Facial Recognition Anticipates High Market Demand
- Analysis
- 20-September-2018
Post the announcement of iPhone X, aka 10, on early September, the Facial Recognition Market demand has picked up tremendously. Facial recognition is breaking the barriers and coming out of its old age limited uses in high security agencies and firms.
The technology of facial recognition was developed in the 1960's and had not commercialized since then. But now, industry experts feel that Apple's launch will encourage its widespread usage, quite similar to the company’s earlier launches of fingerprint sensors.
Competitors will eye on adding this feature to their products as buying $999 iPhone is not feasible for everyone. Recently George Brostoff CEO of a startup from Florida said, “We now have a leader like Apple acknowledging that this makes sense." The company makes software’s for smartphones and tablets. He adds “This makes companies like Motorola, like LG come knocking on the doors of companies like ours.”
The global Facial Recognition Market is expected to be reach USD 10.25 Billion by 2024 as per the report “Global Facial Recognition Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast “available with DecisionDatabases.com. The expected growth CAGR is 15.1% from 2018 to 2024. The report weaves deep data from different channels and sources and gives the projected future demand figures.
Though the technology is not new, but Apple makes it better and trendy, as was the case with MP3 players, iPod’s and iPad’s. The fingerprint readers now, a common and a must have feature for smart phones was also made mainstream by Apple.
Peter Trepp of FaceFist says “This is now a consumable technology”. FaceFist sells software based on this technology to airports, law enforcement and retailers. Trepp adds “We are getting lots of calls, we are getting lots of interest. It’s clearly coming in a very big way.
Companies have started their research to step ahead with a more consumable application and product.