$4.6Bn Facial Recognition Technology Market is Poised for Astonishing Growth Due to Increased Adoption

In the current market landscape, organisations are witnessing the need for robust authentication techniques to provide convenience and security as their customers access sensitive information and data. To avoid the glitches of the password-based authentication, these organisations are now moving moved towards multi-factor authentication. The concerns regarding data security are increasing rapidly owing to the growth of digital content and the increasing number of data breaches. Digital security is a crucial issue witnessed by these organisations that have a broad customer base and a few security solutions. The threats regarding data security have become difficult to detect owing to significant growth in the customer base, the rise in IoT penetration, and the rise in digital content. Also, the demand for advanced security systems in government agencies and the civil sector is surging. This has created growth opportunities for the global market. Further, the increasing adoption of biometrics-based security measures paired with advancements in the development of robust solutions has propelled the growth of the facial recognition systems market.

The report analyst commented "Currently, the 2D facial recognition technology dominates the global facial recognition technology market in 2019. The high share of the segment can be attributed to higher functionalities and commercialisation of this technology. It is expected that 3D facial recognition technology is expected to surpass 2D owing to better security functionalities, steadily increasing adoption and the high cost of the system."

Leading companies featured in the report who are developing facial recognition technology including 3M, Cognitec Systems GmbH, NEC Corporation, Gemalto, Nuance Corporation, Daon, IDEMIA, ZKTeco, Cross Match Technologies (ASSA Abloy), Ayonix Corporation, and Aware Inc.

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