Facial recognition technology as a biometric security measure has gained significant traction in recent years driven by growth in security measures around the globe which itself is propelled by rise in incidents of crime and terrorism. The components of facial recognition market include hardware, software and services. Software utilized in this industry include modeling, database, and analytic software. The various technology segments comprise of 2D, 3D, emotion, thermal, mobile and forensics.
Government, defense and transportation (including airports, railways and other mass transportation) represent a major chunk of the market, however; other sectors including retail, BFSI, industrial, hospitality, residential, stadiums, healthcare, educational institutions are expected to see a significant growth over the coming years. The demand for this technology is growing steadily across all industry verticals and is poised to become as ubiquitous as fingerprint technology over long term. Emerging trends and opportunities in the market include refining search engine results on the basis of facial images and photo tagging applications, gathering intelligence on buying and traffic pattern in various retail shops, identification of missing persons. Further, innovative cloud services based on face recognition technologies are expected to gain increased traction in market. A major challenge for this market is limitations in terms of accuracy for face and feature detection, however, increased focus on research and technological advancements are expected to overcome this challenge.
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Some of the key players in this market include Animetrics, Inc., Afix Technologies, Inc., Aware, Inc., Cognitec, Inc., Cross Match Technologies GmbH, Fujitsu Ltd., Gemalto NV, NEC Corp., RCG Holdings, Safetic AG, FaceFirst LLC, Safran Group, ZK Software, Inc., 3M Cogent, Inc., Avalon Biometrics SL, Daon, Inc., Digitalpersona, Inc., and Iris ID Systems, Inc.
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