LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global facial recognition market to grow at a CAGR of close to 23% over the forecast period, according to their latest report.
The research study by Technavio on the global facial recognition market for 2017-2021 provides a detailed industry analysis based on the technology (3D and 2D facial recognition), application (identification and verification), end-user (government, transportation, and BFSI), and geography (North America, Europe, APAC, MEA, and South America).
The growing need for human identification to reduce unauthorized intrusions has increased the installation of facial recognition systems for border protection. Countries such as the US are planning to implement facial recognition systems to improve their airport security. Hence, the rapid technological advances in facial recognition techniques will drive the market during the forecast period.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global facial recognition market:
- Increasing instances of identity threats
- High usability in mobile devices
- Adoption of 3D facial recognition technology
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Increasing instances of identity threats
The increasing dependence of end-users on websites and web applications is giving rise to an increasing number of identity and data theft cases. The growing popularity of online gaming and social network websites is also adding to the rising number of identity theft cases. Also, the increasing complexity of these attacks is driving end-users to implement secure authentication solutions.
“There is an increased adoption of biometric security solutions. Biometric solutions are one of the most secure authentication solutions because of their capability to incorporate the physical and behavioral features of the end-users, which are difficult to forge. Hence, it is among the strongest growing authentication solutions currently,” says Amrita Choudhury, a lead analyst at Technavio for IT security research.
High usability in mobile devices
The increasing use of personal devices for financial transactions is one of the major growth drivers for this market. As financial institutions are encouraging the use of mobile banking and online financial transactions, the need for high-level security to ensure the safety of critical information is increasing.
As financial transactions using personal devices are increasing, the demand for biometrics in consumer electronics is also increasing. This is leading to a high adoption of the facial recognition technology in consumer electronics as it is easy to implement. Therefore, the global facial recognition market will grow significantly during the forecast period.
Adoption of 3D facial recognition technology
The 3D facial recognition technology uses the 3D approach, which is achieved by integrating two cameras that are synchronized together to reconstruct a 3D facial template for a user. The three-dimensional technique uses 3D sensors to capture the information about the facial feature such as the silhouette of the eyes, lips, nose, and chin of an individual.
“The information gathered by the 3D technique is much more comprehensive, in addition to not being affected by the use of cosmetics and changes in lighting. Therefore, manufacturers of facial recognition systems are slowly replacing the 2D technique with the 3D technique due to its unique advantages,” says Amrita.
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