The Global Market for Facial Recognition is predicted to touch USD 9.6 million by the year 2022, at a staggering CAGR of 21.3 percent, according to the reports. Owing to the high investment in security systems by government entities, North America is anticipated to lead the market during the forecast period.
The facial recognition system is a biometric technology which picks facial features of an individual and compares them with an existing database to provide identification and authorization. The technology comprises 2D, 3D, and, where the 3D facial recognition technology segment holds a major share in the facial recognition market, as a result of its high accuracy in terms of identifying facial features as compared to the 2D facial recognition solutions. 2D system is also extensively utilized due to its low installation cost and operational ease as it utilizes 2D appearance recognition. The market is also affected by the development of effective and efficient facial recognition software applications that is responsible for the Global Facial Recognition Market growth. As the Facial Recognition technology is primarily utilized for security purposes, the major ones being homeland security, criminal investigation, ID management, and physical security, this technology in the recent years is also being progressively deployed for targeted advertising and marketing purposes, mainly in the retail sector.
The report also profiles key players in the facial recognition market that drive the market includes Cognitec Systems GmbH, FaceFirst, Inc., NEC Corporation, 3M and amongst others. For driving the market growth, these key players have adopted product development, agreements, acquisitions, and partnerships as their key strategies to fortify their market status and expand their geographical presence. Back in the year 2015, the homeland security community contributed the highest revenue share and accounted for around 21 percent of the overall market revenue.