Innovative face recognition software identifies and verifies people from different virtual sources like videos, video frames and digital images. This is one of the most popular computer applications, especially for its obvious importance in advanced security systems along with various other biometric systems like iris recognition and fingerprint recognition. Global facial recognition software market is largely driven by high-tech applications and rising demand for these systems from different industrial verticals. Constantly updating technology in the market is also expected to be a strong reason for the growth for these systems. Growing demand and range of applications across different geographic regions is also a strong factor for the current pace of growth in the face recognition software systems market. As a result of all these factors, experts are look forward to a bright future for the industry for the years to come.
Facial Recognition Software Market Segmentation
Global market for face recognition systems is categorized on the basis of different vital parameters. Analysis of all these parameters help researchers understand the basic market trends, future business opportunities and prevailing trends and challenges in the industry. As a result, studying segmentation of an industry is claimed to be vital for the overall results of market research reports. Facial recognition software market is segmented based on the types of technologies, software programs, components, services, end-users and regional demand. Following are the details:
- Components: Software, hardware and services
- Technologies: Emotion, 2D, 3D, thermal, mobile facial recognition and forensic recognition
- Software: Middleware, face recognition algorithm or SDK, restructuring and analytics and modeling software
- Services: Cloud based and consulting services
- End-users: Enterprise, government, public utilities, home and consumer
- Geography: Asia Pacific, North America, Latin America and Middle East and Africa
Market Trends and Forecasting for Facial Recognition Software Market
Increasing threats to information and national assets and growing concerns to protect them from different elements is the strongest driver for the rising demand for these software programs. Technological advancements in face recognition software is also giving the end users from different industrial verticals to be open to different options of security including eye recognition, fingerprint and such regular yet advanced security systems. Globalization and growing socioeconomic conditions of emerging markets are also responsible for the growth in demand and innovation in the industry.
As a result of all this, global facial recognition software market is expected to grow at an impressive CAGR of over 20% from 2013 to 2018. During the forecasting period, the industry is anticipated to become worth $1.74 billion by 2018 which was $0.68 billion in 2013. During the forecasting period, Latin America, Asia Pacific and Middle East and Africa are expected to be the fastest growing geographic segments in the global industry. Within the forecasting period of over 5 years, the global market for face recognition is expected to become more vital, pervasive and ubiquitous across different industrial verticals.