The smartphones industry is incorporating the technology as a primary authentication technique due to the lack of security for the personal data of consumers, which is flourishing the growth of the facial recognition market. According to a recent IndustryARC research report, the facial recognition market is projected for profitable growth during the forecast period. The report is titled “Facial Recognition Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast 2019 - 2024.”
Global Facial Recognition Market: Demand Analysis
Facial recognition is an emerging biometric identification technology, which scans the face of an individual and compares the scanned image with the predefined image in the database. It helps in verifying a person’s identity and also increases privacy issues. It is the most accurate biometric technology when compared with iris recognition and fingerprint recognition. Increasing demand for facial recognition in smartphones, laptops, Personal Digital Assistants (PDAs), and tablets in the consumer electronics industry are driving the growth of the market.
Facial recognition technology is used for managing security and identifying criminals at airports and also at borders of the country. It can be implemented using two methods which include identification, and verification. Based on application, the facial recognition market is segmented into criminal investigation, homeland security, physical security, ID management, intelligent signage, business intelligence, web application, photo indexing and sorting, VIP recognition, automotive, phone, PC, and banking login. The emergence of multimodal biometrics technology and its rapid traction among end-users are encouraging vendors to create avenues with innovative offerings to enhance their market share. Additionally, face recognition is a highly efficient technique used for supporting law enforcement agencies to identify suspects and in finding missing persons which are some applications anticipated as the growth factors of the facial recognition market.
Browse an in-depth TOC on “Facial Recognition Market (2018 - 2023)”
Facial Recognition Market: Disruptive Trends and Drivers
- The emergence of drones is coupled with aerial cameras as a facial recognition camera. These cameras carry a 10-kilo camera lens which can identify a suspect from 800 meters with a height of 100 meters.
- Adoption of frequency domain analysis methods such as discrete cosine transformation (DCT), discrete Fourier transformation (DFT), and discrete wavelet transformation (DWT) for face recognition in e-passports and security purposes is stroking facial recognition market growth.
- According to TechCrunch, KFC in China is working on a new “smart restaurant” which uses facial recognition and factors such as age, gender and facial expressions are poised to suggest items a customer may order.
- Development of 3D face recognition technology in smartphones industry, which make use of 3D geometry for recognizing an individual’s face by gathering more comprehensive and accurate information is also playing as a major driving factor in facial recognition market growth.
Some of the major players operating in the facial recognition market include Apple, 3M, Cognitec Systems GmbH, NEC Corporation, FaceFirst, Inc., Nuance Communications Inc., Crossmatch, International Business Machines Corporation (IBM), Animetrics Inc., and Daon Inc. Apple’s Face ID used for iPhone X uses a TrueDepth camera system made up of a dot projector, infrared camera, and flood illuminator to accurately map and recognize a face.
Facial recognition is an emerging biometric identification technology which scans the face of an individual and compares the scanned image with the predefined image in the database. With prevalent demand for the technology, facial recognition market size will grow in the forecast period 2019-2024. Furthermore, the emergence of drone cameras is creating new revenue avenues for the facial recognition market players.
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