The facial recognition market is expected to grow at a CAGR of 12% during the forecast period. Increasing instances of identity theft, drivers.2, and drivers.3 are some of the significant factors fueling facial recognition market growth.
Increasing instances of identity theft
The facial recognition market in North America will grow during the forecast period. The US has been the major contributor to the revenue growth in this region. One of the main reasons for this growth is the high adoption of advanced technologies at the initial stages for homeland security and defense. In addition, the implementation of facial recognition for border security by detecting passport identity fraud is driving the growth of the market.
The facial recognition market in North America is expected to grow significantly during the forecast period, primarily due to the importance of facial recognition in the BFSI sector. Another major reason for the growth of the market in the region is the increasing instances of cyberattacks and data theft in enterprises. For instance, in July 2019, the personal information belonging to 2,500 officers in the Los Angeles Police Department and 17,500 applicants to the force was leaked due to a data breach. Such incidents have prompted governments to increase spending on facial recognition technologies.
The governments of the countries in North America are imposing stringent regulations to ensure the security of the sensitive biometric data of users. For instance, in January 2019, the Washington State Legislature proposed a bill related to facial biometrics, which will make it necessary for enterprises to get the consent of users before capturing their biometric information using facial recognition software solutions.
Some of the projects in North America deploying facial recognition technology are:
New York Police Department is planning to integrate facial recognition in license plate reader cameras. These cameras provide surveillance of nearly 3 million license plates per day. If the facial recognition feature can be integrated into these, this will enable real-time facial recognition of all the drivers entering the city through certain points.
The US Customs and Border Protection is planning to deploy a facial recognition program to track visa holders at US airports and check if visa holders are leaving the country before their visa expires. Facial technology is also planned to be used on drones to patrol the southern border to identify intruders.
Moreover, several airports are implementing the facial recognition technology in e-passports and e-visas to identify travelers and thwart suspected criminals. The integration of different consumer electronics with facial recognition technology makes it possible to ensure its safe and secure use to maintain data confidentiality.
In addition, the facial recognition market in North America is expected to witness growth in 2020 due to the outbreak of the COVID-19 pandemic. To combat the spread of infection and to maintain contactless services, several sectors, including banking, transportation, and other public services, will adopt facial recognition technology, which will drive the growth of the market.
