The global facial recognition market is estimated to grow from US$1.92 billion in 2013 to $6.50 billion in 2018, representing a compound annual growth rate of 27.8 percent, according to a recent MarketsandMarkets report.
The global facial recognition market is estimated to grow from US$1.92 billion in 2013 to $6.50 billion in 2018, representing a compound annual growth rate of 27.8 percent, according to a recent MarketsandMarkets report.
Over the past few years, the facial recognition market has crossed the chasm and has become more accurate, less costly and significantly mainstream. This has helped the technology to gain traction and investment from the commercial sector. The development of 3D face recognition technology, backed by improved imaging solutions, middleware and fast analytics, has helped the technology to overcome its traditional flaws such as poor results in low lights, pose variation and image reconstruction.
In the current scenario, government and utilities are expected to be the largest adaptor for face recognition technology. In terms of regions, North America is poised to be the biggest market for face recognition. However, over the next five years, APAC will experience increased market traction, to become the biggest facial recognition market globally.
The major forces driving the market are growth of surveillance market and huge spending by the government across the globe on biometric technologies. At the same time, various opportunities exist in consumer electronics segment, handheld devices segment and innovative cloud services based on face recognition technologies (anonymous face analysis).
MarketsandMarkets has segmented the face recognition market by types of technologies and solutions, components (hardware, software and services), industry verticals or end-users and regions. The face recognition technology and solutions segment comprises of 2D, 3D, thermal, emotion, mobile and forensic technology. The software segment is further segmented by face recognition algorithms/SDK, middleware, database, modeling and analytic software. Regions covered in the report include North America, Latin America, Europe, Asia-Pacific, Middle East and Africa.