Facial Recognition Market Synopsis:
The facial recognition market 2020 is projected to attain a decent valuation. It has been observed that the technology has gained popularity and witnessed expansion of application base in recent years. The trend is assumed to continue over the next couple of years. It is projected to boost the growth of the facial recognition market in the upcoming years. The assessment offered by Market Research Future (MRFR) presents an observation that the global facial recognition market is poised to mark 19.68% CAGR over the review period 2016 to 2022. It also unravels that the market is estimated to earn USD 8.93 Bn by the end of the forecast period, increasing from USD 3.04 Bn in the year 2016.
Biometrics has gained a quick mileage owing to its multiple applications across industries. The commercial application of the technology for video-based recognition in corporate spaces is a major driver of the market. Rising use of the technology is expected to lead the proliferation of the facial recognition market in the foreseeable future. Data theft and the losses incurred due to data theft have raised awareness among the SMEs and large enterprises. The enterprises are seen to increase investments in the installation of security solutions. This, in turn, is presumed to boost the facial recognition market in the forthcoming years.
Government organizations are inclining towards digital measures for security. Rising support from the governments for digitization is expected to catapult Facial Recognition Market on growth trajectory. Tech startups are anticipated to bring innovations in product lines, which is further poised to unleash growth opportunities for market participants. The introduction of 3D and thermal technologies are also expected to proliferate applications in the years to come. These factors are projected to accelerate revenue generation in the global market. On the other side, the technology is still at nascent stage and lack of awareness is projected to restrict market growth across the projection period.
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Safran SA (France), Cognitec Systems (Germany), NEC Corporation (Japan), Aware Inc. (U.S), Gemalto (Netherlands), Daon Inc. (U.S.), FaceFirst Inc. (U.S.), Key Lemon Ltd. (Switzerland), Ayonix Corporation (Japan), and Face++ (China) are few of the major participants of the facial recognition market.
The technology-based segments of the facial recognition market are – 2D recognition, 3D recognition, and thermal recognition.
- The segments of the facial recognition market, on the basis of services, are consulting services and cloud based services.
- On the basis of component, the facial recognition market has been segmented into hardware and software.
- Based on vertical, the segments of the facial recognition market identified for the study are large organizations, airports, government, and home security.
The regional assessment of the global facial recognition market is included in this MRFR report for the following segments – North America, Europe, Asia-Pacific, and the Rest of the World (RoW). These regions are narrowed down to country basis markets for comprehensive study. North America is supposed to exhibit dominance over the market. It is expected to capitalize on the growth of the IT industry.
Rising prevalence of IT based enterprises in the region are expected to drive the growth of the facial recognition market in the region. Also, the entry of new players resonates growth potential of facial recognition marketing. Europe is also poised to witness remarkable growth in the coming years. Asia Pacific is prognosticated to witness expansion due to the rising availability of vendors in the region. It is also anticipated to thrive on account of increasing investments in biometric technology.
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