Facial Recognition Market 2019 Global Regional Study, Competitors Strategy, Leading Key Players, Industry Segments, Business Trends and Growth by Forecast to 2022

Facial Recognition Market 2019 Global Regional Study, Competitors Strategy, Leading Key Players, Industry Segments, Business Trends and Growth by Forecast to 2022

“Facial Recognition Market”
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 Scenario:

Facial recognition is an emerging intrusive and fastest biometric technology working with most individual identifier- the human face. Face recognition technology automatically identifies a person through comparing his digital image with the record available. It monitors the captured image from every angle, identifies skin tone of a human face’s surface, and also able to identify the suspect by emotion analysis technique.

There are various methods used to perform facial recognition such as 3D facial recognition, 2D facial recognition, thermal imaging and skin texture analysis. With growing technology advancement, 3D facial recognition is been adopted on large number over 2D and other facial recognition techniques. There is huge demand for 3D facial recognition technique in government and banking sector in order to increase security at homeland and in military & defence sector. 3D facial has the ability to identify suspect from a mile of distance unlike 2D facial and other techniques thereby has large benefits for suspect identification during criminal investigation. Further, Aware Inc., IBM Corporation, Apple, and Intel security group among others are implementing facial biometrics in wearable, PC’s & laptops, thereby developing good opportunity for facial biometrics in commercial, and retail sectors.

The growing criminal activities and increase in terrorist attacks worldwide has driven the huge demand for high tech and highly secured surveillance system especially for public places. The law enforcement agencies are using Facial Recognition Market to trace & identify suspects during crime investigations. Other than securities, facial recognition also attracting commercial and automotive market these days.

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Competitive Analysis:

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.

Market Segmentation:

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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