According to the report of Allied Market Research facial recognition market is to grow from the 17.91 billion US$ value of 2017 to 86 billion US$ in the year 2025 which the CAGR of 21.8%. The constant evolution of technology is the driving factor behind the rise of face recognition technology. The mobile devices equipped with such technology is growing the market at a fast pace. The use of facial recognition technology extends beyond the realm of mobile devices because it offers better security.
The demand for facial recognition technology will keep on growing. As of the year, 2017 cloud segment had the highest market share of 55.9% and it is expected to maintain that spot in this forecast period. The cloud segment is also expected to have the highest CAGR of 23.35% till the year 2025. The premise-based face recognition system will also grow at a steady pace.
On the base of use, service segment is expected to grow at the highest CAGR during the forecast period. Based on the industry health care segment is expected to grow at the highest CAGR 28.4% during this time. Object detection section of the industry will grow at the fast pace and the demand for integration of image search section in augmented reality will also grow.
As of the year, 2017 North America had the highest market share. The Asia Pacific saw the fastest growth of facial recognition technology and the growth is likely to continue. The Middle East, Africa, Europe, and Latin America is also included in the study. The report also takes major players in consideration during the analysis of this report.