A new report analyzing the global facial recognition market cites restrictions on users’ sharing of personal details as a hindrance to market growth. Specifically using the example of the covert monitoring of an individual, the report from Research and Markets, which covers the period between 2014 and 2020, doesn’t seem to paint a negative picture of the market by any means.
According to the analysis, the global market for facial recognition is expected to grow at a CAGR of 9.5 percent between 2014 and 2020. In 2013 the market was valued at USD 1.17 billion, with a significant revenue share being allocated to 2D facial recognition solutions which are easily adopted thanks to their compatibility with existing digital cameras. Moving forward, the report predicts that 3D facial recognition will show steady growth in comparison to its 2D predecessor thanks to innovations in accuracy regardless of environmental conditions.
Though examining an adjusted time period, the figures illustrating the growth are significantly smaller than those released in a previous analysis titled “Global Facial Recognition Market 2014-2018” which was reported on this past July. In this previous report, Research and Markets projected that the global facial recognition market, driven by the government sector, would grow at a CAGR of 26.6 percent over the five years between 2013 and 2018.
According to Research and Markets, future adoption of facial recognition in web applications will be driven by a demand for the technology in picture tagging and social media.
The privacy concerns expected to act as a speed bump were a key topic in the recent webinar Privacy and the Commercial Use of Biometrics, a presentation presented by the IBIA, Mobile ID Word and FindBiometrics.
In the report, NEC Corporation, Cross Match Technologies, Cognitec Systems and Safran Group are singled out as holding a significant revenue share in the global facial recognition market.
September 11, 2014 – by Peter B. Counter