Facial Recognition Market by Technology (2D Facial Recognition, 3D Facial Recognition and Facial Analytics), Component (Hardware and Software) and Application (Homeland Security, Criminal Investigation, ID Management) by 2022
Facial Recognition Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $9.6 billion by 2022, registering a CAGR of 21.3% during the period 2016-2022. Facial recognition is a biometric technology that selects facial features of an individual and compares them with an available database to provide identification and authorization. North America is expected to dominate the market throughout the forecast period, owing to the high expenditure on security systems by government agencies in the region.
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North America offers lucrative opportunities for market growth, exhibiting a huge demand of facial recognition technology for homeland security and criminal investigation. However, Asia-Pacific is expected to be the fastest growing region, owing to wide use of facial recognition technology in countries such as China, Japan and Australia across various sectors such as defense, law enforcement, physical security, and retail.
Among the component segments, hardware accounted for the maximum revenue share in 2015, owing to high cost of 2D and 3D cameras. The facial recognition software market is estimated to grow at a CAGR of 23.9% during the forecast period. Development of effective and efficient facial recognition software applications is expected to drive this market.
Facial recognition is primarily used for security purposes, the major ones being homeland security, criminal investigation, ID management, and physical security. However, in the recent years, this technology is also being increasingly used for targeted advertising and marketing purposes, particularly in the retail sector. This is accomplished through the use of intelligent signage; a digital signage solution with facial recognition capabilities, which enables the retailers to offer tailored messages to the buyers. In the year 2015, homeland security contributed the highest revenue share, accounting for around 21% of the overall market revenue. From a growth perspective, intelligent signage is likely to be the most prominent application of facial recognition, anticipated to witness the highest CAGR of 25.1% during the forecast period.
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Some of the leading players in the facial recognition market include Cognitec Systems GmbH, NEC Corporation, FaceFirst, Inc., and 3M amongst others. These players have adopted product development, acquisitions, agreements, and partnerships as their key strategies to strengthen their market position and expand their geographical presence. For instance, in 2015, Cognitec Systems GmbH launched and incorporated a superior version of the face recognition algorithm B9 in FaceVACS-DBScan, one of the its leading facial recognition products.
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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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