International. Market data shows that the demand for facial recognition is skyrocketing. Tradingplatforms.com has presented statistics that support this claim. According to its report, the sector will grow US$4.7 billion by 2025.
That will see the industry reach the $8.5 billion mark, a double increase from its 2020 figures of $3.8 billion.
New security frontier
Edith Reads of Tradingplatforms.com is optimistic about technology. She says, "Facial recognition is the new frontier of security, the future of authentication. It's part of a growing trend toward intelligent security systems. These are faster and more meticulous in recognizing threats, who belongs and who doesn't."
Facial recognition systems are advancing with the application of machine learning and AI. These are being made by experts in the analysis of complex scenarios.
Systems have 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 compares people with pre-existing photos for verification purposes.
Wide application
The most common application for facial recognition is in the provision of security services. With surveillance systems, it is helping to fight crime and identify perpetrators. Therefore, it is aiding the arrests of terrorists before they attack and their convictions.
Other apps include helping locate missing people in large crowds. In addition, it is a valuable tool for crowdsourcing mass surveillance systems. In addition, it is essential to detect fraud in the financial sector.
Facial recognition is also critical to adding a layer of security to payment gateways. In this way, it allows you to make payments with your face instead of your card. In turn, technology helps curb identity theft and account hijacking.
Facial recognition eliminates the need for PINs and passwords, making it easier to log in and make purchases. Users don't have to remember a combination of numbers or letters to enter a website or app. Their faces do that for them!
Disadvantages of facial recognition technology
While facial recognition is gaining popularity, its adoption faces several hurdles. One of them is the lack of standards around technology. There is a need to document specifications to promote interoperability and consistency between systems.
In addition, there are concerns about the privacy implications of implementing such systems. A growing population sees the system as an invasion of their privacy. Similarly, there is a caution about unscrupulous people hacking, stealing, or misusing facial data.
Another hurdle is its accuracy and impact on services in high-performance environments.
Source: https://tradingplatforms.com
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