Global Facial Recognition Market Is Expected to Grow Us$ 3.28 Bn by 2022: Credence Research

According to a new market research report published by Credence Research “Facial Recognition (By Type – Two-dimensional (2D) Facial Recognition, Three-dimensional (3D) Facial Recognition and Facial Analytics) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022”, the global facial recognition market was valued at US$ 1,496.2 Mn in 2014 and is estimated to expand with a CAGR of 10.4% from 2015 to 2022.

Browse the full report at http://www.credenceresearch.com/report/facial-recognition-market

Market Insights

Facial recognition refers to a security system which identifies a person from video frame or digital image. It is a computer application designed for access control that is based upon facial features of a person. One of the most significant advantages of facial recognition technology is that it does not require any cooperation from the subject. Thus, the technology can be easily used for identifying people even in crowded places.

Another major factor fueling the market growth is the increasing investment on security systems. Public places such as airports, railway stations and commercial/retail places are vulnerable to terror attacks. Due to rising terror threats, surveillances systems are mandatorily installed at these places. Facial recognition systems are used in combination to the video frames produced by the surveillance systems making suspect identification easier.

Nevertheless, the most significant factor hindering the market growth is the privacy concerns over public use of facial recognition solutions. In several European and North American countries, require prior permission for using facial recognition in commercial purposes. Additionally, the facial recognition algorithms are accurate up to 97% making their slightly unreliable.

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Competitive Insights

The global facial recognition market is...