Global facial recognition market estimated to grow to $6.5 billion by 2018: report
The global facial recognition market is estimated to grow from $1.92 billion in 2013 to $6.5 billion in 2018, at an impressive CAGR of 27.7%, according to a recently-published report.
The report, “Facial Recognition Market: Global advancements, Emerging Applications, Business Models and Worldwide Market Forecast and Analysis (2013 – 2018)” is published by MarketsandMarkets and argues the major driving forces in the market are the growth of the surveillance market as well as huge spending by governments across the globe on biometric technologies. At the same time, says the report, various opportunities exist in the consumer electronics segment, handheld devices segment and cloud services based on face recognition.
In terms of regions, the publishers say North America is poised to be the biggest market for facial recognition, though over the next five years, APAC will experience increased market traction, to become the biggest faciail recognition market globally.
Reported previously in BiometricUpdate.com, IMS Research has projected that worldwide revenue for the video-surveillance market will reach $US20.5 billion in 2016, up 114 percent from US$9.6 billion in 2012, though the firm believes this figure could rise even further, taking into account recent events like the Boston bombing.
Also, According to a recent CNN/Time/Orc poll, 79% of Americans are in favor of using facial recognition at various locations and public events, and 81% support expanded camera surveillance on streets and in public places.
MorphoTrust USA, a prominent provider of biometric technologies, and in particular, facial recognition, has just published a new infographic outlining how facial recognition technology helps law enforcement agencies bring criminals to justice.
Shortly after news of the Boston Marathon bombing broke, BiometricUpdate published a feature which explored the use of facial recognition to identify the Boston bombers and discussed the technology’s benefits and limitations in identifying a suspect.