Video surveillance to drive biometric facial recognition market to $12.9B by 2027
By 2027, the high demand in advanced video surveillance, as well as AI and machine learning adoption will have generated a 14.8 percent CAGR for the biometric facial recognition market, reaching $12.92 billion, found the latest report from Fortune Business Insights.
Advanced video surveillance systems such as thermal security cameras, CCTV, 360 security cameras, and outdoor PTZ cameras ensure safety and security, and prevent fraud and criminal activities. Deployment for traffic management, monitoring and security at airports, offices and warehouses will drive biometric facial recognition growth, says the report.
While COVID-19 and the global lockdown measures have crippled a number of industries, contactless biometric technology developers are thriving. The need for social distancing and contactless services is driving the business and increasing the need for these technologies.
Some of the leading facial recognition developers in the market are NEC Corporation, FaceFirst, IntelliVision, Polaris Sensor Technologies, Aware, Ayonix Corporation, Cognitec Systems, Herta Security, Thales Group (Gemalto NV), Animetrics, Daon, ID3 Technologies, and Idemia.
NEC Corporation, for example, introduced a dual face biometric and fever detection system for access control in May. The company’s facial recognition algorithms have finished at or near the top in several categories of testing by NIST. In 2019, IntelliVision added video analytics for its Ambarella IP Camera SoC and showcased human and vehicle detection, license plate recognition, and face detection and recognition on the CV22 at ISC West 2019.
Idemia has just scaled its business across Japan by opening a new head office with a biometric tech display center in Tokyo, ID3 facial recognition for biometric event security will be deployed at the Paris 2024 Olympics, and Daon’s technology has been chosen for authentication by 160 credit unions across U.S.
In an interview with Biometric Update, FaceFirst CEO Peter Trepp said facial biometrics “will be the norm” in many industries and facial recognition policy will have to address different technologies and scenarios that have different concerns.
Worth $1.73 billion in 2019, the extensive adoption of facial recognition in North America will drive an exponential growth and witness topmost market revenue by 2027, yet Asia Pacific will not lag behind. The region’s growth will be driven my mobile transactions which will create opportunity for biometric technology. China stands out in this sector, reporting a high growth that will drive the market.
In other facial recognition news, controversial biometrics company Clearview AI is currently under investigation in the UK and Australia by local watchdogs UK’s Information Commissioner’s Office (ICO) and the Office of the Australian Information Commissioner (OAIC), writes WHTC. The company is investigated for its privacy practices related to personal information and biometrics processing.
Clearview AI announced earlier this week that it would withdraw its services from Canada, where it is also under privacy investigation.