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A service for banking industry professionals · Tuesday, March 19, 2024 · 697,059,311 Articles · 3+ Million Readers

Facial Recognition Market Thrives as Banking and Finance Industry Implements Robust Anti-Fraud Measures

Facial recognition market research

Facial recognition market research

Facial recognition technology has become extremely popular due to growing security concerns and the necessity for reliable authentication methods.

PORTLAND, PORTLAND, OR, UNITED STATES, June 5, 2023/EINPresswire.com/ -- The market for facial recognition, which was valued at $3.83 billion in 2020, is expected to increase at a CAGR of 16.0% from 2021 to 2030 to reach $16.74 billion.

In the public sector and government, facial recognition is used as a sort of biometric for high-level security. Due to an increase in terrorist and criminal activities worldwide, which has increased need for reliable face recognition biometrics, the market is driven by the requirement for surveillance systems in homeland security and criminal investigation agencies.

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With the rising concerns over security and the need for robust authentication systems, facial recognition technology has gained immense popularity. Facial recognition offers a high level of accuracy and convenience in identifying individuals, making it a preferred choice for access control, surveillance, and law enforcement applications. The growing demand for enhanced security measures in public and private sectors is a major driver for the facial recognition market.

Facial recognition systems heavily rely on AI and deep learning algorithms to analyze and identify facial features accurately. Recent advancements in AI technologies, including deep learning and neural networks, have greatly improved the accuracy and speed of facial recognition systems. These advancements have made facial recognition more reliable, enabling its adoption in various industries, such as banking, healthcare, and retail.

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Facial recognition has become a popular feature in mobile devices, such as smartphones and tablets. The integration of facial recognition technology in these devices offers a convenient and secure authentication method for unlocking devices, making online payments, and accessing sensitive information. The growing adoption of facial recognition in mobile devices is driving the overall market growth and creating opportunities for facial recognition solution providers.

While facial recognition technology offers numerous benefits, it has also raised privacy and ethical concerns. There are concerns about the misuse of facial recognition data and potential violations of individual privacy rights. As a result, there has been increased scrutiny and regulatory efforts to address these concerns. The market is witnessing the development of privacy-enhancing technologies, regulations, and guidelines to ensure responsible and ethical use of facial recognition technology.

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The key players profiled in the facial recognition market analysis are 3M, Animetrics Inc., Cognitec Systems GmbH, Crossmatch, Daon Inc., FaceFirst, Inc. IBM Corporation, Microsoft Corporation, NEC Corporation and Nuance Communications Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the facial recognition industry.

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David Correa
Allied Analytics LLP
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