(MENAFN- GetNews) 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. Market Analysis:
Facial recognition in the true sense is popping up just everywhere no wonder it has resulted in the mushrooming demand for the global facial recognition market which is expected to touch a robust 19.68% CAGR during the predicted years (2016-2022). It is a means to recognize the human face with the help of technology. In fact, facial recognition has taken the world by storm and doing amazing things with regards to security. Right from retail establishments to airports, this technology is taking the experience of employees and customers to new heights. Some of its unique advantages include touch-less scan, ability of capturing from a distance, non-invasiveness and higher universality compared to fingerprints as well as other biometric identifiers.
There are a couple of reasons why Facial Recognition Market is highly preferred over any other biometric technology such as fingerprint scanning, iris recognition, skin texture recognition and voice recognition. This can be attributed to factors such as easy deployment and non-contact process. These days face recognition has become commonplace in places that demand optimal security such as shopping malls, railway station, banks, ATMs to name a few.
There are a couple of factors that is driving the growth of the facial recognition market. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include upsurge in the number of terrorists' attacks especially government organizations, increasing use in physical security and intelligent signage, advancements in technology such as cloud-based services and recognition systems that are 3D-based, increasing use in drones and mobile security and increasing rate of burglaries, home invasions and other forms of major crimes. However, there are some factors such as high implementation cost, lack of security concerning personal shared data and lack of accuracy that is likely to hinder the facial recognition market growth.
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Major Key Players:
Leading players profiled in the facial recognition market include Face++ (China), Key Lemon Ltd. (Switzerland), Ayonix Corporation (Japan), FaceFirst Inc. (U.S.), Gemalto (Netherlands), Daon Inc. (U.S.), Aware Inc. (U.S), Cognitec Systems (Germany), NEC Corporation (Japan), Safran SA (France), and others.
Jan 2019- The government has lately announced about the Digi Yatra project that will allow paperless entry to travelers into airports (domestic flights) with the help of the facial recognition's biometric authentication.
Aug 2018- The fifth biggest Indian Information Technology Services Company, Tech Mahindra has come up with a facial-recognition system for its Noida office. This will help employees to mark their attendance by looking into the facial-recognition terminal and signing in or by using swipe cards.
Market Segmentation:
Market Research Future report provides a comprehensive segmental analysis of the facial recognition market on the basis of technology, hardware and software and verticals.
Based on technology, it is segmented into thermal recognition, 3D recognition and 2D recognition. Of these, the 3D recognition segment has the largest market share owing to 3D recognition systems higher accuracy and 3D technology advancements. Based on hardware and software, the facial recognition market is segmented into software and analytics. Of these, the software segment is predicted to have maximum market share owing to increasing need of companies for saving resources from any unauthorized access and rising data breaches. Based on verticals, it is segmented into home security, airports, government, large organization and others. Of these, the government vertical is predicted to have maximum market share touching the highest CAGR over the predicted years. Regional Analysis: Based on region, the facial recognition market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and the Middle East and Africa. Of these, North America heads the facial recognition market due to prompt adoption of the facial recognition technology in different sectors both non-government and government and rising utilization of electronic devices which comes with this technology by people present in this region.
In Europe, the facial recognition market is projecting a noteworthy growth owing to brisk technological developments and extensive pool of players in this region. In the APAC region the facial recognition market is showing the fastest growth owing to the rising development for 3D technology development coupled with higher adoption of the facial recognition systems especially for the region's security purposes. In the Middle East and African region, the market is seeing a steady growth owing to minimal penetration of technological advancements in the region's remote and underdeveloped areas.
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Competitive Analysis:
The rising R & D expenditure for launching innovative products is helping to strengthen the competition amid the players in the facial recognition market. The manufacturers are planning for business expansion by performing planned mergers and acquisitions in the facial recognition market.
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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