Universal Power Industry completes face recognition deal
30 August 2018 16:55 GMT

Advanced Technology Group, a division of Universal Power Industry Corporation, has completed an agreement with Shanghai Weibridge Network of China for their facial recognition technology.

UPIN has agreed with Weibridge to be the exclusive North American licensed distributor and representative of their facial recognition technology. The company will have accessibility to all Weibridge's existing and new products, technical support and proprietary data. 

The company will market the technology to city, state and federal agencies as well as the private sector, with an emphasis toward the financial (banks) industry and transportation sector. 

Recent research estimates that China will become the biggest player in facial recognition technology both as a consumer and a provider. By 2023, the country will have 44.59% of the global facial recognition market share, up from 29.39% in 2017.

The forecast for the next few years is that the market itself is set to grow significantly, as more industries and companies embrace facial recognition technology's potential. While the market was valued at $1.07 bn in 2017, by 2025 it will be worth $7.11 bn, representing a compound annual growth rate of 26.8%.

"The company is extremely pleased that we were able to reach an agreement with Weibridge regarding their products and technology. The company envisions facial recognition technology will become a security standard," said Mr. Chiu Excutive V.P. of Universal Power Industry Corporation.