According to a new market research report published by Credence Research “Facial Recognition Market (By Type – Two-dimensional (2D) Facial Recognition, Three-dimensional (3D) Facial Recognition and Facial Analytics)- Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022”, the global facial recognition market was valued at US$ 1,496.2 Mn in 2014 and is estimated to expand with a CAGR of 10.4% from 2015 to 2022.
Facial recognition refers to a security system which identifies a person from video frame or digital image. It is a computer application designed for access control that is based upon facial features of a person. One of the most significant advantages of facial recognition technology is that it does not require any cooperation from the subject. Thus, the technology can be easily used for identifying people even in crowded places.
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Another major factor fueling the market growth is the increasing investment on security systems. Public places such as airports, railway stations and commercial/retail places are vulnerable to terror attacks. Due to rising terror threats, surveillances systems are mandatorily installed at these places. Facial recognition systems are used in combination to the video frames produced by the surveillance systems making suspect identification easier.
Nevertheless, the most significant factor hindering the market growth is the privacy concerns over public use of facial recognition solutions. In several European and North American countries, require prior permission for using facial recognition in commercial purposes. Additionally, the facial recognition algorithms are accurate up to 97% making their slightly unreliable.
The global facial recognition market is consolidated in nature with few international players contributing to more than forty percent of the total market revenue. Some of the major players operating in the market include NEC Corporation, Morpho S.A. (Safran Group), Cognitec Systems and Cross Match Technologies, Inc. The market is highly competitive in nature.
Facial recognition technology is quite nascent as compared to the traditional biometric solutions such as fingerprint and iris recognition. Thus, these companies continuously emphasize on development of advanced, more reliable solutions in order to gain a competitive edge in the market. Due to strong anticipated growth of the market, many new players are expected to enter the market, making it more competitive and technology driven, in the coming years.
- Development of advanced facial recognition solutions with higher accuracy and reliability
- Facial recognition solutions for access control in web applications
- Introduction of 3-D facial recognition solution
- Acquisition and partnerships for entering/strengthening the position in the market
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