Facial Recognition Market is expected to grow at a CAGR of 9.5% from 2015 - 2022
Market Research, Facial Recognition Market
The global facial recognition market was valued at US$ 1,307.0 Bn in 2014 and is expected to grow at a CAGR of 9.5% from 2015 to 2022. Currently, the market is primarily driven by robust technological advancements for development of efficient surveillance systems required by civil and government agencies. This is due to rising instances of criminal and terrorist activities and identification of fraud cases across the globe. Moreover, facial recognition systems that can scan images in all environmental conditions are being developed using 3D facial recognition technology. This would help overcome the barriers of 2D facial recognition technology that include light and pose deflections of the object. However, restrictions on users to share their personal details i.e. covert monitoring of an individual, is expected to hinder the market growth. Furthermore, increased adoption of facial recognition in web applications for picture tagging, social interaction, and others is expected to drive the demand for facial recognition in future.
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Facial Recognition Market
, Market Research