Facial Recognition Market Worth $6.19 Billion by 2020
Markets & Markets forecasts the global facial recognition market to grow from $2.77 Billion in 2015 to $6.19 Billion by 2020, at a CAGR of 17.4%. In terms of regions, North America is expected to be the biggest market in terms of market size, while APAC and MEA are expected to experience increased market traction during the forecast period.
With rising crime, governments around the globe are looking for new surveillance systems that are able to address growing security concerns. Facial recognition has emerged as one of the leading technology candidates.
Facial recognition technology is finding increasing deployment by various end users, from government and utility sectors, to enterprises, and to home and other consumer applications. The adoption of facial recognition has helped these users to address their security concerns effectively.
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