The global facial recognition market is going to reach a value of $9.6 billion by 2022, according to a new report from Allied Market Research. That’s going to reflect growth of 21.3 percent (CAGR) for the forecast period starting last year, the market research firm says.
In a report synopsis, Allied Market Research asserted that 3D facial recognition will have the fastest growth rate over the forecast period, and the software market in particular should also experience strong growth, at 23.9 percent CAGR, thanks to advancing technologies.
Looking to applications, Allied Market Research asserts that while security is the primary sector driving the market right now, with homeland security accounting for 21 percent of all revenues, retail applications like intelligent signage will soon overtake it, seeing a CAGR of 25.1 percent. While major public deployments of such systems are extremely rare today, Allied Market Research clearly expects that public perceptions of the technology and potential privacy issues will do little to stop its proliferation.
Finally, turning to regional growth, the report says that APAC will overtake North America during the forecast period as the top performer. Of course, growth is expected in both of these regions and many more as the biometrics boom continues.
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June 29, 2016 – by Alex Perala
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