Companiesandmarkets.com

Facial biometrics sector to total $2.9 billion by 2018

Press release   •   Apr 09, 2013 10:32 BST

The facial biometrics market has been forecast to reach a total value of US$2.9 billion by 2018, primarily driven by growing security concerns against the backdrop of increasing terrorist attacks, racial and ethnic disturbances, campus violence, random shootouts, riots, burglary, and physical assaults.

A facial recognition system is a computer application for automatically identifying or verifying a person from a digital image or a video frame from a video source. One of the ways to do this is by comparing selected facial features from the image and a facial database.

Unlike other biometric technologies such as vein pattern scanning, fingerprint identification or hand geometry, all of which demand individuals to be identified to make some contact with the reader or the system, facial recognition technologies can establish an individual's identity even without any established contact between the person and the system, just by capturing an image with the help of cameras.

There are a number of potential uses for facial recognition that are currently being developed. For example, the technology could be used as a security measure at ATM's; instead of using a bank card or personal identification number, the ATM would capture an image of your face, and compare it to your photo in the bank database to confirm your identity.

Facial recognition systems are also beginning to be incorporated into unlocking mobile devices. The android market is working with facial recognition and integrating it into their cell phones. They have created an application called Visidon Applock.

This application allows you to put a facial recognition lock on any of your applications. This allows you to increase the safety of your private apps and content. Facial recognition technology is already implemented in the iPhoto application for Macintosh.

The US continues to remain the largest region within the facial biometrics market, accounting for the majority share of global sales. Asia-Pacific is set to remain fastest growing regional market with sales in the region waxing at a compound annual growth rate (CAGR) of approximately 28.5% over the next five years.

The main inhibitor to growth within the facial biometrics market is cost. Current alternatives such as swipe cards and keypads are still popular, as companies, especially small to mid-size businesses, are waiting for the cost of biometric systems to drop further before they consider purchasing such systems.

These biometric systems often come with hidden expenses such as middle ware, application software, and system integration costs because use of these systems often requires an infrastructure capable of handling large volumes of information.

For more information on the facial biometrics market, see the latest research: Facial Biometrics Market

Follow us on Twitter @CandMResearch

Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.