The latest market research report by Technavio on the global 3D facial recognition systems marketpredicts a CAGR of around 36% during the period 2018-2022.
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Technavio has published a new market research report on the global 3D facial recognition systems market from 2018-2022. (Graphic: Business Wire)
The report segments the global 3D facial recognition systems market by product (hardware and software), by application (identification and verification), by technology (stand-alone and mobile), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global 3D facial recognition systems market, according to Technavio ICT researchers:
- Increasing adoption of 3D facial recognition in healthcare sector: a major market driver
- Face recognition using photo on social networking sites: emerging market trend
- The Americas dominated the global 3D facial recognition systems market with approximately 46% share in 2017
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Increasing adoption of 3D facial recognition in healthcare sector: a major market driver
Increasing adoption of 3D facial recognition in the healthcare sector is one of the major factors driving the global 3D facial recognition systems market 3D facial recognition is an end-to-end electronic process that confirms customer convenience and compliance with security regulations such as Health Insurance Portability and Accountability Act (HIPAA).
The increasing use of mobile devices such as smartphones, tablets, and personal digital assistants in the healthcare sector has led to the development of many applications for electronic medicine prescribing, diagnosis and treatment, practice management, coding, and billing. These mobile apps are integrated with 3D facial recognition systems to avoid unauthorized access to patient records. Therefore, the use of 3D facial recognition systems improves the safety of healthcare data. Maintaining time and attendance record of employees is another application for 3D facial recognition system in the healthcare sector.
According to a senior analyst at Technavio for research onautomatic identification system, "3D facial recognition is used to register a patient initially, whose records can be linked to his biometrics identity subsequently for access over any mobile device. This process increases productivity and efficiency of the employees and improves customer satisfaction. 3D facial recognition can assist in preventing privacy intrusion into patient information and secure the electronic health records of the patients to maintain data security."
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Face recognition using photo on social networking sites: emerging market trend
Facebook has been one of the most widely used social networking sites to upload personal information and photos. The features that allow a user to tag the photos has opened a new opportunity for human identification. These photos are stored in a database where they are saved with the tagged name. Using various algorithms, this data can be scanned to identify individuals through facial recognition. Uploading various photos in different angels makes the identification more accurate. At present, such photo-based identification techniques are proved to have higher accuracy than traditional facial recognition methods. Thus, this is expected to be integrated with the advanced 3D facial recognition to enhance the security features of facial recognition biometrics.
Global market opportunities
In terms of regional dominance, the Americas dominated the global 3D facial recognition systems market, accounting for a share of close to 46%. It was followed by the EMEA and the APAC region in 2017. North America is expected to experience a decrease in its market share as the market is reaching its saturation point and the shift toward advanced biometric technologies such as palm vein recognition and iris recognition. However, APAC is expected to witness an increase in its market share due to the availability of low-cost 3D facial recognition systems that will lead to a high adoption rate.
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