Market data shows that demand for facial recognition is mushrooming. Tradingplatforms.com has presented stats backing this assertion. According to their report, the sector will grow by $4.7B by 2025. That’ll see the industry meet the $8.5B mark, a twofold increase from its 2020 figures of $3.8B.
New security frontier
Tradingplatforms.com’s Edith Reads is optimistic about the technology. She says, “Facial recognition is the new security frontier, the future of authentication. It’s part of a growing trend toward smart security systems. These are faster and meticulous at recognizing threats, who belongs and who doesn’t.”
Facial recognition systems are advancing with the application of machine learning and AI. These are making them adept at analyzing complex scenarios.
Pros and cons of facial recognition systems
The commonest application for facial recognition is in the provision of security services. With surveillance systems it’s helping to fight crime and identify perpetrators.
Further, it helps locate missing persons and is valuable for mass surveillance systems. Moreover, it’s pivotal in detecting fraud within the financial sector.
Likewise, facial recognition is critical in adding a security layer to payment gateways. Additionally, it eliminates the need for PINs and passwords, easing logins and purchases.
While facial recognition is gaining popularity, its adoption is facing several hurdles. These include a lack of standards around it, concerns about the privacy implications of their deployment, and a wariness about hackers stealing or misusing facial data.
The full story and statistics can be found here: tradingplatforms.com/blog/2022/02/08/global-facial-recognition-market-to-surge-by-4-7-billion-by-2025/
