Increasing security needs in government sectors
for employee attendance and identification is expected to be a key driver for
the facial recognition market over the forecast period. Facial recognition is a
biometric technology which provides high-level security for public and private
sectors. It takes into account selected facial features and compares them with
a database to provide authorization. Facial recognition system includes
readers, software and related database for providing accuracy along with
security. This technique is highly efficient for avoiding security breaches as
compared to traditional authorization methods such as passwords and tokens etc.
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Technology advancements such as cloud-based
services and 3D recognition systems are further expected to fuel the overall
market demand. Factors such as aging, makeup, plastic surgeries and other such
medical procedures may affect the efficiency of these systems. Lack of accuracy
and high implementation cost may hinder market growth over the next six years.
Growing data security demand has spurred adoption across organizations, which
is compounded by increased usage of personal devices as part of the BYOD policy in the IT sector.
Key facial recognition technologies include 2D,
3D, and facial analytics. 2D technology is widely used owing to its low
installation cost and operational ease as it uses two-dimensional appearance
recognition. This technology is inaccurate in various conditions such as
varying environmental conditions, angles, and expressions. 3D technology
overcomes the drawbacks of 2D by using high definition and complex algorithms.
The 3D facial recognition market is expected to grow at a considerable rate
over the forecast period. Emerging technologies such as facial analytics and
cloud-based solutions are further expected to favor market growth. Facial
analytics is increasingly used in retail, education & research and police
services to determine changing attributes such as age, gender, and other facial
characteristics.
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The government sector is estimated to be the key end-use segment over the next six years owing to demand in law enforcement and security. Since it is non-intrusive in nature, facial recognition is used for covert monitoring. This technology is widely used in banking and finance to counter frauds which are expected to favor market growth over the forecast period. High technology implementation cost can pose a challenge to overall market growth. However, increasing use and technology advancements are expected to reduce gradually the overall implementation cost. Facial recognition is also used in retail segment for an efficient marketing of its products.
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