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.
Pune, India – January 14, 2019 /MarketersMedia/ —
The facial recognition system is a technology used for the identification of individuals from digital images or video clips by comparison of selected facial features with the available database. As per the report that has been recently published by Market Research Future (MRFR), the global facial recognition market is expected to witness significant expansion at a robust CAGR of over 19.68 % during the forecast period of 2016-2022 and reach USD 8.93 Bn by the end of the forecast period.
The Facial Recognition Market is typically used in biometric security systems. The colossal increase in security threats and breaches in various fields is inducing demand for a systematic technology for identification purpose. The vital application of facial recognition systems in military and defense sector owing to the proliferating terrorist activities and increasing crime rate and incorporation of facial recognition systems in various government and private organizations for security purposes are some of the major factors driving the global facial recognition market.
The advancement in technology is facilitating the incorporation of facial recognition systems in various personal devices such as computers, laptops, and smartphones in order to maintain the user privacy and data security. The rise in adoption of digital door lock systems which use facial recognition technology along with other biometrics such as fingerprint and retina scanning is positively impacting the expansion of the global Facial Recognition Market.
The increasing rate of home invasions, burglaries, and other major 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 widespread application of facial recognition systems in the consumer electronics sector is also proving to be a vital factor fueling the expansion of the global facial recognition market.
However, the high installation and maintenance cost and low penetration of advanced technology in underdeveloped regions of the world are likely to create prime hindrance in the expansion of the global facial recognition market during the forecast period.
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The increasing research and development expenditure for innovative product launches is strengthening the competition among the players of the global facial recognition market. The manufacturers are aiming towards business expansion by carrying out strategic mergers and acquisitions in the global facial recognition market.
In April 2018, Panasonic Corporation (Japan), a worldwide leader in developing advanced electronic technologies and solutions, has introduced a sophisticated facial recognition biometric system which is capable of recognizing individuals diagonally and even when wearing sunglasses. This innovative product launch is considered to be a benchmark in the global facial recognition market.
The prominent players of the global facial recognition market are Safran SA (France), NEC Corporation (Japan), Cognitec Systems (Germany), Aware Inc. (U.S), Daon Inc. (U.S.), Gemalto (Netherlands) FaceFirst Inc. (U.S.), Ayonix Corporation (Japan), Key Lemon Ltd. (Switzerland), Face++ (China) and others.
The global market for facial recognition has been segmented on the basis of technology, hardware and software, and verticals. Based on technology, the facial recognition market is segmented into 2D recognition, 3D recognition, and thermal recognition. The advancement in 3D technology and higher accuracy of 3D recognition systems are propelling the expansion of the 3D recognition technology segment in the global facial recognition market.
Based on hardware and software, the facial recognition market is segmented into face recognition software and analytics. Based on verticals, the facial recognition market is segmented into large organization, government, airports, home security, and others.
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Detailed Regional Analysis:
Geographically, the global facial recognition market is segmented into four major regions such as North America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, North America is leading the global facial recognition market owing to the rapid adoption of facial recognition technology in various government and non-government sectors and increasing use of electronic devices that are equipped with this technology by the consumers in this region.
The facial recognition market is projecting significant growth in the Europe region due to the brisk development in technology and large pool of players in the facial recognition market of this region. Whereas, the Asia-Pacific region is projecting fastest growth in the global facial recognition market due to the increasing investment for development of 3D technology and increasing adoption of facial recognition systems for security purposes in this region. The market for facial recognition is projecting steady growth in the Middle East and Africa region due to the less penetration of advanced technology in the underdeveloped and remote areas of this region.
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Name: Abhishek Sawant
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