Covering Disruptive Technology Powering Business in The Digital Age

Home > Archives > News > Global Facial Recognition Market to Surge by USD $4.7 billion by 2025
image
Global Facial Recognition Market to Surge by USD $4.7 billion by 2025
image
February 10, 2022 News

Market data shows that demand for facial recognition is mushrooming. Tradingplatforms.com has presented statistics backing this assertion. According to their report, the sector will grow by USD $4.7 billion by 2025.  That willll see the industry meet the USD $8.5 billion mark, a twofold increase from its 2020 figures of USD $3.8 billion.

New Security Frontier

Tradingplatforms.com’s Edith Reads is optimistic about the technology. She said: “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 Artificial Intelligence. These are making them adept at analysing 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, these systems are helping to fight crime and identify perpetrators.

Further, facial recognition helps locate missing persons and is valuable for mass surveillance systems. Moreover, it is 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 its 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/.

 

(0)(0)