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Report forecasts global facial recognition market to reach US$2.19 billion by 2019

 

Transparency Market Research has published its latest report titled “Global Facial Recognition Market- Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020” which forecasts that the global facial recognition systems and will reach US$2.19 billion by 2019.

According to the report, the global facial recognition market was worth US$1.17 billion as of 2013, and will see an increase CAGR of 9.5% from 2014 through 2020.

The growth will be driven by the increasing demand for surveillance systems from government agencies and private companies to monitor increasing criminal and terrorist threats.

In addition to being used for security measures, facial recognition technologies are also being deployed in consumer electronics and recreation/entertainment applications.

The report breaks up the facial recognition market by type of technology, including 3D facial recognition, 2D facial recognition, and facial analytics.

As a result of its higher accuracy, the3D facial recognition market will see the highest growth of all technology segments, followed by the facial analytics market and 2D facial recognition.

Additionally, North America will see the highest use of facial recognition technologies during the forecast period.

In related news, facial recognition application provider FacialNetwork has been named one of the top 25 semifinalists for the Extreme Tech Challenge.

The semifinalists were chosen out of nearly 1,800 companies and will now be evaluated by a panel of celebrity judges that includes Sir Richard Branson.

The finalists will be presented at the 2015 International CES event in Las Vegas on January 6-9, 2015.

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