A new report by Transparency Market Research (TMR) states that the presence of a large number of participants points towards a highly competitive and fragmented landscape of the global facial recognition market.
NEC Corp., Morpho S.A.S, Cognitec System Pty Ltd., Aware Inc., and Animetrics Inc. are some of the leading players in the worldwide facial recognition market. These enterprises currently rely on product innovation to maintain their positions in the global market. However, a shift in their focus towards mergers, acquisitions, and strategic partnerships for business expansion will be seen in the near future, reports the study.
According to TMR, the global facial recognition presented an opportunity worth US$1.4 bn in 2015. Expanding at a CAGR of 9.50% during the period from 2015 to 2022, the market is likely to increase to US$2.6 bn by the end of the forecast period. 2D facial recognition has surfaced as the most prominent technology in this market. Researchers, however, expect the advent of 3D facial recognition technology to pose a severe threat to the uptake of the former. The demand for 3D facial recognition technology is estimated to register a sturdy CAGR of 11.70% over the forecast period, states the report.
High Expenditure on Security Systems to Ensure Dominance of North America
A geographical analysis of the global market facial recognition technologies has also been presented in this report. As per the study, Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa are the key regional facial recognition markets across the world. Among these, North America has been leading the overall market and is expected to remain dominant throughout the forecast period, rising at a CAGR of 10.20%. The high expenditure on security systems in the government and the public sector is the main driving force behind the growth of this regional market.
Apart from this, Asia Pacific is also exhibiting a significant rise in the demand for facial recognition technology, particularly in Japan, Australia, Malaysia, South Korea, China, India, and Singapore. The increasing uptake of this technology across the region due to the growing population and the need for surveillance systems in the retail industry is likely to propel the Asia Pacific facial recognition market in the near future, notes the study.
Increasing Demand for Facial Recognition Technology from Military and Law Enforcement Agencies to Fuel Growth
“The increasing application of facial recognition technology by the military sector, law enforcement agencies, and various other industries, such as consumer electronics, is creating lucrative growth opportunities for market players,” says an analyst at TMR. The soaring demand for advanced surveillance systems in government and civil agencies for the improvement of security is reflecting positively of the demand for facial recognition technology across the world.
Apart from this, the rising usage of this technology in the entertainment industry is also expected to open new avenues for the growth of this market in the near future, states the research report.
Growing Concerns of Consumers over Risks Associated with Shared Data to Limit Adoption
Although the growth prospect of the worldwide facial recognition market looks bright, the growing concerns of consumers over privacy and the risks associated with shared personal data are anticipated to limit the uptake of this technology considerably across the world in the coming years. However, the technological advancements in facial recognition systems may help the market to overcome this challenge over the next few years.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Facial Recognition Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022.”
The global Facial Recognition market has been segmented as follows:
By Technology Type
By End-use Industry
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