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Global Facial Recognition System Market Research Report 2017

Press Release   •   Aug 17, 2017 05:54 EDT

The facial recognition market size is estimated to grow from USD 3.35 Billion in 2016 to USD 6.84 Billion by 2021, at a CAGR (Compound Annual Growth Rate) of 15.3% from 2016 to 2021. The main driving factors for the growth of the market include growing surveillance market and increasing applications in numerous industry sectors. These factors are boosting the adoption of market.

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The facial recognition market is segmented by component, technology, use cases application area, enterprise, and geographical region. Among the software tools, the 3D facial recognition technology is the fastest growing market. The reason for the wide adoption of this technology is the quality of image captured. Among facial recognition services, the cloud-based facial recognition services are the fastest growing market, due to rapid adoption of cloud technologies.

In the technology segment, the analytics solution is expected to be the largest contributor during the forecast period. As video analytics is gaining traction across industries, there has been an increase in demand for analytic solutions. Among the use case segment, the law enforcement, surveillance, and monitoring market is expected to hold the largest market share, as there is increase in demand for software due to increasing data breaches and unauthorized access.

Among the application area segment, the government segment holds the largest market share, the reason being increasing investments by government organizations in the facial recognition market. The opportunity to extract intelligence from real-time videos via surveillance cameras is driving the facial recognition analytics market.

Asia-Pacific (APAC) is expected to be the fastest growing region during the forecast period; therefore, the facial recognition market in APAC is expected to grow significantly due to huge governmental investments in security and surveillance infrastructure. Moreover, the growth is anticipated with technological advancements along with the mandatory regulations imposed by government regulatory entities to adopt the best-in-class technologies and standards.

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