According to a new market research report from Transparency Market Research (www.transparencymarketresearch.com/), the global market for facial recognition will reach US$2.19 billion by 2019.
The market is driven by increased demand for surveillance systems by civil and government agencies, according to the research group. This is majorly due to 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$1.17 billion in 2013 and is expected to grow at a CAGR [compound annual growth rate] of 9.5% from 2014 – 2020, according to Transparency Market Research. The global facial recognition market comprises the following technology types: 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, says Transparency Market Research.
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.
However, Transparency Market Research notes that, with increased proliferation of retail outlets globally, retail industry is identified as the fastest growing segment in the overall facial recognition market. 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.