Facial Recognition Market has seen a steady growth since the inception of technology and is expected to maintain the momentum of growth in the upcoming years. Recent rise in demand for the security enhancements, identification, tracking and law & order purposes, among others at public and private places is set to keep the growth potential up for the market.
Nitty-Gritties Of The Market
Facial Recognition technology has rocketed the efficiency of several systems and has proved its worth in multiple arenas. This resulted in increase in demand in Facial Recognition Market, for which it has many potent factors to thank.
Security Need Is An Important Factor
Rising security threats along with the need for identification in public and private places are one of the most important factors to have influenced the market on a large scale. With 1 in 5 violent crimes in USA taking place in public and open places, government has pushed the need for security enhancements and identification at public places. These enhancements are mostly dependent on the facial recognition technology. Also, face biometric systems are deployed at several airports for reducing the security threats, along with hassles for passengers and boost reduction in time as well. For example, in 2017, Thales was responsible for supplying the new automated control gates for the PARAFE system (Automated Fast Track Crossing at External Borders) at Roissy Charles de Gaulle airport in Paris.
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Policing and maintaining law and order in the cities have become easy with facial recognition technology. Face biometrics can be used in police checks, although some countries are against it. In 2016, the “man in the hat” responsible for the Brussels terror attacks was identified thanks to FBI facial recognition software. The South Wales Police implemented it at the UEFA Champions League Final in 2017.
Technological Enhancements Set To Boost The Growth
Several projects from technology behemoths like Google, Amazon, Facebook, Apple and Microsoft are vying for the top spot in the facial recognition arena. This has led to plethora of advancements such as, 3D recognition, Cloud-based services, Facial analytics among others. For example, Rekognition by amazon is being considered as a viable option for law enforcement agencies. It is able to recognize as many as 100 people in a single image and can perform face match against databases containing tens of millions of faces.
Dampeners – High Initial Cost Of Implementation & Privacy Threats
High initial cost of implementation of facial recognition technology becomes a dampener for the growth of market. Although recent technological advancements have resulted in the reduction of costs, there is still long way to traverse in reducing the cost. Along with it, threats related to privacy of the users being voiced around all over the world, has resulted in regulatory measures which provides hindrances to the market. Hong Kong being the prominent example for strict regulatory measures for the Automatic Facial Recognition.
Regional Crucial Developments
North America is estimated to be the key regional market over the forecast period owing to the wide use of this technology in the U.S. departments such as homeland security, justice, defense, etc.
Government initiatives such as UIDAI project in India and e-KTP project in Indonesia to generate electronic id generation of individuals are also expected to provide new opportunities for the facial recognition in Asia Pacific.
Market Players
Competition is intense in this market with several major players investing heavily to deploy advanced developments and boost growth. Market comprises companies including 3M Cogent, Animetrics Inc., Aurora Computer Services Ltd., Aware Inc., Ayonix Inc., NEC Corporation, Precise Biometrics, FaceFirst, and Nuance Communications, etc.
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