According to a recent study report, the Face Recognition Systems market will touch USD 1100 million by 2024, from USD 530 million in 2019, with a record CAGR of 13 percent. The robust technological advancements for the development of effective surveillance systems required by public and government agencies mainly accelerating market growth. Growing instances of criminal and terrorist activities and identification of fraud cases globally fueling the demand and adoption rate of face recognition systems.
Facial Recognition system that is capable of scanning images in all environments are being developed using 3D facial recognition technology that would help surmount 2D facial recognition technology’s blockades, light and pose deflections of the object. The report also highlighted the restraining factors that could impede the market growth, including restrictions on users to share their personal details i.e. covert monitoring of an individual. Moreover, the rapid adoption of facial recognition in web applications for picture tagging, social interaction, and others is anticipated to impel the demand for facial recognition during the projected timeframe. The global facial recognition market is analyzed on the basis of such parameters, including the type of technology, end-use industry, and geographic regions.
On the basis of technology types, the 2D facial recognition technology segment contributed a significant revenue share of nearly 59.67 percent in the global market back in 2016. This growth received owing to the adoption and acceptance of 2D facial recognition technology in surveillance due to its low cost and easy installation using existing cameras. Moreover, the facial recognition market also testifies the development of facial analytics systems, which help in producing descriptive metadata on a given face, apart from simple identification. This has resulted in the use of facial recognition system as both identification and authentication tools.