Facial Recognition Market Is Anticipated To Grow Swiftly Due To Increasing Demand For Data Security Till 2020: Grand View Research, Inc.
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.
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.
Browse full research report on Facial Recognition Market: http://www.grandviewresearch.com/industry-analysis/facial-recognition-market
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.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/electronic-security-systems-and-devices
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.
Facial recognition technology is
increasingly used to address security needs owing to growing internal and
external threats worldwide. North America is estimated to be the key regional
market over the forecast period owing to the wide use of this technology in the
U.S. in departments such as homeland security, justice, defense, etc. Government
initiatives such as UIDAI project in India and e-KTP project in Indonesia to
generate electronic id generation of individuals are also expected to provide
new opportunities for the facial recognition market in Asia Pacific. Key
European markets of the UK, France, Germany, Italy and Spain are expected to
drive the regional market considerably over the forecast period.
About Grand View Research
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, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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