Data Driven: Facial Recognition Flourishes and Marketing Analytics Helps Eliminate Data Silos
Leveraging marketing analytics solutions to gain actionable insights in real-time will give you a distinct advantage.
In a new episode of "Data Driven", we find out why the Global Facial Recognition Market is booming, hear how analytics can help marketing teams avoid repeating past mistakes, and find out why Informatica is embedding artificial intelligence in everything they do. We also will get the latest regarding IBM and Cloudera's new strategic partnership.
In our lead story, the facial recognition market is swelling, and expected to grow at 13.5% compounded annually through 2025 from current levels of $4.3 billion, reports Research and Markets dot com.
Facial recognition solution includes sensors, integrated devices, and cameras as hardware that reads faces and recognizes certain focal points analyses of the face through 2D or 3D facial recognition software.
This tool can be used for various purposes such as access management or attendance management or verification processes, and saves time over other verification or attendance management solutions such as fingerprint technology, iris scan or manual ledger technology.
"Banking, financial services and insurance is accounting for the largest share of the facial recognition market, as mobile banking is widely being adopted globally, and facial recognition software is being opted as the suitable option for banking verification due to its ease of use along with time-saving capabilities"
Interestingly, Government institutions globally are also increasingly adopting this system for security purposes. For instance, police can screen for certain individuals at events.
Retail has been implementing this software widely as it is looking to personalize and increase customer engagement. Retail companies are making use of this system to recognize repeat customers and analyze their buying patterns and configure ads personalized to the buyer to increase sales.
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Meanwhile, marketing analytics are helping companies deliver the "right experience" for customers through personalized interactions, in addition to helping eliminate data silos in order to deliver consistent experiences to consumers.
"Companies that make extensive use of marketing analytics are more likely to outperform their competitors on key performance metrics," say marketing experts from Quantzig.
Marketing analytics offers insights into past events and reasons behind the changing buying behavior of customers. With such insights, marketing teams can avoid making the same mistakes as in the past. Marketing analytics solutions leverage descriptive analysis, customer relationship management, and marketing automation platforms to highlight not only what happened in the past but also offer answers to questions on customer preferences and purchasing patterns.
By leveraging marketing analytics solutions marketers can measure and analyze the effectiveness of their current marketing campaigns. This can help them make changes in marketing strategies. Businesses can also use customer analytics dashboards to gain insights into their current engagement levels and track metrics.
With such actionable insight companies can assess the real-time status of their marketing efforts and design campaigns accordingly.
In other news, Informatica has recently announced multiple updates to its product portfolio and go-to-market strategy, including expanded partnerships with AWS, Google Cloud, Microsoft, Tableau, and others.
These developments reinforce Informatica's ability to help the world's leading organizations deploy artificial intelligence-
The skyrocketing volume and variety of data, coupled with a surge in the number of people accessing and using data as a strategic business asset, are driving global demand for AI-driven enterprise data management solutions that scale far beyond what humans are capable of handling.
"Why has Informatica embedded AI in everything we do? Because AI needs data, and data needs AI" commented Amit Walia, President at Informatica. "This reciprocity is critical for producing the complete, accurate, and trusted data that digital transformation requires to be effective at enterprise scale.
Informatica is addressing the growing need for AI-driven data management with enhanced solutions that automate data discovery, improve data migration to the cloud, and ensure data quality, security, and governance across all data sources, whether on-premises, in the cloud, or in multi-cloud and hybrid environments.
Meanwhile, IBM and Cloudera recently announced a strategic partnership to develop joint go-to-market programs designed to bring advanced data and AI solutions to more organizations across the expansive Apache Hadoop ecosystem.
The agreement builds on the long-standing relationship between IBM and Hortonworks, which merged with Cloudera in January, 2019, and created integrated solutions for data science and data management. The new agreement builds on these integrated solutions and extends them to include the Cloudera platform.
As part of the partnership, IBM will resell the Cloudera Enterprise Data Hub, Cloudera DataFlow and Cloudera Data Science Workbench. In addition, Cloudera will begin to resell IBM's Watson Studio and BigSQL.
"By teaming more strategically with IBM we can accelerate data-driven decision making for our joint enterprise customers who want a hybrid and multi-cloud data management solution with common security and governance,"
"Data Driven" is produced by TVP, and sponsored by RestonLogic, cloud wizards leveraging over 10 years experience helping companies automate, transform and build highly-secure and stable systems. RestonLogic offers a complete suite of IT solutions from strategic advisory to managed services. Book a strategy session today!
Disclaimer: The blurbs highlighted on "Data Driven" are available for information purposes only, and don't necessarily reflect the opinions of our editors.