The Global Facial
Recognition Market research report interprets
definition, an investigation of significant progress in the industry. It
provides overall industry survey, product description, wide array of
applications, top players, and development forecast. It enhances understanding
about that market along with new business trends.
Industry Insights
The facial recognition
market was valued at USD 3.35 Billion in 2016. Facial recognition is a
biometric method which gives high-level security for private as well as public
sector. It compares the facial features with the database so as to provide
authorization. Facial recognition consists of software, readers as well as the
associated database to provide security along with accuracy. The method of
facial recognition is highly efficient to avoid security issues in comparison
with the traditional method such as token, passwords, and others.
Increasing needs of
security in government sector for employee attendance and recognition is
anticipated to be a key driver for the market of facial recognition throughout
the forecast period. Besides technological developments such as 3D recognition
systems and cloud-based services are anticipated to fuel the overall demand for
the market.
Factors like plastic
surgeries, makeup, aging and other medical procedures may affect the
effectiveness of the system. The absence of accuracy, as well as costly
implementation, may restrain the growth of the market in the coming six years.
Increasing demand for data security has encouraged its implementation across
the organization which is combined with increased employment of personal
devices being a part of BYOD policy in the IT sector.
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Main features of the report:
·
To provide
detailed analysis of the market structure along with forecast of the various
segments and sub-segments of the global Facial Recognition Market.
·
A complete
backdrop analysis, which includes an assessment of the parent market
·
Important
changes in market dynamics
·
Market
segmentation up to the second or third level
·
To provide
country level analysis of the market for segment by application, product type
and sub-segments.
·
To provide
strategic profiling of key players in the market, comprehensively analyzing
their core competencies, and drawing a competitive landscape for the market.
·
Track and
analyze competitive developments such as joint ventures, strategic alliances,
mergers and acquisitions, new product developments, and research and
developments in the global Facial Recognition Market.
·
Emerging
niche segments and regional markets
·
An
objective assessment of the trajectory of the industry.
Technology Insights
It includes facial
analytics, 2D, and 3D. Facial analytics is largely used in education and research,
retail and police services to ascertain ever changing features like gender,
age, and other facial attributes. 2D technology is broadly used due to the low
cost of installation along with ease of operation as it makes use of
two-dimensional appearance recognition. 2D technology is not accurate in
several conditions like changing expressions, angles, and environmental
conditions. The 3D technology uses the high definition as well as a complex
algorithm. Its market is anticipated to grow significantly throughout the
forecast period.
End-Use Insights
Facial recognition market
has applications in military, government, retail, homeland security along with
banking and finance sector. The government sector is anticipated to be the
major end-use segment in the coming six years due to the demand for security
and law enforcement. As it is non-intrusive in nature, facial recognition is
used in convert monitoring. Retail segment also uses this technology to market
its products. Furthermore, banking and finance sector used facial recognition
to resist frauds which are anticipated to promote the growth of the market over
the forecast period.
Regional Insights
Due to the increasing
threats both internal and external, Facial recognition market is widely used
across the globe to direct security needs. North America is estimated to be the
major regional market over the forecast period due to the wide use of facial
recognition technology in the departments of U.S. such as defense, justice,
homeland security and much more. Also, government initiatives like the e-KTP
project in Indonesia and UIDAI project in India for generating individuals’ id
are anticipated to offer opportunities for this market in Asia Pacific region.
European markets of the Spain, Italy, Germany, France, and UK are anticipated
to thrive the market over the forecast period.
Competitive Insights
The facial recognition
market is dominated by Nuance Communications, FaceFirst, Precise Biometrics,
Aurora Computer Services, NEC Corporation, Ayonix, Animetrics, Aware Inc and 3M
Cogent. Ayonix Inc. deals with real-time face recognition which uses IP cameras
to locate suspects in public and VIP customers in sectors like retail,
hospitality, banking, and others.
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