Growing spending on security and surveillance systems across the globe will drive facial recognition market outlook. Facial recognition technology is showcasing immense potential for organizations that handle sensitive data and require strict security controls on who enters their facilities. Facial biometrics is widely integrated with physical devices and instead of using passwords, consumer electronics and mobile phones can now be accessed via facial features of the owner.
All the major mobile phone companies including Samsung, Apple, Xiomi Corp and others offer FaceTech in their phones. Growing security concerns in public places and rise in criminal activities has fuelled the demand for advanced verification and identification technologies to ensure public safety. Face identification systems are witnessing major adoption in stadiums, corporate offices, streets and public places to track unwanted intrusions at the entry point itself.
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Demand for 3D facial recognition systems -
3D face recognition systems have got fame due to their quality of offering enhanced accuracy over 2D systems. They ensure accurate identification by checking facial parameters like deepness of eyes and shape of the nose and chin in comparison with the available database of images. 3D systems provide correct results even in vague lights as they use facial constraints. These systems can also check parameters that 2D systems usually cannot track with accuracies such as changes in skin texture, or aging.
3D technology is mainly used for cross-border monitoring, identity management, and document verification. The features and benefits provided by the 3D face recognition systems will further propel the market growth in the coming years.
Growing need for intelligent signage -
Facial recognition-based digital signage analyzes the efficiency in real-time and displays targeted advertisements. It can offer tailored promotional offers to attract potential customers. Estimates suggest that intelligent signage segment will gain traction with facial recognition as vendors adopt smart marketing to gain client insights and make the most of it for profits. Identification of buyer demographics to demonstrate relevant, collaborating, and personalized advertisements can be done with the help of interactive digital signage with facial recognition.
Booming popularity in the healthcare sector -
Facial recognition technology is gaining huge popularity in the healthcare sector for various applications. It can be used by doctors for tracking depressed patients by analyzing their facial expression using artificial intelligence capabilities. It can be deployed in hospitals to identify new patients, categorize regular patients, staff, and doctors. It can also be deployed to identity patients to speed up diagnosis and treatment and to track pain levels. As per a report, in February 2019, over 30 hospitals in Beijing installed cameras with facial recognition technology.
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North America facial recognition market share will gain significant traction through 2026 on account of the rising adoption of advanced security technology across various sectors, including defense, retail, homeland security, healthcare, BFSI, and others. For instance, SnapPay, an international payment solution provider, deployed a facial recognition payment technology for merchants in the U.S. The technology immensely enabled convenient payment solutions for consumers at retail outlets.
Prominent facial recognition market players include Cognitec Systems, Daon, Inc., Aware, Inc., NEC Corporation, Ntechlab, Panasonic Corporation, Facefirst, Inc., Thales Group, Herta Security, Idemia, VisionLabs B.V and Ayonix Corporation.
Major Key Points from Table of Content:
Chapter 5. Facial Recognition Market, By Component
5.1. Key trends, by component
5.2.1. Facial recognition market estimates and forecast, 2016 - 2026
5.2.2. 2D facial recognition
220.127.116.11. Market estimates and forecast, 2016 - 2026
5.2.3. 3D facial recognition
18.104.22.168. Market estimates and forecast, 2016 - 2026
5.2.4. Facial analytics
22.214.171.124. Market estimates and forecast, 2016 – 2026
5.3.1. Market estimates and forecast, 2016 – 2026
Chapter 6. Facial Recognition Market, By Application
6.1. Key trends, by application
6.2. Criminal investigation
6.2.1. Facial recognition market estimates and forecast, 2016 - 2026
6.3. Homeland security
6.3.1. Market estimates and forecast, 2016 – 2026
6.4. ID management, attendance tracking & monitoring
6.4.1. Market estimates and forecast, 2016 – 2026
6.5. Intelligent signage
6.5.1. Market estimates and forecast, 2016 – 2026
6.6. Photo indexing & sorting
6.6.1. Market estimates and forecast, 2016 – 2026
6.7. Physical security
6.7.1. Market estimates and forecast, 2016 – 2026
6.8.1. Market estimates and forecast, 2016 – 2026
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