Facial Recognition Market Expected to Reach $9.6 Billion Worldwide by 2022 | News | Hospitality Magazine (HT) - 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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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.