Facial recognition is a biometric technology that selects facial features of an individual and compares them with an available database to provide identification and authorization.
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Facial Recognition Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $9.6 billion by 2022, registering a CAGR of 21.3% during the period 2016-2022.
Facial recognition technologies include 2D, 3D, and facial analytics. The 3D facial recognition technology segment holds a significant share in thefacial recognition market, owing to its high accuracy in terms of recognizing facial features as compared to the 2D facial recognition technology.
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This segment is expected to witness the fastest growth rate during the forecast period.
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Among the component segments, hardware accounted for the maximum revenue share in 2015, owing to high cost of 2D and 3D cameras. The facial recognition software market is estimated to grow at a CAGR of 23.9% during the forecast period.
Development of effective and efficient facial recognition software applications is expected to drive this market.
Some of the leading players in the facial recognition market include Cognitec Systems GmbH, NEC Corporation, FaceFirst, Inc., and 3M amongst others. These players have adopted product development, acquisitions, agreements, and partnerships as their key strategies to strengthen their market position and expand their geographical presence.
For instance, in 2015, Cognitec Systems GmbH launched and incorporated a superior version of the face recognition algorithm B9 in FaceVACS-DBScan, one of the its leading facial recognition products.
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