The global facial recognition market is estimated to grow with a CAGR of 14.41 per cent, during the forecast period of 2019 to 2028, according to the Global Facial Recognition Market Forecast Report.
The key factors promoting the market growth, according to the authors of the report, include the growing need for surveillance systems to enhance safety and security, technological advancements in recognition systems, and rising adoption of facial recognition in consumer electronics division.
Several facial recognition systems integrated with cloud computing are gradually being initiated into the market because of technological innovations. Manufacturers have developed superior technologies, like, ‘spin-off from terotechnology’ to deliver a cloud-based recognition and face detection service.
Improvements in facial recognition software, like SDK, will improve the precision and accuracy by recognizing distinct facial characteristics. Thus, the enhanced quality of products increases awareness among users, subsequently causing an increased and worldwide adoption of facial recognition biometrics.
On the other hand, consumers may refrain from choosing facial recognition solutions, as governments across the world regulate data usage without their consent, which in turn restricts data storage. As a result, rising data privacy apprehensions among consumers are expected to hamper global facial recognition market growth.
Companies mentioned in the Global Facial Recognition Market Forecast Report include:
1. 3M
2. COGNITEC SYSTEMS GMBH
3. NEC CORPORATION
4. FACEFIRST INC
5. NUANCE COMMUNICATIONS INC
6. CROSSMATCH
7. ANIMETRICS INC
8. DAON INC
9. PANASONIC CORPORATION
10. GEMALTO NV (THALES GROUP)
11. AWARE INC
12. FACEPHI BIOMETRIC SA
13. AYONIX CORPORATION
14. IDEMIA FRANCE SAS
15. FUJITSU
You can find the full forecast report here. Something else to bear in mind is that NIST’s facial recognition vendor test has a more comprehensive listing of the best face recognition algorithms and lists a different group of companies, as well as supplying empirical evidence of performance. You can find that report here.
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