June 16, 2014 -
Market research report distributor Reportstack announced on Monday it has published a new research paper called Demand From Government, Finance Promoting Growth in the Global Facial Recognition Market.
The analysts behind this research paper looked at the impact of market drivers, challenges and trends regarding the global facial recognition market over the next 3 to 4 years.
The paper features data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
The government and financial sectors comprise 61 percent of the Global Facial Recognition Market, with demand from these segments driving a compound annual growth rate of 26.6 percent from 2013 to 2018 in the market.
According to the paper, one of the major drivers in the global facial recognition market is the need for high security in different government departments as a result of the rise in the number of cyber-attacks on governments in recent years.
“Departments such as intelligence, defense, and finance hold critical data, the theft of which could endanger national security,” analysts write in the paper. “Hence, to secure their perimeter, government departments of various countries are installing stronger security measures, including facial recognition software.”
The technology is also being adopted in the financial sector, for similar reasons. HSBC Group became first bank in the UK to use facial recognition technology to boost security, and since then, many other companies have joined HSBC in deploying the technology.
Facial recognition software is also being heavily used in security applications in airports, as governments of various countries aim to curb the growing threat and frequency of terrorist attacks. The software screens people and matches the images against a database of terrorists, using this information to alert security agencies at airports to mitigate any possible terrorist attacks.