San Francisco, California, June 20, 2017: The growing number of applications of facial recognition technology in visual surveillance systems and to corroborate other biometric systems in meeting a variety of security needs are key developments boosting the evolution of the market. The rapidly emerging real-life applications of this technology in various areas associated with public security is constantly driving growth of the facial recognition market. A new report penned by TMR Research, titled “Facial Recognition Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025, offers elaborate account of such factors and more influencing the growth dynamics of the facial recognition market.
The research provides comprehensive insights into notable trends and opportunities, recent technology advancements, scope of emerging applications, regulatory framework in major regions, and competitive dynamics. The study zeroes in on major measures taken by governments in various regions to adopt facial recognition technology. It also evaluates the impact of key implementation concerns faced by stakeholders on adoption of the technology in major regions. Furthermore, recent integration efforts taken by technology players and innovations in various end-use industries are highlighted in the analysis.
The facial recognition market is majorly driven by burgeoning applications in areas that require authentication and identification of subjects for meeting security needs. The growth of the market is fueled by several recent developments in biometrics and cloud-based technology. The growing popularity of 3D face recognition, the adoption of advanced analytics, and emerging application in mobile security are some of the key developments catalyzing the facial recognition market growth. Consistent support by government agencies in various developed nations to deploy facial recognition technology on trial basis in several sporting and public events is expected to accentuate the market in the coming years. For instance, governments in Australia and the U.K. have been actively espousing the deployment this technology.
A large number of emerging applications in the retail sector to decipher interesting buying patterns are expected to boost the market. In recent years, some innovative real-life applications of the elusive technology have emerged, opening up exciting opportunities in the facial recognition market. For instance, the implementation of facial recognition technology to generate food recommendations in restaurants has unlocked promising opportunities for developers and vendors. Recent efforts to integrate smart cards with facial recognition are anticipated to open up lucrative growth avenues in the forthcoming years.
However, several privacy concerns related to passive or covert collection of facial recognition data are key factors likely to hinder the growth of the facial recognition market. In addition, stringent regulations in various parts of developed nations to regulate the collection of people’s photos have hampered the integration of facial recognition technology in biometrics. Be that as it may, mounting concerns arising out of terrorist attacks in developing and developed nations have led several governments to deploy these systems in public places to help nab suspects and proactively manage threats. This is expected to positively impact the facial recognition market.
North America and Europe are prominent markets for facial recognition. The growth of these regional market is attributed to a large number of early adopters and constant technology innovations. Meanwhile, the accelerated adoption of facial recognition in China is expected to open up lucrative growth avenues for several technology majors.
Major players vying for a sustained share in the facial recognition market include Fujitsu, ZKSoftware, Cognitec Systems, Aware Inc., Afix Technologies Inc., Animetrics Inc., and Airborne Biometrics.