Facial Recognition Market is Expected to Drive the Growth by 2026
A report published by GMI states that the facial recognition market size will exceed USD 12 billion by 2026. Growing concerns regarding public security is expected to surge the demand for advanced facial identification and verification technologies. Facial recognition systems can be used for precise identification of individuals across areas like high security facilities for access control. Face identification systems are also used in large stadiums as well as public places such as museums to track and monitor intrusions at the entry point, thereby enhancing public safety.
Implementation of the technology in surveillance & security applications is expected to anchor the growth of facial recognition solution providers.
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Mentioned below are some key trends supporting industry growth:
Demand for 3D facial recognition systems
3D face recognition systems have got fame due to their quality of offering enhanced accuracy over 2D systems. They ensure accurate identification by checking facial parameters like deepness of eyes and shape of the nose and chin in comparison with the available database of images. 3D systems provide correct results even in vague lights as they use facial constraints. These systems can also check parameters that 2D systems usually cannot track with accuracies such as changes in skin texture, or aging.
3D technology is mainly used for cross-border monitoring, identity management, and document verification. The features and benefits provided by the 3D face recognition systems will further propel the facial recognition market growth in the coming years.
Growing need for intelligent signage
Facial recognition-based digital signage analyzes the efficiency in real-time and displays targeted advertisements. It can offer tailored promotional offers to attract potential customers. Estimates suggest that intelligent signage segment will gain traction with facial recognition as vendors adopt smart marketing to gain client insights and make the most of it for profits. Identification of buyer demographics to demonstrate relevant, collaborating, and personalized advertisements can be done with the help of interactive digital signage with facial recognition.
Booming popularity in the healthcare sector
Facial recognition technology is gaining huge popularity in the healthcare sector for various applications. It can be used by doctors for tracking depressed patients by analyzing their facial expression using artificial intelligence capabilities. It can be deployed in hospitals to identify new patients, categorize regular patients, staff, and doctors. It can also be deployed to identity patients to speed up diagnosis and treatment and to track pain levels. As per a report, in February 2019, over 30 hospitals in Beijing installed cameras with facial recognition market.
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Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
1.1. Scope & definitions
1.2. Methodology & forecast parameters
1.3. Data sources
1.3.1. Secondary
1.3.2. Primary
Chapter 2. Executive Summary
2.1. Facial recognition market 360º synopsis, 2016 – 2026
2.1.1. Business trends
2.1.2. Regional trends
2.1.3. Component trends
2.1.4. Application trends
2.1.5. End-use trends
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