Advanced facial recognition software enables surveillance systems to identify or verify a person in real-time. The technology can be used to analyze both digital images as well as streaming video frames from a video source using multiple methods. The most commonly used technique involves facial feature extractions and subsequently comparing it with existing databases. Advanced techniques using artificial intelligence for analyzing patterns in various facial features are being increasingly used to enhance the facial recognition capabilities.
Facial biometrics for access control and ID management, criminal identification, and customer pattern recognition for personalized marketing and ad-campaigns are some of the commonly used applications of facial recognition. Biometric payments are an emerging area that is gaining widespread acceptance across various supermarkets and retail outlets globally. Enhancements in computer vision coupled with availability of high-definition surveillance cameras for both 3D and 2D imaging and enriched thermal imaging based facial recognition has bolstered huge potential opportunities for facial recognition market.
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Millennials entering the workforce has had an impact on the enterprise mindset and way of functioning, the reluctance to work on mundane daily activities has forced enterprises to invest in automation technology and automate most of the activities and ensure no human intervention such as attendance, verification, etc. This factor has propelled the facial recognition market to new industries and use cases.
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NEC, Herta Security, NViso, Gemalto, 3M, Kairos, Amazon Web Services, Cognitec Systems, IBM, Aware, IDEMIA, and Ayonix Institute are some of the key facial recognition technology vendors.
Key Stakeholders that can see a ripple in the market due to the growth of the facial recognition market are
- Government agencies
- Technology vendors
- Application developers
- System integrators
- Enterprise end users
- Camera OEMs
- Integrated device manufacturers
- Finger print technology users/manufacturers/advisers
- Smartphone/device manufacturers
- IoT hub/device manufacturers
– Sishir C Naren
ICT – Research Analyst