New report offers forecasts for facial recognition market 2015 – 2022
Transparency Market Research has released a new report that offers insights and forecasts for the global facial recognition market from 2015 – 2022.
The 127-page report provides a thorough breakdown of the global market dynamics and trends, including major drivers, restraints, and opportunities that impact the current landscape and future growth of the market.
The report provides a detailed analysis of the facial recognition market according to technology type, which includes 2D facial recognition, 3D facial recognition, and facial analytics.
As covered in the report, facial recognition technology is preferred over other biometric authentication methods such as iris, fingerprint, and voice recognition as it does not require physical contact with the apparatus, making it non-intrusive.
Despite this, facial recognition systems have drawn criticism due to privacy issues, such as data cloning and misuse of personal data, the report states.
Meanwhile, technological advancements have enabled new surveillance systems to monitor rising crime, frauds, and terrorist activities which, in turn, have driven the demand for facial recognition solutions.
These surveillance applications include access control, intruder identification, and detection of gender, age, and ethnicity, among others.
The report finds that law enforcement organizations are increasingly using facial recognition technologies for the identification of criminals based on their changing facial expressions.
Additionally, facial analytics systems are being used in the retail industry to determine the age, gender, and facial expressions of the customers for targeted marketing purposes.
Facial recognition technologies have found wide applications in sectors such as government and utilities, military, homeland security, retail, banking, financial services, insurance (BFSI), and others (digital signage, web, and mobile applications), the report said.
The report highlights some of the major players in the facial recognition market, including NEC Corporation, Morpho S.A.S. (Safran Group), Cognitec Systems Pty Ltd, Aware, Inc., Animetrics, Inc., Ayonix, Inc., Cross Match Technologies, Inc., 3M Cogent Inc., FaceFirst, Inc. (Airborne Biometrics Group Inc.), ZK Software, Inc., and Aurora Computer Services Ltd., among others.
Previously reported, RichRelevance published a new UK study, “Creepy or Cool” that reveals that 70% of UK shoppers find facial recognition technology that identifies age and gender in order to display product recommendations “creepy”.