Information Communication and Technology Reports Facial Recognition Market

Facial Recognition Market worth 7.76 Billion USD by 2022
According to a new market research report "Facial Recognition Market by Component (Software Tools and
Services), Technology, Use Case (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law
Enforcement), End-User, and Region - Global Forecast to 2022” ", published by MarketsandMarkets™, The global
facial recognition market is expected to grow from USD 4.05 Billion in 2017 to USD 7.76 Billion by 2022, at CAGR of
13.9% from 2019 to 2022.
Facial recognition technologies are used to minimize the threats associated with terrorism and border securities.
The growing need for surveillance at public places is expected to be one of the major factors that drives the growth
of the facial recognition market.
Browse and in-depth TOC on “Facial Recognition Market”
82- Tables
37 - Figures
156 - Pages
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Services segment is expected to grow at the highest CAGR during the forecast period
Due to the growing awareness among enterprises about the features of facial recognition technologies and the
rising need for a more secured biometric system, the demand for facial recognition system is said to be increasing
globally. Facial recognition services play a vital role in face detection and recognition, and comprise training and
consulting services and cloud-based facial recognition services. Facial recognition services are offered for
governments, homeland security, military, retail, and healthcare.
3D facial recognition technology segment is expected to have the largest market size by the end of the forecast
period
The 3D facial recognition technology is independent of illumination, which enables it to capture high-quality
images in uncontrolled environments, such as poorly lit and or completely dark areas. The 3D facial recognition
model overcomes the drawbacks of the 2D facial recognition technology. The 3D facial recognition technologies
have a high potential to analyze, identify, and verify the facial characteristics of individuals. The technologies are
also used in application areas, such as cross-border monitoring, document verification, and identity management.
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Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
Factors such as huge investments from the government sector toward security and surveillance infrastructure,
increased public awareness, and the emergence of sophisticated technologies backed by analytics are said to be
driving the facial recognition market growth in APAC significantly. In addition, a high market growth is anticipated
due to the technological advancements and mandatory regulations imposed by the government regulatory entities
in the region to adopt the best-in-class technologies and standards.