Facial Recognition Market Expected to Reach US$ 2.67 Bn by 2022 Globally

According to a new market report published by Transparency Market Research “Facial Recognition Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022”, the global facial recognition market is forecast to reach US$ 2,671.8 Mn by 2022. The market is driven by increased demand for surveillance systems by civil and government agencies.

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This is majorly due to the rising number of crimes and terrorist activities across the globe that would elevate the demand for efficient facial recognition solutions/systems in the near future. In addition, acceptance of facial recognition in the entertainment industry coupled with extensive use of facial recognition in consumer electronics is expected to fuel the demand for facial recognition technology in future. The report provides in-depth analysis of the market by segmenting it on the basis of parameters such as technology type and end-use industry.

The global facial recognition market was valued at US$ 1,307.0 Mn in 2014 and is expected to grow at a CAGR of 9.5% from 2015 - 2022. The global facial recognition market comprises technology types as: 2D facial recognition, 3D facial recognition, and facial analytics. Of these, the market for 3D facial recognition technology segment, because of its high and better accuracy in terms of identifying facial features, is expected to record faster growth as compared to 2D facial recognition technology during the forecast period. In addition, growth of the market for facial analytics, an emerging technology used for examining facial images of people without disturbing their privacy, is further expected to record steady growth as compared to that for 2D facial recognition technology.

The demand for these facial recognition technologies is further influenced by increasing demand from various industries, namely, government and utilities, military, homeland security, retail, banking, financial services and insurance (BFSI), and others. Of these, government and utilities, which includes law enforcement and passport and visa programs, accounted for the largest share. Further, with increased proliferation of retail outlets globally, facial recognition market is expected to experience significant growth in retail segment. This is supported by rising concerns of security and use of marketing strategies to analyze the customers based on their age, gender, and other facial attributes. It will thus, help in customer engagement at retail stores. Moreover, rising concerns of security have led companies to adopt tools such as CCTV recordings which are analyzed by facial recognition technique, alarm systems, and source-tagging.

Geographically, North America is expected to remain the largest regional market for facial recognition throughout the forecast period. This is mainly due to high expenditure on security systems in government as well as public sector. In addition to this, use of facial recognition technology by law enforcement agencies, military sector, and other public sector industries is expected to drive the market for facial recognition technology during the forecast period. Europe is also estimated to see increased adoption of facial recognition technology, with extensive demand for border control and identity validation applications. Furthermore, the European Union (EU) is keen on developing better verification process for border control as maximizing security is of prime importance. Border control and identity validation has further gained importance due to rise in passport frauds and fundamental right for EU citizens, as guaranteed by the EU, which allows free movement of people across EU Schengen States. Moreover, active adoption of facial recognition technology across the Asia Pacific region due to rising population and need for surveillance systems in retail industry is expected to bolster demand in this region in the near future.

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The global facial recognition market is dominated by players that develop facial recognition technology solutions. These players are continuously looking out for opportunities to strengthen their distribution network and to develop advanced solutions, so as to enhance their competitive position in the market. Globally, players such as NEC Corporation, Safran Group (Morpho S.A.), Cognitec System, and Cross Match Technologies are identified as the leading facial recognition algorithm developers and solution providers. Other prominent players in the market are 3M Cogent Inc., Aynoix Inc., FaceFirst LLC (Airborne Biometrics Group Inc.), Aware Inc., Animetrics, Inc., ZK Software, and Aurora Computer Services Ltd., among others.

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This release was published on openPR.