Global facial recognition market set to soar, focus on attendance monitoring and access control
The global facial recognition market is expected to grow from USD 4.05 Billion in 2017 to USD 7.76 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.9%, with a strong focus on Emotion Recognition, Attendance Tracking and Monitoring, Access Control and Law Enforcement, a recent market research report has been able to suggest.
The “Facial Recognition Market by Component (Software Tools and Services), Technology, Use Case (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement), End-User, and Region – Global Forecast to 2022” report from Research and Markets points out that this significant growth is likely to be driven by a variety of factors, including the increased need for enhanced surveillance and monitoring at public places and the increase in the use of facial recognition technologies in industries, such as the government.
On the basis of software tools, the 3D facial recognition technologysegment is expected to have the largest market size during forecast period, is not dependent on illumination, which enables it to capture high-quality images in uncontrolled environments, such as poorly lit or completely dark areas.
The 3D facial recognition technology has a high potential to analyze, identify, and verify the facial characteristics of individuals. The facial recognition technologies are used in applications areas, such as cross-border monitoring, document verification, and identity management.
Depending on the use of facial recognition systems, the law enforcement segment is expected to have the largest market size during the forecast period. Facial recognition software and services are predominantly applied at the premises, where the enforcement, surveillance, and monitoring of the facial detection law is needed.
Facial recognition technologies are capable of recognizing faces in real-time using webcam; providing accurate gender information; detecting age, mood, and other features; and searching faces from the database. The demand for the software segment is expected to have increased, due to the increasing data breaches and growing need of enterprises to save resources from unauthorized access.
Tensor – suppliers and installers of high-end facial recognition systems
Tensor’s facial recognition solution is perfect for video surveillance and tracking, access control, and commercial marketing management.
The system can dynamically compare images of individuals from incoming video streams, of varying quality, against specific databases and send immediate alerts when positive matches occur. It also quickly manages real-time multi-recognition of faces in highly crowded environments.
The software has an amazingly high level of accuracy and is even able to analyse the 8K resolutions generated by the most high-end CCTV surveillance cameras. Its smart technology has in-built data analytics; detecting and estimating gender, age ranges and ethnicity – there will be more to follow later. The application is also able to conduct 35 million comparisons per second, making it the fastest system in the world.