London, 09 June 2014: The government and financial sectors make up a whopping 61 percent of the Global Facial Recognition Market, with demand from these segments driving a CAGR of 26.6 percent from 2013-2018 in the market, according to TechNavio, the independent tech-focused global research firm.
The organization has just released their new market research report analyzing the market, which delves into drivers, challenges and trends that are expected to affect this growth over the next four years.
Facial recognition, which is a biometric software technology used for the identification and authentication of individuals, can be used as part of the advanced security solutions currently in high demand in sectors dealing with highly sensitive information.
Need for Advanced Security in the Government & Financial Sectors
One of the major factors driving the Global Facial Recognition Market is the need for high security in various government departments, thanks to an increase in the number of cyber-attacks on governments in recent years.
“Departments such as intelligence, defense, and finance hold critical data, the theft of which could endanger national security,” says Faisal Ghaus, Vice President of TechNavio.
“Hence, to secure their perimeter, government departments of various countries are installing stronger security measures, including facial recognition software.”
The technology is being adopted in the financial sector, for similar reasons. HSBC Group was the first bank in the UK to use facial recognition technology to improve security, and many have followed suit.
Another area where this software is growing in popularity is in security applications in airports. To deal with the growing threat and frequency of terrorist attacks, governments of various countries are deploying face recognition software at airports. The software screens people and matches the images against a database of terrorists. It can alert the security agencies at airports, thereby mitigating possible terrorist attacks, especially in international airports that deal with a high volume of passengers on a daily basis.
Key vendors include:
- 3M Cogent Inc.
- Cognitec Systems GmbH
- NEC Corp.
- Safran SA
To determine these market scenarios over the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Facial Recognition Market please send an e-mail to media@TechNavio.com.
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