(MENAFN- Ameliorate Digital Consultancy)
New York, According to a new market research report published by Global Insight Services “facial recognition market is expected to reach US$ XX bn by 2031” . Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Facial recognition is a technology that can be used to identify individuals from images or videos. This technology can be used for security purposes, such as identifying criminals or verifying the identity of individuals. Facial recognition technology can also be used for non-security purposes, such as finding lost persons or identifying people in photographs.
Key Players
The facial recognition market report includes players such as Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, FacePhi, Fujitsu, Gemalto NV, IDEMIA, NEC Corporation, Onfido, and TECH5 SA.
Key Trends
There are three key trends in facial recognition technology:
1. Increased accuracy: Facial recognition technology is becoming more accurate as algorithms are improved and more data is collected. This means that the technology can be used for more purposes, such as identifying criminals and locating missing persons.
2. Lower costs: The cost of facial recognition technology is decreasing as it becomes more widely available. This makes it more affordable for businesses and organizations to use.
3. Greater privacy concerns: As facial recognition technology becomes more widespread, there are greater concerns about privacy. This is because the technology can be used to track people's movements and collect personal data.
Key Drivers
There are several key drivers of the facial recognition market.
Firstly, the technology is becoming increasingly accurate, with newer algorithms able to detect faces with greater accuracy than ever before. This is leading to increased adoption in a range of applications, from security and law enforcement to retail and consumer electronics.
Secondly, the costs of facial recognition technology are falling, making it more affordable for a wider range of organizations.
Finally, the availability of data is increasing, as more people are sharing images and videos online. This is providing more opportunities for facial recognition technology to be used.
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Market Segments
The facial recognition market report is bifurcated on the basis of technology, application, end-use, and region. On the basis of technology, it is segmented into 2D, 3D, facial analytics. Based on application, it is analyzed across emotion recognition, access control, security & surveillance, and others. By end-use, it is categorized into telecom & IT, government, healthcare, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World.
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