The Facial Recognition Market was valued at USD 3.35 Billion in 2016. Facial recognition is a biometric method which gives high-level security for private as well as public sector. It compares the facial features with the database so as to provide authorization. Facial recognition consists of software, readers as well as the associated database to provide security along with accuracy. The method of facial recognition is highly efficient to avoid security issues in comparison with the traditional method such as token, passwords, and others.
Increasing needs of security in government sector for employee attendance and recognition is anticipated to be a key driver for the market of facial recognition throughout the forecast period. Besides technological developments such as 3D recognition systems and cloud-based services are anticipated to fuel the overall demand for the market.
Full Research Report On Global Facial Recognition Market Analysis available at: https://www.millioninsights.com/industry-reports/facial-recognition-market-size
Factors like plastic surgeries, makeup, aging and other medical procedures may affect the effectiveness of the system. The absence of accuracy, as well as costly implementation, may restrain the growth of the market in the coming six years. Increasing demand for data security has encouraged its implementation across the organization which is combined with increased employment of personal devices being a part of BYOD policy in the IT sector.
Technology Insights
It includes facial analytics, 2D, and 3D. Facial analytics is largely used in education and research, retail and police services to ascertain ever changing features like gender, age, and other facial attributes. 2D technology is broadly used due to the low cost of installation along with ease of operation as it makes use of two-dimensional appearance recognition. 2D technology is not accurate in several conditions like changing expressions, angles, and environmental conditions. The 3D technology uses the high definition as well as a complex algorithm. Its market is anticipated to grow significantly throughout the forecast period.
End-Use Insights
Facial recognition market has applications in military, government, retail, homeland security along with banking and finance sector. The government sector is anticipated to be the major end-use segment in the coming six years due to the demand for security and law enforcement. As it is non-intrusive in nature, facial recognition is used in convert monitoring. Retail segment also uses this technology to market its products. Furthermore, banking and finance sector used facial recognition to resist frauds which are anticipated to promote the growth of the market over the forecast period.
Regional Insights
Due to the increasing threats both internal and external, Facial recognition market is widely used across the globe to direct security needs. North America is estimated to be the major regional market over the forecast period due to the wide use of facial recognition technology in the departments of U.S. such as defense, justice, homeland security and much more. Also, government initiatives like the e-KTP project in Indonesia and UIDAI project in India for generating individuals’ id are anticipated to offer opportunities for this market in Asia Pacific region. European markets of the Spain, Italy, Germany, France, and UK are anticipated to thrive the market over the forecast period.
Competitive Insights
The facial recognition market is dominated by Nuance Communications, FaceFirst, Precise Biometrics, Aurora Computer Services, NEC Corporation, Ayonix, Animetrics, Aware Inc and 3M Cogent. Ayonix Inc. deals with real-time face recognition which uses IP cameras to locate suspects in public and VIP customers in sectors like retail, hospitality, banking, and others.
Request for Free Sample Copy at: https://www.millioninsights.com/industry-reports/facial-recognition-market-size/request-sample
Market segmentation
Facial Recognition Technology Outlook (Revenue, USD Million, 2012 – 2020)
• 2D
• 3D
• Facial Analytics
• Facial Recognition End-Use Outlook (Revenue, USD Million, 2012 – 2020)
• Government
• Military
• Homeland Security
• Banking & Finance
• Retail
• Others
• Facial Recognition Regional Outlook (Revenue, USD Million, 2012 – 2020)
• North America
• Europe
• Asia Pacific
• RoW
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/technology
About Million Insights
Million Insights, is a distributor of market research reports, published by premium publishers only. We have a comprehensive market place that will enable you to compare data points, before you make a purchase. Enabling informed buying is our motto and we strive hard to ensure that our clients get to browse through multiple samples, prior to an investment. Service flexibility & the fastest response time are two pillars, on which our business model is founded. Our market research report store, includes in-depth reports, from across various industry verticals, such as healthcare, technology, chemicals, food & beverages, consumer goods, material science & automotive.
For More Information: www.millioninsights.com
Media Contact
Company Name: Million Insights
Contact Person: Ryan Manuel
Email: Send Email
Phone: 91-20-65300184
Address:Office No. 302, 3rd Floor, Manikchand Galleria, Model Colony, Shivaji Nagar
City: Pune
State: Maharashtra
Country: India
Website: www.millioninsights.com/industry-reports/facial-recognition-market-size