The global Facial Recognition Market size is expected to reach USD 12.11 billion by 2028 according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 15.4% from 2021 to 2028. Facial recognition is a contactless biometric solution that is a critical factor contributing the market growth. Contactless solutions enable easy deployment in consumer devices. It is also effortless and convenient to use, further contributing to rising adoption. Apart from individual identities, the technology can gather demographic data on crowds; thus, increasing its usability. Such factors are anticipated to drive market growth.
Facial recognition is highly used for security and law
enforcement applications, as it is led mainly by the need to combat terrorism
and crime. For instance, in the U.S., 26 states permit law enforcement agencies
to access facial recognition systems to perform searches against the databases
of ID photos and driver’s licenses, to find drug dealers, bank robbers, amongst
others who have left behind the images on social media platforms. Also, facial
recognition CCTV systems are being used to improve performance in conducting
public security missions, such as find missing children or adults, identifying
and tracking criminals, and accelerating investigations. Furthermore, the trend
of KYC (Know-Your-Customer) has undoubtedly boosted the growth of facial recognition
in retail and marketing.
Facial recognition technology is being combined with
the latest marketing advancements to improve customer experience. For instance,
in April 2021, Sberbank, a Russian banking company, is expanding its footprints
in food delivery, taxi services, cloud computing, and cybersecurity.
For this, the company launched facial recognition payments known as face pay to
make payments using at a glance pay option during checkout. Thus, offering a
quick payment service compared to paying with cash or a payment card.
Therefore, the market has a vast opportunity in different verticals, including
security and surveillance, healthcare, retail, and transportation. For another
instance, in June 2019, Ayonix Corporation launched its IP camera-embedded
application, namely the AICam Platform. The application can execute
high-performance face detection and matching. The company demonstrated this
product at the annual security technology conference called ISC West.
3D recognition is a newly emerging trend in the market
for facial recognition that aims to provide more accuracy and better
authentication. 3D facial recognition uses the unique characteristics of an
individual’s face, such as the face curves, the shape of the nose, the chin, to
identify the individual. With the introduction of 3D facial recognition,
identification has taken a step toward recognizing an individual’s face even if
it is dark and can identify the person at different angles (up to 90 degrees).
Although 2D face recognition has made significant progress over the years, its
accuracy and authenticity are highly dependent on the conditions of light and
individual poses. For instance, Ayonix Corporation (Japan) is a developer of 3D
face recognition technologies. It uses an algorithm that converts 2D still
images or videos into data, which is then analyzed to reconstruct faces in 3D
form. It also has a patented 3D recognition engine that captures a facial image
and identifies critical points at the eyes, nose, and mouth. Besides, it can
identify age, gender, and person-specific features from the image and match
them from the images stored in databases to generate a matching score between
0.0 and 0.1.
The Asia Pacific (APAC) region is estimated to project
the highest growth rate in the market. This is due to the increased adoption of
facial recognition technology in different verticals. For instance, in
September 2019, NEC Corporation, Japan-based biometry solutions provider,
announced a partnership with Seven Bank, Ltd., a Japanese Bank, to develop ATMs
that incorporate facial recognition technology. In addition to facial
recognition technology, other technologies used for the development of ATMs
include Artificial Intelligence (AI), the Internet of Things (IoT), and QR
codes. IoT and AI would help in detecting warning of component failures and
predicting cash demand more accurately, which would further help in
streamlining ATM operations.
Related Press Release @ Facial Recognition Market Report
Facial Recognition Market Report
Highlights
- End-use industries have started integrating facial recognition into
their business processes to streamline their operations. Facial
recognition technology is gaining momentum as it assists end-user
organizations to become more efficient and result-oriented. The growing
adoption of facial recognition is encouraging new entrants to venture into
the marketplace by offering niche application-specific products and
solutions
- In terms of technology, the 3D segment captured the largest revenue
share in 2020. The technology is gaining popularity due to its attributes
such as border protection and surveillance, which makes them particularly
suitable for high-security areas such as airports
- The banking and financial services industry is one of the major
verticals for the deployment of facial recognition technology as consumers
are increasingly transitioning towards mobile banking. Financial
institutions use facial-recognition software to provide an additional
layer of security to mobile banking applications to authenticate users
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment