Increasing security needs in government sectors for employee attendance and identification is expected to be a key driver for the facial recognition market over the forecast period. Facial recognition is a biometric technology which provides high-level security for public and private sectors. It takes into account selected facial features and compares them with a database to provide authorization. Facial recognition system includes readers, software and related database for providing accuracy along with security. This technique is highly efficient for avoiding security breaches as compared to traditional authorization methods such as passwords and tokens etc.
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Technology advancements such as cloud-based services and 3D recognition systems are further expected to fuel the overall market demand. Factors such as aging, makeup, plastic surgeries and other such medical procedures may affect the efficiency of these systems. Lack of accuracy and high implementation cost may hinder market growth over the next six years. Growing data security demand has spurred adoption across organizations, which is compounded by increased usage of personal devices as part of the BYOD policy in the IT sector.
Key facial recognition technologies include 2D, 3D, and facial analytics. 2D technology is widely used owing to its low installation cost and operational ease as it uses two-dimensional appearance recognition. This technology is inaccurate in various conditions such as varying environmental conditions, angles, and expressions. 3D technology overcomes the drawbacks of 2D by using high definition and complex algorithms. The 3D facial recognition market is expected to grow at a considerable rate over the forecast period. Emerging technologies such as facial analytics and cloud-based solutions are further expected to favor market growth. Facial analytics is increasingly used in retail, education & research and police services to determine changing attributes such as age, gender, and other facial characteristics.
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The government sector is estimated to be the key end-use segment over the next six years owing to demand in law enforcement and security. Since it is non-intrusive in nature, facial recognition is used for covert monitoring. This technology is widely used in banking and finance to counter frauds which are expected to favor market growth over the forecast period. High technology implementation cost can pose a challenge to overall market growth. However, increasing use and technology advancements are expected to reduce gradually the overall implementation cost. Facial recognition is also used in retail segment for an efficient marketing of its products.
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