The facial recognition market is expected to spike to almost $3.3 billion by 2022, according to a report by CredenceResearch.com.
The market was previously valued at $1.5 billion in 2014 and is expected to grow at a CAGR of 10.4% from 2015 to 2022.
One of the most significant advantages of facial recognition technology, according to the report, is that it does not require any cooperation from the subject. This makes it easy to identify people even in crowded places.
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In addition, the increasing investments in security systems is driving growth in the facial recognition market. Due to the rising terror threats, video surveillance systems are installed at public places such as airports and railway stations among others. Facial recognition technology is used with the surveillance systems to identify suspects more easily.
Privacy concerns in North American and European concerns are hindering the market, the report states.
