hospitality, retail and office administration.
Facial recognition technology promises convenience to consumers (e.g. from cutting down queues during events or concerts to seamless financial and banking transactions). It also plays a key role in this ‘know your customer’ (KYC) era whereby businesses are able to understand the demands of their target market better.
“With this in mind, it is only natural for businesses and even governments to start investing in facial recognition.
“It also makes life so much easier. We all have at least five, if not 10, passwords of various accounts to remember. With facial recognition, all you need is your face,” added Goh.
Responding to a question about the accuracy of WISE AI’s facial detection technology, Goh said under the right circumstances, lighting and camera angle, the accuracy is over 97 per cent – remarkably high by industry standards.
“We are the experts and provide solutions to ensure our clients get a reading which is as accurate as possible based on the environment they operate in.”
WISE AI, occupying three booths at ITEX’19, was a hit throughout the three-day affair as industry players and visitors sampled facial recognition technology and its benefits. The biggest attraction was the Celebrity Look-Alike machine where visitors had their pictures taken and the machine would then identify their celebrity lookalike.
WISE AI partners Quest International University and Alibaba Cloud were present at the exhibition.
WISE AI is no stranger to such events. Goh was a moderator at the Insurance Innovators Indonesia 2019 and MoneyLIVE Indonesian 2019 in Jakarta in February. He was also a panelist at the Big Data & AI Leaders Summit Jakarta 2019 in March.
WISE AI also spoke about the research areas for a US$10 billion facial recognition market at the Malaysia Technology Expo (MTE) 2019 at Putra World Trade Centre, Kuala Lumpur in February.
With local offices in Singapore, Malaysia, and Thailand, WISE AI is an ASEAN based AI platform company specialising in facial recognition technology. WISE AI offers business and consumer-orientated AI products and services and collaborates with partners from various industries, including researchers and universities.
