Handheld devices to help facial recognition market grow rapidly

September 01, 2014 // By Jean-Pierre Joosting
According to ReportsnReports.com, the global facial recognition market is estimated to grow from $1.92 billion in 2013 to $6.50 billion in 2018. This represents a CAGR of 27.7% from 2013 to 2018.

In the current scenario, government and utilities are expected to be the largest adaptor for face recognition technology. In terms of regions, North America is poised to be the biggest market for face recognition. However, over the next five years, APAC will experience increased market traction, to become the biggest facial recognition market globally.

The major forces driving the market are growth of surveillance market and huge spending by the government across the globe on biometric technologies. At the same time, various opportunities exist in consumer electronics segment, handheld devices segment and innovative cloud services based on face recognition technologies (anonymous face analysis). Over the past few years, the facial recognition market has crossed the chasm and has become more accurate, less costly and significantly mainstream. This has helped the technology to gain traction and investment from commercial sector. The development of 3D face recognition technology backed by improved imaging, middleware and fast analytics has helped the technology to overcome its traditional flaws such as poor results in low lights, pose variation and image reconstruction.

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