A new report from Transparency Market Research predicts strong growth for the global facial recognition market over the next several years. It’s expected to grow at a rate of 9.5 percent CAGR between 2014 and 2020, bring the value of the overall market from 1.17 billion USD to 2.19 billion USD.
According to the report, demand from the security sector is the main market driver, largely fuelled by concerns about crime and terrorism. But there’s also growing demand from the entertainment and consumer electronics sectors, and those will become more important over the forecast period. 3D facial recognition is expected to grow faster than 2D, while facial analytics systems will enjoy steady growth.
While most of the demand for this technology will come from the government sector, the retail sector is actually experiencing the fastest growth in demand. That’s partly because facial recognition technology can be useful in identifying shoppers and shoplifters when deployed with a CCTV system, but it’s also because facial analytics technology is starting to allow retailers to identify shoppers’ demographic information and even how they are feeling.
As for regional market strength, Transparency asserts that the North American market will be dominant over the whole forecast period, largely because of security concerns. The EU will also seeing strongly rising demand for this technology as member countries seek to improve border control.
May 15, 2015 – by Alex Perala