Albany, NY -- (SBWIRE) -- 06/03/2015 -- A recent market study by Transparency Market Research (TMR), a market intelligence company based in the U.S., projects the global facial recognition market to exhibit progress at a CAGR of 9.5% between 2014 and 2020. The report, titled "Global Facial Recognition Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", is available for sale on the company website.Robust technological advancements to develop efficient surveillance systems to address the rising menace of criminal and terrorist activities and identification of fraudulent happenings worldwide are the major factors driving the global facial recognition market, as stated in the research report.Further, development of 3D facial recognition technology able to scan images in all environments overcomes the limitations of 2D technology, which is further accelerating the growth of the global facial recognition market. Adoption of the technology in the entertainment industry, combined with increased usage in consumer electronics, is further driving this market.

Browse the full Global Facial Recognition Market report at
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However, constraints such as mandatory sharing of personal information and secretive monitoring of individuals will hinder market growth, as examined in the research report.The market study segments the global facial recognition market on the basis of end user, technology, and geography. Attributed to low cost and easy installation of current recording devices, 2D facial recognition technology accounted for a significant share of total market revenue in 2013. However, 3D facial recognition technology will record faster growth in comparison to 2D technology in the forecast period, due to improved precision of the technology to identify facial features.Further, as pointed to in the study, facial analytics, an emerging technology, is expected to register stable growth in competition against 2D facial recognition technology, as it enables generation of descriptive metadata for a particular face, serving both authentication and identification purposes. The technology is also claimed to not disturb the privacy of individuals while examining facial features.

By end-use segment, the study classifies the market into government and utilities, homeland security, retail industry, military, banking, financial services and insurance (BFSI), and others. In 2013, government and utilities recorded the highest revenue share owing to high deployment of the technology in government organizations for identification and authentication of individuals to keep a check on security threats.As further examined in the study, facial recognition technology is also used extensively in border patrol and law enforcement to monitor people covertly. Facial recognition technology, however, is anticipated to be used more in the future in electronic devices such as laptops, smart phones, and computers for authentication purposes, as further indicated in the study.

Browse the full Global Facial Recognition Market report at
http://www.transparencymarketresearch.com/pressrelease/facial-recognition-market.htm

Due to proliferation of the retail industry globally, this end-use segment is anticipated to register the fastest growth during the forecast period. Rising security concerns and marketing strategies devised by retailers on the basis of gender, age, and facial attributes will also accentuate growth of this end-use segment.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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