The global facial recognition market is expected to grow at a high CAGR during the forecast period. Facial recognition technology is widely used in emerging economies, and the Indian police force used it to help track down missing children in April 2018. Several countries in APAC are also taking initiatives to create electronic ids for individuals. The UIDAI project in India and the e-KTP project in Indonesia are two such initiatives.
The Asia-Pacific region will continue to be the fastest-growing facial recognition market through the forecast period. Growth in this region can be attributed to a variety of factors, including increasing demand for security and surveillance. Increased terrorist activity and the ongoing improvement in aviation industry are driving growth in this region. The Asia-Pacific region is expected to witness a CAGR of 18.6% during the forecast period. There are several opportunities for vendors operating in the global facial recognition market in the coming years.
The travel industry is one area where facial recognition technology is already being used.
It helps speed up authentication and documentation processes. It also enables companies to detect security threats and maintain restricted access to sensitive areas. A global facial recognition market is anticipated to exceed $1 billion by 2018.
Government and private sectors are both investing in facial recognition technology. As the number of incidents of crime increases around the world, there is a growing demand for advanced security solutions. Governments are increasingly using facial recognition technology in airport security checkpoints to find missing children and uncover criminals. Businesses are also choosing to install facial recognition-based security systems. Further, facial recognition technology is being used in eLearning platforms to improve public safety.
The healthcare industry is also investing in facial recognition technology.
This technology can improve security and reduce health insurance fraud. Facial recognition is already being used for disease identification. It can also help track individuals in a crowd who have been quarantined. Increasing technological advancement is also driving the market’s growth. The IoT (Internet of Things) is a big factor in the global facial recognition market’s future. The technology allows for a more secure and convenient identification and verification process.
Face recognition technology is a cutting-edge technology that can help organizations improve productivity and profit margins. But it faces certain technical challenges, including the lack of data to train algorithms. Furthermore, companies are still lacking AI skills, understanding, and knowledge to effectively use facial recognition. These barriers are compounded by an unregulated regulatory environment and the need for a lot of data. While facial recognition is already a reality in many sectors, it is still at an early stage.
The Global Facial Recognition Market report offers comprehensive analysis of the market, including current and future trends and competitive profiles of key players. It also highlights the key challenges and opportunities in the industry, as well as quantitative analysis. By looking at the key drivers, challenges, and opportunities, it shows that the global market for facial recognition systems will grow steadily. In just four years, the global market for facial recognition has reached $xxx million in value.