Industry Insights
Increasing safety demand in government sector for worker identification and attendance is anticipated to boost the facial recognition market over the next five years. Facial recognition uses biometric technology which gives high level security for private and public sectors. It takes into consideration chosen facial features and crosschecks them with a database to give authorization. Facial recognition includes software, readers and related database for giving security along with accuracy. This technique is immensely effective for averting security breaches as compared to classical authorization techniques such as tokens and passwords.
Technology developments such as 3D recognition systems and cloud-based services are further anticipated to provide positive avenues to the overall market growth. Factors such as plastic surgeries, makeup, aging and other such medical measures may concern the effectiveness of these systems. Lack of exactness and high execution cost is expected to hamper the market demand over the forecast period. Increasing data security demand has spurred acceptance across organizations, which is compounded by augmented usage of individual devices as part of the BYOD rule in the IT division.
Technology Insights
Facial recognition technologies include 3D, facial analytics and 2D. 2D technology is broadly used due to its operational ease and low installation cost as it utilizes two-dimensional appearance recognition. This technology is inappropriate in various conditions such as angles, expressions and varying environmental conditions. 3D technology overcomes the limitations of 2D by using complex algorithms and high definition. The 3D facial recognition market is estimated to nurture at a substantial rate over the next five years. Rising technologies such as cloud-based solutions and facial analytics is expected to fuel the market demand. Facial analytics is rapidly used in education & research, police and retail services to determine varying attributes such as, gender, facial characteristics, age and others.
End-Use Insights
The government sector is anticipated to be the key end-use segment over the forecast period due to demand in law security and enforcement. As it is non-intrusive in nature, facial recognition is used for covert monitoring. This technology is broadly used in finance and banking sector to counter frauds which is estimated to boost market demand over the next five years. High technology implementation cost is expected to pose a challenge to global market growth. However, growing technology advancements such as cloud based solutions and facial analytics are anticipated to augment the market growth.
Regional Insights
Facial recognition technology is widely used to address security requirements due to increasing external and internal threats worldwide. North America is expected to be the key regional market over the next five years owing to broad use of this technology in departments such as defense, security, homeland, and justice among others. Initiatives such as e-KTP electronic ID project in Indonesia and UIDAI projects in India are also anticipated to offer new favorable circumstances for the market in Asia Pacific region.
Competitive Insights
The facial recognition technology market comprises companies including Animetrics Inc., Aurora Computer Services Ltd., 3M Cogent, Aware Inc., NEC Corporation, Ayonix Inc., Precise Biometrics, Nuance Communication, and FaceFirst. Increasing research & development to provide product differentiation is anticipated to be the success factor for market players. Ayonix Inc. specializes in dealing with real-time face recognition with use of IP cameras to recognize suspects in VIP customers and public locations in sectors such as retail, hospitality, banking, and others.
