What was once considered a subject of science fiction, facial recognition technology has come a long way from imagination to reality in a matter of decades. Today, the next generation facial recognition technology has real world applications that are revolutionizing the way several sectors function, most importantly the government, banking and financial sectors and transportation industries. Facial recognition is a technology that authenticates an individual by measuring the facial characteristics of the claimed identity.
Facial recognition is widely accepted by enterprises for providing access to secured premises, and it aids in recording time and attendance for employees. This system does not necessitate an individual to stand against the camera for the scan; rather it locates the persons’ face for identification against the template stored in the database.
The Incentives : Mobile devices, 3D technology, facial biometrics
With the upsurge in the adoption rate of mobile devices such as smartphones, tablets, and laptops, the use of devices enabled by facial recognition is increasing at an exponential rate. Financial institutions are the major contributors to this cause with the emergence of mobile banking and online financial transactions. As the financial transaction is being done through the personal devices, the need for high-level security is undoubtedly massive. Thereby, the adoption of facial recognition software is rising at an unprecedented pace.
Further, the emergence of 3D technology is transforming the industrial operations to an all new level. Unsurprisingly, it is also playing a vital role in the advancement of facial recognition devices. The 3D approach in facial recognition is achieved by integrating two cameras that are synchronized together to reconstruct a 3D facial template for a user. The technology used for 3D recognition is not affected by the use of cosmetics and changes in lighting. Therefore, manufacturers of facial recognition systems are gradually replacing the 2D technique with the 3D technique due to its unique advantages.
Lastly, the usage of facial recognition and biometrics is a major necessity in the government sector to recognize the individual’s identity in documents such as ID cards, passports, drivers’ license and social security cards. With a combination of live scanner and stored facial template on a smart card, the implementation of biometric-based identification enhances the level of security in government organizations.
Reach new heights with Technavio’ s privileged solutions
The developments in the global facial recognition market are evident with its popular adoption, and the industry is set to reach new heights in the coming years. However, in order to fully embrace this technology, the companies need to understand the challenges and the payoffs involved.
Technavio’ s market insights provide the expert market insights to the companies that will aid them in staying on top of the competition. Our reports cover the detailed analysis of crucial aspects including latest trends, challenges, growth drivers and other lucrative areas of the global facial recognition market. Source the advantage by downloading your free sample copy.
