Global 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.
— Facial Recognition Market Synopsis:
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.
Facial Recognition is a biometric application which captures image and uses it to identify individuals by applying facial analytics and comparing it with the existing database. Facial recognition systems are commonly used for security purposes, especially in the surveillance field but recently the use of facial recognition in other applications has progressed. The facial recognition market is driven by the increasing criminal activities, globally. Apart from it, the increasing security measures at ATMs and the growing installation of facial recognition systems at airports, and shopping malls drive the facial recognition market.
The global Facial Recognition Market provides two types of services as consulting services and cloud based services. Rising adoption of cloud technologies has resulted in the fastest growth of cloud based facial recognition services. The facial recognition market is classified on the basis of components as hardware and software components. The hardware component holds a larger share in the facial recognition market whereas the software component of facial recognition is expected to grow at a faster rate. The facial recognition technology is still in a developing phase therefore it has technological limitations. Lack of awareness has resulted as a major restrain for the facial recognition market.
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Major Key Players:
• 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)
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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• Technology investors
• End-user industries
• Research & consultant organization
• Market players
• The global facial recognition market is expected to reach USD 8.93 Billion by 2022.
• By Technology, 3D Facial Recognition accounts for the largest market share and is growing with approximately ~23.4% CAGR during forecast period.
• By End-user, Government industry holds the largest market growing with approximately 22.9% CAGR by the end of forecast period.
• Geographically, North America has been projected to have the largest market share in global Facial Recognition market, while Asia-Pacific has been projected to emerge as the fastest growing region.
Table of Contents
2.1 Market Drivers 11
2.1.1 Increasing Criminal Activities at Government And Non-Government Sector Demanding For Facial Recognition Technology Solutions 11
126.96.36.199 Increasing Security Measures at ATMs And Other Financial Institutes 12
188.8.131.52 Increasing Implementation of Facial Recognition System At Airports And Super-Markets 12
184.108.40.206 High Adoption of Facial Recognition By Law Enforcement Agencies For Better Results In Criminal Investigations 13
2.2 Market Inhibitors 14
2.2. Technical Limitation Of The Facial Recognition System Features Dragging Lack Of Accuracy In The Results 14
2.2.2 Lack of Awareness Dragging Security & Privacy Issues 14
2.3 Supply Chain Analysis 15
2.4 Porter’s Five Forces Analysis 16
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List of Table
Table 1 Global Facial Recognition Market, By Technology (Usd Billion)
Table 2 Global Facial Recognition Market, By Service, 2016-2022 (Usd Billion)
Table 3 Global Facial Recognition Market, By Components, 2016-2022 (Usd Billion)
List of Figure
Figure 1 Global Facial Recognition Market: Drivers & Restraint
Figure 2 Global Facial Recognition Market: Supply Chain Process
Figure 3 Global Facial Recognition Market: Porter’s Five Forces Analysis
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