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Global facial recognition market to surge by $4.7 billion by 2025

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The evolution of crime is placing new demands on existing security systems. As such, we need better technology for detecting and neutralizing acts of lawlessness. Facial recognition is one such technology that can help us stay ahead of the curve.

Market data shows that demand for facial recognition is mushrooming. Tradingplatforms.com has presented stats backing this assertion. According to their report, the sector will grow by $4.7B by 2025. 

That’ll see the industry meet the $8.5B mark, a twofold increase from its 2020 figures of $3.8B.

New security frontier

Tradingplatforms.com’s Edith Reads is optimistic about the technology. She says, “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 AI. These are making them adept at analyzing complex scenarios.

The systems have either real-time or post-event capabilities. The former usually work together with anti-fraud tools. These include biometrics, geolocation, and behavioral tracking. 

Meanwhile, the latter includes offline facial recognition software. This software matches people against pre-existing photos for verification purposes.

Wide application

The commonest application for facial recognition is in the provision of security services. With surveillance systems, it’s helping to fight crime and identify perpetrators. Thus it’s aiding arrests of terrorists before they strike and their convictions.

Other applications include helping locate missing persons in large crowds. Additionally, it’s a valuable tool for crowdsourcing mass surveillance systems. Moreover, it’s pivotal in detecting fraud within the financial sector.

Likewise, facial recognition is critical in adding a security layer to payment gateways. This way, it allows for payments using your face instead of your card. In turn, the technology helps curb identity theft and account hijacking.

Facial recognition eliminates the need for PINs and passwords, easing logins and purchases. Users dont have to remember a combination of numbers or letters to get onto a website or application. Their faces do that for them!

Downsides of facial recognition technology

While facial recognition is gaining popularity, its adoption is facing several hurdles. One of these is the lack of standards around the technology. There’s a need to document specifications to promote interoperability and consistency across systems.

Additionally, there are concerns about the privacy implications of deploying such systems. A growing population sees the system as invading their privacy. Likewise, there’s a wariness about unscrupulous individuals hacking, stealing, or misusing facial data. 

Another hurdle is their accuracy and impact on services in high throughput environments.

edithmuthoni18@gmail.com'
About Edith Muthoni
About Edith Muthoni

Edith is a finance expert who has been writing and trading for years. She's knowledgeable about stocks, cryptocurrencies, blockchain technology as well the latest fintech trends - all from an informed perspective that will help you make better decisions when it comes time to invest your money.

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