According to the new market research report “Facial Recognition Market by Component (Software Tools and Services), Technology, Use Case (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement), End-User, and Region – Global Forecast to 2022”, published by MarketsandMarkets™, The global facial recognition market is expected to grow from USD 4.05 Billion in 2017 to USD 7.76 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.9%.
The increased need for enhanced surveillance and monitoring at public places and the increased use of facial recognition technologies in industries, such as the government are expected to be driving the facial recognition market growth. Facial recognition technologies are used to minimize the threats associated with terrorism and border securities. The growing need for surveillance at public places is expected to be one of the major factors that drives the growth of the facial recognition market.
Services segment is expected to grow at the highest CAGR during the forecast period
Due to the growing awareness among enterprises about the features of facial recognition technologies and the rising need for a more secured biometric system, the demand for facial recognition system is said to be increasing globally. Facial recognition services play a vital role in face detection and recognition, and comprise training and consulting services and cloud-based facial recognition services. Facial recognition services are offered for governments, homeland security, military, retail, and healthcare.
Browse and in-depth TOC on “Facial Recognition Market”
82 – Tables
37 – Figures
156 – Pages
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“The on-premises deployment model is expected to exhibit a larger market share during the forecast period”
The on-premises deployment model is contributing the most, when compared with the cloud deployment model. This is due to its acceptance among enterprises across verticals and in this deployment mode, the solution is deployed on the client’s system, thereby insuring them with data security & compliance. On-premises deployment offers more flexibility and control over enterprises and can be regulated by clients themselves.
“Europe is expected to witness a high growth potential during the forecast period”
North America held the largest market share in 2016, while Europe would be the fastest-maturing in terms of CAGR. Since newly introduced electronic signature regulations in Europe would boost cross-country trading among the European countries, the need for secure reliable transactions, authenticating the identity of the user over digital network, and the new release of regulations for electronic signatures by the European Electronic Messaging Association are driving the adoption of digital signature solutions in Europe.
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The facial recognition market report encompasses the competitive landscape, which presents the positioning of the 25 key facial recognition vendors based on their product offerings and business strategies. Some of these major vendors include Aware (US), NEC Corporation (Japan), Ayonix Corp. (Japan), Cognitec Systems (Germany), KeyLemon (Switzerland), nViso (Switzerland), Herta Security (Spain), Techno Brain (Kenya), Neurotechnology (Lithuania), Daon (US), Animetrics (US), 3M Company (US), IDEMIA (France), and Gemalto (Netherlands).
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