Biometric Facial Recognition Market Faces Bright Future

Research and Markets has released a new report on the topic of facial recognition biometrics. The report, entitled “Global Facial Recognition Market (2D Facial Recognition, 3D Facial Recognition, and Facial Analytics) – Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” predicts the market will grow at a rate of 9.5 percent between 2014 and 2020.

It’s a comprehensive report, looking at 2D and 3D facial recognition technology, as well as facial analytics, which covers changing facial expressions. The researchers have found that such technology’s use is widespread through a range of industries, but is particularly in demand in the government and law enforcement sectors – no great surprise, given the recent attention in the news to such deployments. The report also notes that increasing levels of fraud in the BFSI sector has led to the increasing deployment of facial recognition systems, though it has spurred greater use of biometric technology in general.

Facial analytics technology is also increasingly finding a home in retail, where it’s used to outfit customers with virtual products such as eyewear. We have also seen in recent news that 3D facial imaging is on its way for just such an application in the near future, while facial recognition technology has also begun to be used in the analysis of audience response to live performances. It’s a market expanding in many different directions.

November 27, 2014 – by Alex Perala