Facial Recognition Technology Market Expected To Reach $2.67B by 2022

The global market for facial recognition technology is predicted to reach $2.67 billion by 2022, said a report by Transparency Market Research, a news release said Wednesday. There's increased demand for surveillance systems by civil and government agencies, particularly as the number of crimes and terrorist activities rise, the release said. Facial recognition has been accepted by the entertainment industry and is used extensively in consumer electronics, which is part of what is fueling the demand for the technology, it said. Because it has better accuracy “in terms of identifying facial features,” 3D facial recognition technology is expected to comprise most facial recognition technology sales, the release said. Government is expected to be the biggest user of facial recognition technology, followed by retail outlets, it said.