…Grows at 12.5% annually
By Juliet Umeh
Every day, millions of people across the world use facial recognition to unlock their phones, log in to any apps or games.
However, this technology is gradually gaining prominence as a recent report by Indian Audit firm, Mordor Intelligence, said its market is expected to grow at a combined annual growth, rate, CAGR of 12.5 percent for the forecast period 2019 to 2024.
A facial recognition system is a technology capable of identifying or verifying a person from a digital image or a video frame from a video source.
Facial recognition has been gaining prominence in recent times, owing to the benefits it offers over other surveillance techniques. Governments of different countries have been investing in the technology with the United States and China the leading adopters.
According to Mordor Intelligence, the market was valued at $4.51 billion in 2018 and is expected to reach a value of $9.06 billion by 2024.
The scope of the study is limited to stand-alone facial recognition solutions and services offered by various vendors. The hardware components involved for facial recognition services like video cameras, sensors among others are not considered for arriving at the revenue estimates during the forecast period.
Key market trend
Presently, around 94 percent of smartphones feature fingerprint sensors, but this is expected to drop to 90 percent by 2023.
The development in 3D cameras is expected to bring advancement and new applications for 3D facial recognition technology, especially the healthcare IT solutions, payments and commerce sectors.
For instance, in June 2018, SensibleVision, a Florida-based firm launched its 3DWALLET technology, designed to let retailers replace cash and card payments and eliminate the need for checkout lines through a 3D facial recognition platform that identifies customers automatically and charges them for their purchases. North America is expected to hold the highest market share. The region offers lucrative opportunities for market growth, exhibiting a massive demand for facial recognition technology for homeland security and criminal investigation.
The biggest facial recognition surveillance system in the region is operated by the Federal Bureabnu of Investigation, FBI.
The FBI’s ID system maintains a facial recognition database with images of more than 117 million Americans. The FBI conducts, on average, 4,055 searches every month to identify individuals with facial recognition systems.
Where is Nigeria in the trend?
Although Nigeria still lags behind in adopting facial recognition, but some people are already using the technology to unlock their devices in the country.
For instance, the Group Head, Operations and Technology, Ecobank Nigeria, Dr David Isiavwe, told Hi-tech that facial recognition may be solution to some of the cyber security challenges in Nigeria. He also said that he is already using it to unlock his phone.
Isiavwe who is the ISSAN President, explained “I can tell you that there’s one new mandate from the CBN now on ATM which is facial recognition. So ATM does not recognize your face as the bank owner, the transaction will decline,” he said.