Transparency Market Research has published a new report titled "Global Facial Recognition Market - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" to its report store.
Albany, NY -- (SBWIRE) -- 12/17/2014 -- The global facial recognition market was worth US$1.17 billion in 2013. This market is currently expected to grow at a CAGR of 9.5% from 2014 to 2020. It will achieve an estimated market value of US$2.19 billion by 2019. Transparency Market Research has released a report titled "Global Facial Recognition Market (2D Facial Recognition, 3D Facial Recognition, and Facial Analytics) - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020". The report discusses the various promoting and restricting factors that come into play for the global facial recognition market.
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The report states the primary driver for the global facial recognition market is the rise in demand for surveillance systems and related projects initiated by government and civil agencies. This increase in demand is created due to the growing crime rates and increasing acts of terrorism around the world. Their numbers have prompted a heavy and quick demand for facial recognition tools.
The report also says that the entertainment industry has gained awareness and acceptance of the facial recognition market. The use of facial recognition tools in today's world of consumer electronics is another area that boosts demands from the global facial recognition market.
The report provides a detailed categorization of the global facial recognition market according to the technology used and the end user. The technologies include facial analysis, 2D facial recognition technology, and 3D facial recognition technology. End users as listed by the report include military, government and utilities, retail industry, homeland security, and banking. The report names the 3D facial recognition segment as the fastest growing one, due to its higher level of accuracy in regards to identifying facial features. The emerging segment of facial analytics is set to receive a substantial boost due to its ability to detect facial features without disturbing the person's privacy.
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The report explains that the demand in the global facial recognition market is also influenced by the rising requirements from multiple industries including military and government and utilities. The largest share in fact was held by the government and utilities segment. This segment includes visa programs and law enforcement and is therefore directly dependent on the advancements and requirements of these subsidiaries. The expanding number of outlets in the retail industry has become the fastest growing segment in the global facial recognition market. This requirement is said to be two-fold: it is created due to growing security concerns as well as for the businesses to research over the demographics. The report says that retailers use facial recognition tools to improve the shopper's experience.
The report also provides details of the top players in the global facial recognition market, including NEC Corporation, FaceFirst Inc., Safran Group, 3M Cogent Inc., Animetrics, Inc., ZK Software, Cognitec Systems, Ayonix, Inc., Aware Inc., Aurora Computer Services Ltd., and Cross Match Technologies, Inc.
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