Facial Recognition Market Overview:
Market Research Future (MRFR), in its recently published research report, asserts that the global facial recognition market had been valued at USD 3.04 billion in the year 2016, which is expected to reach USD 8.93 billion by the end of the forecast period growing at ~19.68% CAGR.
The massive rise in security threats and breaches in various fields is inducing demand for a systematic technology for identification purposes. The crucial application of facial recognition systems in the military and defense sector due to the growing terrorist activities and increasing crime rate and incorporation of facial recognition systems in numerous government and private organizations for security purposes are some of the major driving factors of the global facial recognition market.
The development in technology is enabling the incorporation of facial recognition systems in various personal devices such as laptops, computers, and smartphones in order to maintain user privacy and data security. The rise in the adoption of digital door lock systems that use facial recognition technology along with other biometrics including fingerprint and retina scanning, is positively impacting the expansion of the global facial recognition market over the review period.
The growing rate of home invasions, burglaries, and other significant crimes is generating a dire need for facial recognition systems in all the regions of the world, leading to the growth of the global facial recognition market. The extensive application of facial recognition systems in the consumer electronics sector is also proving to be a vital factor driving the expansion of the global Facial Recognition Market.
On the other hand, the higher installation and maintenance cost and low penetration of advanced technology in underdeveloped regions of the world are expected to create possible hindrance in the growth of the global facial recognition market over the forecast period.
Competitive Analysis:
The leading market players operating in the global facial recognition market as identified by MRFR are NEC Corporation (Japan), Safran SA (France), Face++ (China), Cognitec Systems (Germany), Daon Inc. (U.S.), Aware Inc. (U.S), Gemalto (Netherlands), Ayonix Corporation (Japan), FaceFirst Inc. (U.S.), Key Lemon Ltd. (Switzerland), and others.
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Segmental Analysis:
The global market for facial recognition has been analyzed on the basis of hardware and software, technology, and verticals.
- On the basis of technology, the facial recognition market is segmented into 3D recognition, 2D recognition, and thermal recognition. The development in 3D technology and higher accuracy of 3D recognition systems are driving the expansion of the 3D recognition technology segment in the global facial recognition market over the review period.
- On the basis of hardware and software, the facial recognition market is bifurcated into face recognition software and analytics.
- On the basis of the verticals, the facial recognition market is segmented into large organizations, airports, governments, home security, and others.
Regional Analysis:
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East and Africa).
North America is dominating the global facial recognition market due to the rapid adoption of facial recognition technology in numerous government and non-government sectors and increasing the use of electronic devices that are fortified with this technology by the consumers in this region. The facial recognition market is predicting significant growth in the Europe region due to the brisk development in technology and the large pool of players in the facial recognition market of this region.
Whereas, the Asia-Pacific region is expected to witness the fastest growth in the global facial recognition market due to the increasing investment for the development of 3D technology and increasing adoption of facial recognition systems for security purposes in this region. The demand for facial recognition is poised to contribute towards the steady growth in the Middle East and Africa region due to the ow penetration of advanced technology in the underdeveloped and remote areas of this region.
Table of Contents
1 Market Introduction
1.1 Introduction
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions
1.2.3 Limitations
1.3 Market Structure:
Continued…
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List of Table
Table 1 Global Facial Recognition Market, By Technology (Usd Billion) 18
Table 2 Global Facial Recognition Market, By Service, 2016-2022 (Usd Billion) 21
Table 3 Global Facial Recognition Market, By Components, 2016-2022 (Usd Billion) 24
Table 4 Global Facial Recognition Market, By End-User, 2016-2022 (Usd Billion) 27
Continued…
List of Figure
Figure 1 Global Facial Recognition Market: Drivers & Restraint 11
Figure 2 Global Facial Recognition Market: Supply Chain Process 15
Figure 3 Global Facial Recognition Market: Porter’s Five Forces Analysis 16
Figure 4 Global Facial Recognition Market, 2016-2022 (Usd Billion) 20
Continued…
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