Facial Recognition Market to Demonstrate Exponential Growth Due to Rising Security Concerns Related to Employee Attendance & Recognition in Government Sector Till 2020
The Facial Recognition Market was valued at USD 3.35 Billion in 2016. Facial recognition is a biometric method which gives high-level security for private as well as public sector. It compares the facial features with the database so as to provide authorization. Facial recognition consists of software, readers as well as the associated database to provide security along with accuracy. The method of facial recognition is highly efficient to avoid security issues in comparison with the traditional method such as token, passwords, and others.
Increasing needs of security in government sector for employee attendance and recognition is anticipated to be a key driver for the market of facial recognition throughout the forecast period. Besides technological developments such as 3D recognition systems and cloud-based services are anticipated to fuel the overall demand for the market.
Factors like plastic surgeries, makeup, aging and other medical procedures may affect the effectiveness of the system. The absence of accuracy, as well as costly implementation, may restrain the growth of the market in the coming six years. Increasing demand for data security has encouraged its implementation across the organization which is combined with increased employment of personal devices being a part of BYOD policy in the IT sector.
It includes facial analytics, 2D, and 3D. Facial analytics is largely used in education and research, retail and police services to ascertain ever changing features like gender, age, and other facial attributes. 2D technology is broadly used due to the low cost of installation along with ease of operation as it makes use of two-dimensional appearance recognition. 2D technology is not accurate in several conditions like changing expressions, angles, and environmental conditions. The 3D technology uses the high definition as well as a complex algorithm. Its market is anticipated to grow significantly throughout the forecast period.
Facial recognition market has applications in military, government, retail, homeland security along with banking and finance sector. The government sector is anticipated to be the major end-use segment in the coming six years due to the demand for security and law enforcement. As it is non-intrusive in nature, facial recognition is used in convert monitoring. Retail segment also uses this technology to market its products. Furthermore, banking and finance sector used facial recognition to resist frauds which are anticipated to promote the growth of the market over the forecast period.
Due to the increasing threats both internal and external, Facial recognition market is widely used across the globe to direct security needs. North America is estimated to be the major regional market over the forecast period due to the wide use of facial recognition technology in the departments of U.S. such as defense, justice, homeland security and much more. Also, government initiatives like the e-KTP project in Indonesia and UIDAI project in India for generating individuals’ id are anticipated to offer opportunities for this market in Asia Pacific region. European markets of the Spain, Italy, Germany, France, and UK are anticipated to thrive the market over the forecast period.
The facial recognition market is dominated by Nuance Communications, FaceFirst, Precise Biometrics, Aurora Computer Services, NEC Corporation, Ayonix, Animetrics, Aware Inc and 3M Cogent. Ayonix Inc. deals with real-time face recognition which uses IP cameras to locate suspects in public and VIP customers in sectors like retail, hospitality, banking, and others.
- Facial Recognition Technology Outlook (Revenue, USD Million, 2012 – 2020)
- Facial Analytics
- Facial Recognition End-Use Outlook (Revenue, USD Million, 2012 – 2020)
- Homeland Security
- Banking & Finance
- Facial Recognition Regional Outlook (Revenue, USD Million, 2012 – 2020)
- North America
- Asia Pacific