In the era of digital transformation, more and more organizations are turning to facial recognition technologiesfor a range of applications in public spaces. These systems have also been deployed to mitigate the spread of the COVID-19, as these technologies can be connected to larger surveillance networks to monitor compliance with protective measures such as mask wearing. Studies have shown that systems are prone to false positives. In recent weeks, tech giants including Microsoft, Amazon and IBM have completely removed their facial recognition systems from the market or banned police departments from using these technologies. Despite the moves made by the tech giants, the future of facial recognition systems looks bright, according to a new report from Global Market Insights.
The organization estimates that the facial recognition market will be valued at $12 billion by 2026. Market Research Future valued the global facial recognition market at $3 billion in 2016. Concerns about safety in public spaces are expected to drive demand for these technologies in the coming years. Across North America, the facial recognition market is expected to be driven by investments in retail, healthcare, defense, and security.
Significant investments in security and surveillance are driving this particular market, according to the report. Many organizations, including airports and major sports venues, are investing in surveillance systems, leveraging facial recognition systems, alongside artificial intelligence, IoT sensors, thermal imaging cameras and more. Companies are creating new software that is expected to aid in identification and tracking.
Global Market Insights also predicts that facial recognition systems will revolutionize advertising and retail in the coming years. Their use will allow advertisers to better understand the demographics of their customers in order to serve more personalized ads to these individuals. The overall success rate of these ads and targeted campaigns can also be measured using facial recognition systems.
The report also notes that the growth of the facial recognition market will be driven primarily by 3D systems rather than more limited 2D systems. In comparison, 3D systems offer more accurate information in low-light environments, as they use facial features such as the depth of the eyes or the shape of the nose and chin of the captured image to compare with the available image database . Finally, more advanced 3D systems can detect variables such as small changes in skin texture and aging.
