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Facial recognition market to see CAGR of 9.5 pct through 2022

According to a new report, the value of the facial recognition market will more than double within the next several years.

August 14, 2015

The global market for facial recognition is forecast to expand at a compound annual growth rate of 9.5 percent to reach $2.7 billion in value by 2022, according to a report by Transparency Market Research.

The projected growth more than doubles the 2014 market value of $1.3 billion, according to the report, "Facial Recognition Market — Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2022."

The global facial recognition market comprises technology types that include 2D facial recognition, 3D facial recognition, and facial analytics. The market for 3D facial recognition is expected to record faster growth than 2D through 2022 due to its higher accuracy in identifying facial features.

Adoption of the technology will be driven by increased demand for advanced surveillance systems, as well as acceptance of facial recognition in the entertainment and consumer electronics industries, according to the report. Recently, CTBC Bank, one of Taiwan's largest privately held financial institutions, announced that it is piloting facial recognition technology for use in cardless ATM transactions.

Demand will be furthered by increasing demand from banking, retail, government, homeland security and other factors. North America is expected to remain the largest regional market for facial recognition throughout the forecast period due to higher spending on security systems in the public and private sectors.