Facial Recognition Market Expected to Reach $9.6 Billion Worldwide by 2022 | News | Hos... - 0 views
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According to a new report published by Allied Market Research, titled, World Facial Recognition Market - Opportunities and Forecasts, 2015 - 2022, the global facial recognition market is expected to generate revenue of $9.6 billion by 2022, growing at a CAGR of 21.3% from 2016 to 2022.
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North America is expected to dominate the market throughout the forecast period, owing to the high expenditure on security systems by government agencies in the region.
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Facial recognition technologies include 2D, 3D, and facial analytics. The 3D facial recognition technology segment holds a significant share in the world facial recognition market, owing to its high accuracy in terms of recognizing facial features as compared to the 2D facial recognition technology.
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2D technology is also widely used due to its low installation cost and operational ease as it uses 2D appearance
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Among the component segments, hardware accounted for the maximum revenue share in 2015, owing to high cost of 2D and 3D cameras. The facial recognition software market is estimated to grow at a CAGR of 23.9% during the forecast period. Development of effective and efficient facial recognition software applications is expected to drive this market.
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In the year 2015, homeland security contributed the highest revenue share, accounting for around 21% of the overall market revenue. From a growth perspective, intelligent signage is likely to be the most prominent application of facial recognition, anticipated to witness the highest CAGR of 25.1% during the forecast period.
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North America offers lucrative opportunities for market growth, exhibiting a huge demand of facial recognition technology for homeland security and criminal investigation.
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Some of the leading players in the facial recognition market include Cognitec Systems GmbH, NEC Corporation, FaceFirst, Inc., and 3M amongst others.
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These players have adopted product development, acquisitions, agreements, and partnerships as their key strategies to strengthen their market position and expand their geographical presence. For instance, in 2015, Cognitec Systems GmbH launched and incorporated a superior version of the face recognition algorithm B9 in FaceVACS-DBScan, one of the its leading facial recognition products.
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According to this article the technology of facial recognition is expected to grow tremendously by 2022. Also, mentioned industries such as homeland security who has been using this form of technology since 2015. When comparing the 2D and 3D technology, 2D technology is more widely used due to its low cost and ease of use. The use of 3D technology has its place in the industry as well due to its ability to recognize facial features more accurately than 2D technologies.