FACIAL RECOGNITION SYSTEM MARKET ANALYSIS

Market Challenges And Opportunities

Increasing demand for surveillance systems to improve public safety and security is expected to increase adoption of facial recognition systems

Face recognition system find major application in public security using surveillance cameras to track the criminals. Moreover, growing concern regarding security threats has resulted to install face recognition system in most of the public places such as airport, metro stations, open market, country borders, and other public places, which helps to keep track on the criminals. For instance, in October 2017, three units of Panasonic's facial recognition systems was installed at Tokyo International Airport's immigration control. These were installed to verify traveler's identity by comparing travelers face using the IC chip embedded in the person's passport with the photo taken by face recognition system. Furthermore increasing adoption face recognition system by government bodies and defense authorities is expected to drive the market growth over the forecast period 2019-2027.

Increasing adoption of face recognition system in mobile devices for authentication and data security purpose is expected to drive the market growth over forecast period

Maintaining information security in mobile devices has become increasingly important, owing to which some of the major mobile companies such as Apple Inc, Samsung Electronics, and OnePlus are focused on implementing face recognition system in their latest devices to protect and secure their user's data. For Instance, in September 2017, Apple Inc launched IPhone X, which uses 3D facial recognition to unlock the phone and is considered to be more secured compared to password unlock system. Moreover, increasing online payment transaction from mobile devices has also led the app developers to develop face recognition app to authenticate users identity before making the payment. These factors are expected to drive demand for face recognition system over the forecast period.