Face Recognition Biometrics Industry Gears Up for Growth
PALO ALTO, Calif.
Intensifying global security concerns have created an urgent need for advanced security solutions in the United States and many other parts of the world, according to a recent study titled “World Face Recognition Biometrics Market.”
“Face recognition biometric technologies hold immense revenue-generating potential, especially in the government vertical,” says Frost & Sullivan industry analyst Sapna Capoor. “Currently, one of the primary drivers of this market is the mandated adoption of face recognition biometric technologies for passports.”
According to the new analysis from Frost & Sullivan, the face recognition biometrics market earned revenues of $186 million in 2005 and is likely to grow at a compound annual growth rate (CAGR) of 27.5 percent to reach $1.02 billion in 2012.
The government and law enforcement application market holds the highest potential for the implementation of face recognition biometrics, according to the report. This is due, according to the report, primarily because of the International Civil Aviation Organization’s (ICAO) decision in May 2003 to mandate the adoption of face recognition technologies as the primary identifier in biometric passports.
While ICAO also endorsed the use of finger and iris biometrics, its recommendations on face recognition biometrics expect to have a far-reaching impact as more countries comply with these regulations to enable easier and safer travel for their own citizens.
High prices continue to be a critical challenge that could hamper the adoption of face recognition biometrics, the report says. The solutions also face stiff competition from nonautomated fingerprint identification systems (non-AFIS) on grounds of price, as they are otherwise equally matched in terms of performance and accuracy. Thus, reducing the prices of face biometric solutions is becoming imperative for them to compete effectively with alternative biometric technologies, the report says.
“Large-scale adoption of face recognition systems arising from wider deployment in the government vertical will help in reducing the cost of face recognition systems,” says Capoor. “While this is not anticipated till 2007-08, reduction in the cost of these technologies is expected to result in a considerable increase in demand.”
However, reduction of prices, particularly for 2D/3D face recognition biometric technologies, is likely to pose a major challenge, the report says. Vendors need to actively promote the many benefits of implementing these technologies over alternative biometrics solutions, as well as enhance their credibility through comprehensive and timely implementation of large-scale government projects. This is likely to provide a strong impetus for more widespread adoption of face recognition biometrics, the report says.
The “World Face Recognition Biometrics Market” report provides a detailed analysis of the market by application, vertical sectors and geographic regions. In producing the research, Frost & Sullivan’s analysts examined the following markets: government, financial, health care, travel and transportation, among others.
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