Global Facial Recognition Market: Growing Demand from Government Sector to Push Market Growth at 9.5% CAGR during 2015 – 2022
According to a new report added to the collection of Market Research Reports Search Engine, the global facial recognition market is expected to expand at a CAGR of 9.5% during the period between 2015 and 2022. The report, titled “ Facial Recognition Market (By Technology Type – 2D Facial Recognition, 3D Facial Recognition and Facial Analytics; By End-use Industry – Government and Utilities; Military; Homeland Security; BFSI; Retail; Others (Digital Signage, Automotive, Web Applications, and Mobile Applications)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022 ” assesses the valuation of the market by the end of the forecast horizon. The overall market stood at US$1,307.0 billion in 2014.
The report states that the growing demand for facial recognition technology in government and entertainment sector will push the growth of the global facial recognition market. However, increased sensitivity of people toward privacy will restrain the market. Extensive adoption of facial recognition technology across consumer electronics and web applications will emerge as key trends in the global facial recognition market.
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In terms of technology, the report categorizes the global facial recognition market into 2D, 3D, and facial analytics. Low cost and easy installation in existing cameras led to the wide acceptance of 2D facial recognition technology in 2014. The segment accounted for the largest share in the market in the same year. The report indicates that during the forecast horizon 3D facial recognition technology will record a steadier growth compared to 2D technology.
On the basis of end-use industry, the report segments the global facial recognition market into military, homeland security, government and utilities, retail industry, banking, financial services, and insurance, and others including digital signage, mobile applications, and web applications. The government and utilities sector accounted for the largest share of the overall market revenue in 2014 owing to growing security threats faced by government organizations. Facial recognition technology is being increasingly integrated in various handheld devices such as smartphones, laptops, and tablets for authentication purpose. During the forecast horizon, retail industry is expected to witness a substantial demand for facial recognition technology to monitor consumer behavior.
The report studies the global facial recognition market across five key regions: Asia Pacific, North America, Europe, Latin America, and Middle East and Africa. In 2014, North America dominated the facial recognition market and held 38% share in the market. The report estimates Asia Pacific to register a steady growth in the coming years with growing demand for facial recognition technology in major markets such as Japan, South Korea, India, China, Singapore, Malaysia, and Australia.
The report profiles some of the major players in the global facial recognition market such as Cross Match Technologies Inc., 3M Cogent Inc., NEC Corporation, Cognitec Systems, Safran Group, Aware Inc., Ayonix Inc., Animetrics Inc., ZK Software, Aurora Computer Services Ltd., Cross Match Technologies Inc., and FaceFirst Inc. The key players are focusing to develop advanced technologies to ensure better surveillance. Safran Group, NEC Corporation, and Cognitec Systems collectively hold a significant share in the overall market revenue. The report offers insightful information about the players such as their business strategies, recent developments, and financial overview.