"Alchera, Infinite Applications of AI Video Recognition Technology"

[Asia Economy Reporter Hyungsoo Park] Hana Financial Investment forecasted on the 21st that Alchera will benefit from the rapidly growing global facial recognition market.

Alchera is a specialized company in the field of artificial intelligence video recognition, founded in 2016 by researchers from Samsung Advanced Institute of Technology. It applies facial recognition, Video Anomaly Detection Technology (VADT) solutions, and more to various fields such as augmented reality (AR), CCTV monitoring, and fintech.

Jaeho Choi, a researcher at Hana Financial Investment, explained, "The AI facial recognition market is rapidly growing due to the growth of non-face-to-face and contactless technologies triggered by COVID-19," adding, "According to the Korea Trade-Investment Promotion Agency, the global facial recognition market size was $6.5 billion in 2020."

He continued, "It is projected to grow to $19.7 billion by 2025, with an average annual growth rate of 24.9%," and added, "The application areas of AI facial recognition are endless, from payment services in public transportation and restaurants to public sectors, finance, and healthcare."

Furthermore, he emphasized, "Alchera applied its technology to SNOW, the most popular camera app in Korea, in September 2016," and added, "Since then, it has secured successful achievements such as the Shinhan Card Face Pay facial recognition payment solution and the Incheon Airport automated immigration system."

Researcher Choi analyzed, "Based on its world-leading technological competitiveness, rapid growth is expected," and noted, "In the Facial Recognition Vendor Test (FRVT) held by the US National Institute of Standards and Technology (NIST) in 2019, it ranked first among Korean companies."

He added, "To enjoy a realistic and vivid 3D virtual world, corresponding technology is necessary," and said, "Among Alchera's technologies, real-time full-body recognition technology is representative."

Additionally, he stated, "Alchera established ‘Place A,’ an AI-specialized joint venture with SNOW," and said, "It exclusively installed real-time full-body recognition technology on Naver Zepeto, Korea's leading metaverse platform."

This content was produced with the assistance of AI translation services.