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.
However, restrictions on users to share their personal details i.e. covert monitoring of an individual, is expected to hinder the market growth. Furthermore, increased adoption of facial recognition in web applications for picture tagging, social interaction, and others is expected to drive the demand for facial recognition in future.
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.
Furthermore, the facial recognition market is witnessing development of facial analytics systems that help generate descriptive metadata about a given face, apart from simple identification. This has resulted in the use of facial recognition technique as both identification and authentication tools.
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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. 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. Apart from its wide use in border control, facial recognition is extensively used for law enforcement in order to covertly monitor people.
However, in future, facial recognition is expected to be used as authentication method in various handheld devices such as laptops, computers, and smart phones.
Furthermore, retail industry is expected to witness rapid adoption of facial recognition in terms of security as well as surveillance to monitor customer behavior.
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This release was published on openPR.