In the facial recognition versus privacy debate, there are few easy answers. One thing is for sure, though: Privacy restrictions are actively slowling the growth of the global facial recognition market, according to a new report from Research and Markets. However, the industry is still growing at an impressive rate.
The report find that the global facial recognition market is expected to grow at a CAGR of 9.5 percent through 2020, which is less than a 2013 report titled “Global Facial Recognition Market 2014-2018” forecast. In this previous report, Research and Markets projected that the global facial recognition market, driven by the government sector, would grow at a CAGR of 26.6 percent over the five years between 2013 and 2018. Part of this lag is due to privacy concerns and restrictions, as the public continues to explore their comfort level associated with facial recognition technology.
The global facial recognition market is valued at about $1.17 billion, with much of the revenue sharing belonging to 2D facial recognition solutions, which are popular in many applications, such as smartphone cameras. The report predicts that 3D facial recognition will show steady growth as the technology continues to improve in accuracy.
According to Research and Markets, future adoption of facial recognition in web applications will be primarily driven by a demand for the technology in such applications as picture tagging and social media. This is the type of everyday use that is likely to familiarize people with the technology, which will help lead to broader acceptance in the future.