Global Facial Recognition Market is expected to grow from US$ 4.31 Bn in 2018 to US$ XX Bn by 2026, at a CAGR of XX % between 2019 and 2026. (Detailed analysis of the market CAGR is provided in the report)
The facial recognition system is bio-metric technology or a computer application used for identification and authentication of individuals from a digital image or a video source. For this, it compares captured images with the previously stored database.
Increased the demand for advanced surveillance systems, surveillance systems for enhancing safety and security, increased applications in both law enforcement and non-law enforcement, increasing instances of identity threats, and technology advancements such as cloud-based services and 3D-based recognition systems are the major factors driving the growth of facial recognition market. However, high implementation cost and lack of accuracy of facial recognition system, and the incompatibility of integration between software tools and bio-metric hardware devices are the key restraining factors for the market.
Facial recognition services play a vital role in face detection and recognition, and comprise training and consulting services and cloud-based facial recognition services. 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.
In terms of region, the global facial recognition market is spread across North America, Asia Pacific, Europe, the Middle East and Africa, Latin America from a region-wide perspective. North America currently holds a leading position in this market owing to a strong infrastructure existing for developing new technologies, as well as large investments made by players to develop this sector.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Facial Recognition market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in Facial Recognition market.
Scope of Facial Recognition Market:
Global Facial Recognition Market, By Component:
• Software Tools
o 2D Facial Recognition
o 3D Facial Recognition
o Thermal Face Recognition
o Training and Consulting Services
o Cloud-Based Facial Recognition Services
Global Facial Recognition Market, By Technology:
• Facial Recognition Software and Sdk
• Analytics Solution
• Modeling and Restructuring
Global Facial Recognition Market, By Use Case:
• Access Control
• Emotion Recognition
• Law Enforcement
• Attendance Tracking and Monitoring
Global Facial Recognition Market, By End-Use:
o Banking, Financial Services, and Insurance
o Homeland Security
Global Facial Recognition Market, By Region:
• North America
• Asia Pacific
• Middle East & Africa
• South America
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