The global facial recognition market will reach a value of $8 billion by 2022, according to a new forecast from Market Research Future. Using 2016 as a baseline, the India-based market research firm projects a CAGR of 19.68 percent for the facial recognition market during the forecast period.
The forecast, entitled “Facial Recognition Market Research Report – Global Forecast to 2022”, notes that facial recognition offers a range of security applications, from ATMs to shopping malls to train stations. And it emphasizes the growing government demand for such security as a key market driver, with that particular sector poised to see a CAGR of 22.9 percent over the forecast period.
Remarkably, while Apple’s iPhone X seems to have only just jumpstarted demand for 3D facial recognition technologies with its launch last autumn, Market Research Future asserts that compared to 2D technology, 3D facial recognition “currently holds the largest market share and is expected to remain highly attractive over the forecast period”, according to a report summary. As for the global market’s regional breakdown, Market Research Future says that North America leads the way, with Europe not too far behind.
Major vendors highlighted by Market Research Future’s report include NEC, “Safran” (now IDEMIA), Cognitec, Aware, Daon, FaceFirst, and Gemalto, among others.
August 17, 2018 – by Alex Perala