Facial recognition market expected to reach US$2.67 B

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 market for facial recognition is forecast to reach US$2.67 billion by 2022.

The market is driven by increased demand for surveillance systems by civil and government agencies, the report said. 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, it said.

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 $1.3 billion in 2014 and is expected to grow at a CAGR of 9.5% from 2015 to 2022, the report estimated. 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, it said.

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 report said.