TMR report forecasts growth in facial recognition market to meet security needs
Transparency Market Research has published a new report titled “Facial Recognition Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025,” which details the growing number of applications of facial recognition technology in visual surveillance systems and to corroborate other biometric systems in meeting a range of security needs.
The report states how the rapidly emerging real-life applications of facial recognition technology in various areas related to public security is constantly driving growth of the facial recognition market.
The research provides insights into notable trends and opportunities, recent technology advancements, scope of emerging applications, regulatory framework in major regions, and competitive dynamics.
More specifically, the report focuses on major measures taken by governments in various regions to adopt facial recognition technology as well as evaluates the impact of key implementation issues addressed by stakeholders on the technology’s adoption in major regions.
In addition, the research analyzes the recent integration efforts taken by technology players and innovations in various end-use industries.
The facial recognition market is primarily driven by emerging applications in areas that require authentication and identification of subjects for meeting security needs.
According to TMR, several recent developments in biometrics and cloud-based technology, the growing popularity of 3D face recognition, the adoption of advanced analytics, and emerging application in mobile security are some of the key growth drivers of the facial recognition market.
The report forecasts that consistent support by government agencies in various developed nations to deploy facial recognition technology on trial basis in several sporting and public events will likely boost the market in the coming years.
Additionally, several emerging applications in the retail sector to analyze interesting buying patterns are expected to lead to market growth.
The past few years has brought along some innovative real-life applications of facial recognition technology, such as the implementation of the technology to generate food recommendations in restaurants and the integration of smart cards with facial recognition.
The report states that there are several privacy concerns related to passive or covert collection of facial recognition data which are likely to hinder the growth of the facial recognition market.
Stringent regulations in certain regions of developed nations to control the collection of people’s photos have also affected the integration of facial recognition technology in biometrics.
However, the rising concerns of terrorist attacks in developing and developed nations have led several governments to deploy facial recognition systems in public places to identify and catch suspects — a practice that is expected to positively impact the market, TMR states.
North America and Europe are prominent markets for facial recognition, whose growth can be attributed to a several early adopters and constant technology innovations.
The report also forecasts that the accelerated adoption of facial recognition in China is expected to bring along significant growth avenues for several technology companies.
The report highlights key players in the facial recognition market including Fujitsu, ZKSoftware, Cognitec Systems, Aware Inc., Afix Technologies Inc., Animetrics Inc., and Airborne Biometrics.
Previously reported, Transparency Market Research recently published research that found that biometrics-based door lock systems dominated the overall digital door lock system market, accounting for 67 percent of the US$1.16 billion global market in 2016.