The second decade of the 21st Century has seen dramatic improvements in our global facial recognition market size due to growing importance of the surveillance industry and increasing investments in facial recognition by government and defence sectors. The Covid-19 pandemic also has changed the way the world works. The companies around the globe have started to transform the way of working and adapt to the digital disruption – embracing biometrics technology for their clients, customers and employers. People are more comfortable with facial recognition than ever before, and continues to be the preferred biometrics benchmark.
In addition, according to Deloitte, the market for facial recognition technology, with applications in security and social media, is poised to double in size between 2017 and 2022, up to an estimated US$ 8 billion per year. Increases in digital imaging resolution, combined with computer and processing power growth, ensure that facial recognition technology will expand in scope and efficiency. The concept of ‘machine vision’ is the prime pilot in the manufacturing and retail industries that leverage the technology to automate detection of counterfeit products and defects in assembly lines.