A report
from Transparency Market Research says the global facial recognition market is going to be worth $2.67 billion by 2022. The market research firm says that reflects annual growth of 9.5 percent (CAGR) from 2015.
TMR believes that the market will primarily be driven by surveillance systems for both government and civilian deployments, with demand from the entertainment and consumer electronics industries also pushing growth. Most demand will come from government, military, and security sectors, but financial services and retail sectors are singled out as well, with the latter seeing “significant growth” as merchants adopt biometric scanning for marketing purposes. As for modalities, TMR predicts that with its heightened accuracy, 3D facial recognition technology will grow at a faster rate over the forecast period than the 2D variety.
TMR’s enthusiasm about the facial recognition market is roughly commensurate with that of other market research firms. Tractica recently suggested that the market would grow to reach a value of $882 million by 2024, but that firm pegged the market at $150 million for this year, whereas TMR suggests it should be valued at $1.3 billion.
—
August 5, 2015 – by Alex Perala
Follow Us