DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/vs74bf/global_facial) has announced the addition of the "Global Facial Recognition Market (2D Facial Recognition, 3D Facial Recognition, and Facial Analytics) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" report to their offering.
The global facial recognition market was valued at USD 1.17 billion in 2013 and is expected to grow at a CAGR of 9.5% from 2014 to 2020
Currently, the market is primarily driven by robust technological advancements for development of efficient surveillance systems required by civil and government agencies. This is due to rising instances of criminal and terrorist activities and identification of fraud cases across the globe. Moreover, facial recognition systems that can scan images in all environmental conditions are being developed using 3D facial recognition technology. This would help overcome the barriers of 2D facial recognition technology that include light and pose deflections of the object. However, restrictions on users to share their personal details i.e. covert monitoring of an individual, is expected to hinder market growth. Furthermore, increased adoption of facial recognition in web applications for picture tagging, social interaction, and others is expected to drive demand for facial recognition in future.
The global facial recognition market is analyzed on the basis of parameters such as type of technology, end-use industry and geographic regions. Of the different technology types, the 2D facial recognition technology segment contributed a significant revenue share in the global market in 2013. This is due to adoption and acceptance of 2D facial recognition technology in surveillance, which is primarily due to its low cost and easy installation using existing cameras. The market for 3D facial recognition technology, that offers better and accurate results, is expected to record steady growth as compared to 2D technology. Furthermore, the facial recognition market is witnessing development of facial analytics systems that help generate descriptive metadata about a given face, apart from simple identification. This has resulted in use of facial recognition technique as both identification and authentication tools.
Global Facial Recognition Market Segmentation:
Global Facial Recognition Market, by Technology Type:
- 2D Facial Recognition Technology
- 3D Facial Recognition Technology
- Facial Analytics
Global Facial Recognition Market, by End-Use Industry:
- Government & Utilities
- Homeland Security
- Banking, Financial Services, and Insurance (BFSI)
- Retail Industry
- Others (Digital Signage, Automotive, Web Applications, and Mobile Applications)
- 3M Cogent Inc.
- Aware Inc.
- Animetrics Inc.
- Aurora Computer Services Ltd.
- Ayonix Inc.
- Cognitec Systems GmbH
- Cross Match Technologies Inc.
- FaceFirst Inc. (Airborne Biometrics Group Inc.)
- NEC Corporation
- Safran Group
- ZK Software
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