The global facial recognition market has witnessed substantial growth in the in the past few years owing to surging demand from the governments across the world. Given the growth prospects, this sector is expected to grow at a CAGR of 26.6 percent in the forecast period between 2014 and 2018.
This report: Global Facial Recognition Market 2014-2018 presents a detailed analysis of the current scenario and growth prospects of the market for the period 2013-2018 citing the market drivers, key players and the present overview of the market. The report highlights the prevalent market conditions and outlines the scope of this industry globally.
Facial recognition software has been seeing an influx in demand from governments across the world, owing to its intensive usage in departments like intelligence, defense and finance. These departments store critical data, the breach of which could result in hazardous consequences, thereby making the facial recognition software of great importance. Therefore to protect their perimeters, government officials in a host of countries are resorting to better and stronger security measures, facial recognition software being a key among them.
Owing to its security benefits, this technology is also being adopted in the financial sector. Recently the HSBC Group became the first bank in the UK to install this software in order to boost security. Since then, a host of other banks and companies have also employed this technology for providing enhanced security features.
Application of this technology in airports to enable tighter security forms the other major market for facial recognition software systems. At airports, this software is employed to duly screen people and match their faces against a database of terrorists, helping security agencies at airports to mitigate any possible terrorist attacks. Recent research also indicates that facial recognition software is gaining importance in commercial and enterprise markets, in its usage for webcams, photo databases and smartphones.
The need for better security in government departments and other sectors has been acting as the main driver for the extensive installation and use of this software. In an era when cyber-attacks and similar threats are being reported almost every day, security has become the foremost priority. Facial recognition software market research asserts that the government sector has been the major revenue contributor to the market with defense, finance and military as the leading departments who utilize this software.
Some of the key players studied in the report include dominant players like 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.
Research states that the foremost challenge that this software faces is the lack of accuracy in some facial recognition systems, especially difficulties in detecting facial reconstruction surgery, changes in makeup and age based changes, since these conflict with the acceptance terms set in the software. However, industry experts state that increased focus on research and technological advancements are expected to help overcome these challenges in the years to come.
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