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

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 to 2022. Currently, the market is primarily driven by robust technological advancements for development of efficient surveillance systems required by civil and government agencies. This is due to rising instances of criminal and terrorist activities and identification of fraud cases across the globe.

Moreover, facial recognition systems that can scan images in all environmental conditions are being developed using 3D facial recognition technology. This would help overcome the barriers of 2D facial recognition technology that include light and pose deflections of the object.

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The global facial recognition market is analyzed on the basis of parameters such as type of technology, end-use industry and geographic regions. Of the different technology types, the 2D facial recognition technology segment contributed a significant revenue share in the global market in 2014. This is due to the adoption and acceptance of 2D facial recognition technology in surveillance, which is primarily due to its low cost and easy installation using existing cameras. The market for 3D facial recognition technology, that offers better and accurate results, is expected to record steady growth as compared to 2D technology.

Facial recognition technology, primarily used for human face detection and identification helps in better surveillance at a particular location where strict people movement monitoring is required. Thus, this technology has wide acceptance across industry verticals namely government and utilities, military, homeland security, banking, financial services, and insurance (BFSI), retail, and others.

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In 2014, the government and utilities segment recorded the highest market revenue share as compared to other end-use industries. This is due to the growing security threats at government organizations and departments coupled with the demand for better authentication systems to minimize crimes related to identification (ID) frauds.

Geographically, North America dominated the global facial recognition market in 2014 and accounted for around 38% share of the total market in the same year. Further, the Asia-Pacific region with major markets such as Australia, Japan, South Korea, India, China, Malaysia, and Singapore, is expected to record steady growth as compared to other regions in later years of the forecast period. Other countries such as Mexico, Brazil, and few of the Middle Eastern countries are expected to witness wide adoption of facial recognition technology.

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The facial recognition market is dominated by players such NEC Corporation, Safran Group, Cognitec Systems, Aware Inc., Cross Match Technologies Inc., 3M Cogent Inc., Animetrics, Inc., Ayonix, Inc., FaceFirst Inc. (Airborne Biometrics Group Inc.), ZK Software, and Aurora Computer Services Ltd. Of these, NEC Corporation, Cognitec Systems, and Safran Group (Morpho S.A.) held a significant revenue share in the global facial recognition market.

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