Global facial recognition market forecasted to grow 23% CAGR through 2021
Technavio has published new research in which analysts forecast the global facial recognition market to grow at a CAGR of nearly 23 percent from 2017 to 2021.
The research report provides a detailed industry analysis based on the technology (3D and 2D facial recognition), application (identification and verification), end-user (government, transportation, and BFSI), and geography (North America, Europe, APAC, MEA, and South America).
Technavio analysts highlight three major growth drivers of the global facial recognition market including increasing instances of identity threats, high usability in mobile devices, and adoption of 3D facial recognition technology.
The increasing dependence of end-users on websites and applications, the growing popularity of online gaming and social network websites, and the increasing complexity of attacks are all driving the number of identity and data theft cases. This has led to a growing number of end-users implementing secure authentication solutions.
“There is an increased adoption of biometric security solutions,” said Amrita Choudhury, a lead analyst at Technavio for IT security research. “Biometric solutions are one of the most secure authentication solutions because of their capability to incorporate the physical and behavioral features of the end-users, which are difficult to forge. Hence, it is among the strongest growing authentication solutions currently.”
Another significant growth driver is the rising use of personal devices for financial transactions as the need for high-level security to ensure the safety of critical information is increasing.
This, in turn, is increasing the demand for biometrics in consumer electronics and is leading to a high adoption of the facial recognition technology in this sector as it is easy to implement.
The 3D facial recognition technology uses the 3D method of integrating two cameras that are synchronized together to reconstruct the user’s 3D facial template, including the silhouette of their eyes, lips, nose, and chin.
“The information gathered by the 3D technique is much more comprehensive, in addition to not being affected by the use of cosmetics and changes in lighting,” Choudhury said. “Therefore, manufacturers of facial recognition systems are slowly replacing the 2D technique with the 3D technique due to its unique advantages.”
Previously reported, Technavio recently published research that forecasts the fingerprint biometrics market will grow at a CAGR of nearly 12 percent from 2017 to 2021, driven by the growing need for secure authentication, especially in government projects.