Facial Recognition Market 2017 - Industry Growth, Analysis, and Forecast To 2022 – by Credence Research
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.
Browse the full report at http://www.credenceresearch.com/report/facial-recognition-market
Market Insights
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.
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.
Competitive Insights
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.
Key Trends
·
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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