ALBANY, N.Y.--(BUSINESS WIRE)--In its latest report titled “Global Facial Recognition Market- Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020” Transparency Market Research says that by 2019, the global facial recognition systems and solutions is forecast to reach US$2.19 billion. The report states that as of 2013, the global facial recognition market was worth US$1.17 billion, and will register a CAGR of 9.5% from 2014 through 2020.
The report ascribes this growth to heightened demand for surveillance systems from government agencies and civil establishments to monitor increasing criminal and terrorist threats. Besides addressing security concerns, facial recognition technologies are being widely employed in consumer electronics and recreation/entertainment applications.
This report segments the facial recognition market by type of technology as: 3D facial recognition, 2D facial recognition, and facial analytics. The 3D facial recognition technology market will demonstrate the highest growth among all technology segments thanks to higher accuracy. The facial analytics market, which allows experts to study facial images of people without infringing their privacy, is expected to show better growth than 2D facial recognition.
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By end-use, the global facial recognition market is segmented as: Government and utilities, homeland security, military, retail industry, BFSI sector, and others (web and mobile applications, digital signage, automotive sector). While the government and utilities segment is the largest in the facial recognition market by end-use, it is the retail sector that will emerge as the fastest-growing segment over the forecast period.
The use of facial recognition technologies is expected to be the highest in North America through the forecast period of this report. TMR’s report also extensively profiles global market players in the facial recognition market.
TMR is a U.S. based market intelligence company driven by a global team of high-pedigree industry consultants, analysts, and researchers. TMR leverages its worldwide Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions.
The company’s multi-disciplinary expertise has made it the preferred growth partner of hundreds of companies worldwide, from multibillion dollar conglomerates to emerging regional businesses. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources, tools and techniques.