Global facial recognition market to reach $9.93 billion by 2027, research forecasts
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Technical advances in cloud and 3D recognition systems, rising demand for data security among enterprises with increasing personal devices will help drive growth in the global facial recognition market, which is set to reach an impressive $9.93 billion by 2027, a recent news report has been able to reveal.
The research from Grand View Research points out that the sector will increase at a CAGR of 14.5 percent, with government employee attendance and identification applications expected to be a key growth driver.
Facial analytics will have an even higher rate of growth than the broader technology market over the forecast period, at 20.8 percent. Asia-Pacific is expected to be the biggest growth region, with rapid adoption in developing economies. The technology’s application for gathering demographic data is increasing its usability, according to Grand View.
Further research also points out that the market for image recognition is expected to reach $109.4 billion by 2027, growing significantly faster than the above projection for facial recognition, with an 18.8 percent CAGR, Grand View Research forecasts.
The market includes facial and object recognition, medical imaging, visual geolocation, barcode reading, and automated driver assistance, among numerous other applications. According to the report, the technology combines with AI to create growth opportunities in a number of industries, including gaming, social networking, and e-commerce.
CCTV Surveillance – The experts in deploying Facial Recognition CCTV systems
The Facial Recognition CCTV solution supplied by CCTV Surveillance dynamically compares images of individuals from incoming video streams against those stored in a predefined access control list and immediately sends alerts when a positive match occurs.
The technology yields a very good level of performance despite partial occlusions of the face, the use of glasses, scarves or caps, changes of facial expression, and moderate rotations of the face. Moreover, it does not allow users to be impersonated using photographs.
This biometric technology is the perfect solution to control the access to restricted security areas, especially since we’re talking about a completely automated system that requires very little interaction with the operator.
Our Facial Recognition CCTV system can be easily integrated with existing ID management products and enables administrators to easily create Whitelists/Blacklists for specific areas, while subjects can be very easily enrolled from one or more photographs.
The system fully supports runtime alarm management, is highly tunable (control based on time-frames, sequentially, etc) and even allows alarms to be exported to common formats (PDF, Excel) and remote devices (mobile, PDA, tablet, security control centre).