Increasing security needs in government sectors for employee attendance and identification is expected to be a key driver for the facial recognition market over the forecast period. Facial recognition is a biometric technology which provides high-level security for public and private sectors. It takes into account selected facial features and compares them with a database to provide authorization.
Facial recognition system includes readers, software and related database for providing accuracy along with security. This technique is highly efficient for avoiding security breaches as compared to traditional authorization methods such as passwords and tokens etc.
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Technology advancements such as cloud-based services and 3D recognition systems are further expected to fuel the overall market demand. Factors such as aging, makeup, plastic surgeries and other such medical procedures may affect the efficiency of these systems. Lack of accuracy and high implementation cost may hinder market growth over the next six years. Growing data security demand has spurred adoption across organizations, which is compounded by increased usage of personal devices as part of the BYOD policy in the IT sector.
Government initiatives such as UIDAI project in India and e-KTP project in Indonesia to generate electronic id generation of individuals are also expected to provide new opportunities for the facial recognition market in Asia Pacific.
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The facial recognition market comprises companies including 3M Cogent, Animetrics Inc., Aurora Computer Services Ltd., Aware Inc., Ayonix Inc., NEC Corporation, Precise Biometrics, FaceFirst, and Nuance Communications, etc. Continuous research & development to offer product differentiation is expected to be the key success factor for industry participants. Ayonix Inc. specializes in dealing with real-time face recognition with use of IP cameras to identify suspects in public locations and VIP customers in sectors such as banking, hospitality, and retail, etc.
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