Government, finance keep demand up for facial recognition technology

The government and financial sectors make up nearly two-thirds (61%) of the global facial recognition market, according to TechNavio, a tech-focused global research firm.

Source: TechNavio.

The biometric technology for the identification and authentication of individuals can be used as part of the advanced security solutions that may protect against theft of critical data, driving demand from both segments for an estimated a CAGR of 26.6% from 2013-2018.

The technology is being adopted in the financial sector, for similar reasons. the HSBC Group was the first bank in the UK to use facial recognition technology to improve security, and many have followed suit.

“Departments such as intelligence, defense, and finance hold critical data, the theft of which could endanger national security,” says Faisal Ghaus, Vice President of TechNavio.

“Hence, to secure their perimeter, government departments of various countries are installing stronger security measures, including facial recognition software.”

Another area where this software is growing in popularity is in security applications in airports. To deal with the growing threat and frequency of terrorist attacks, governments of various countries are deploying face recognition software at airports. The software screens people and matches the images against a database of terrorists. It can alert the security agencies at airports, thereby mitigating possible terrorist attacks, especially in international airports that deal with a high volume of passengers on a daily basis.

Key vendors include 3M Cogent, Cognitec Systems, NEC and Safran.