GLOBAL FACIAL RECOGNITION MARKET TO SURGE BY $4.7BN BY 2025

Fri 18 February 2022:

The rise in popularity of media cloud services, technological advancements in facial recognition technology, surge in mobile devices equipped with cameras and increase in demand for security applications and products enabled with image recognition functions drive the market growth.

Market data shows that demand for facial recognition is mushrooming. Tradingplatforms.com has presented stats backing this assertion. According to their report, the sector will grow by $4.7B by 2025. That’ll see the industry meet the $8.5B mark, a twofold increase from its 2020 figures of $3.8B.

Face recognition is widely accepted in government applications, but has gained more prominence in commercial applications. Recent research and development (R&D) efforts have resulted in considerable improvements in technology, which drives the growth of the facial recognition segment. For instance, emergence of advanced 3D facial recognition, and facial analytics address the limitations of 2D recognition systems.

Moreover, deployment of face recognition biometrics for surveillance purpose has increased for identifying terrorists and criminals without imposing on an individuals privacy in public places.

Moreover, implementation of face recognition technology for machine-readable travel documents (MRDs) such as biometric passports and visas, has resulted in wide acceptance of this technology, which fuels the growth of the image recognition market.

Pros and cons of facial recognition systems

The commonest application for facial recognition is in the provision of security services. With surveillance systems it’s helping to fight crime and identify perpetrators.

Further, it helps locate missing persons and is valuable for mass surveillance systems. Moreover, it’s pivotal in detecting fraud within the financial sector.

Likewise, facial recognition is critical in adding a security layer to payment gateways. Additionally, it eliminates the need for PINs and passwords, easing logins and purchases.

While facial recognition is gaining popularity, its adoption is facing several hurdles. These include a lack of standards around it, concerns about the privacy implications of their deployment, and a wariness about hackers stealing or misusing facial data.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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