According to a recent report from TechNavio, the global facial recognition market is set to grow at a CAGR of 25.7 percent between 2015 and 2019.
The report, as one would expect, highlights the key vendors in the facial recognition arena. 3M Cogent, Cognitec, NEC and Safran (Morpho) are all singled out as playing large roles in this growth period.
TechNavio’s vice president, Faisal Ghaus, notes that the period outlined in the report will have a defining trait: spending on research and development.
“Companies are explicitly focusing on R&D to introduce inexpensive and advanced solutions for customers,” says Ghaus.
“The increased focus on R&D has also resulted in the introduction of products with better accuracy and high integration ability.” he explains. “The greater accuracy, integration and low price of facial recognition systems are expected to enhance the adoption of these systems by 2019 and promote aggressive growth in the market.”
Facial recognition has been in the news quite frequently as of late. With major applications in the area of law enforcement, face biometrics are combining with mobility and big data analytics to help officers of the law catch the bad guys. New deployments of facial recognition technology are being announced regularly, while the FBI’s Next Generation Identification program went online in September with its massive biometric database, which includes its fair share of wanted faces.
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December 1, 2014 – by Peter B. Counter
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