Facial Recognition Market Report, published by Accurize Market Research, forecast that the global market is expected to reach $ 17.6 Billion by 2026, growing at a CAGR of 22 % from 2019 to 2026. Asia-Pacific accounts for the major share in the global Facial Recognition Market.
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Market Introduction and Market Dynamics
Upsurge in the use of facial recognition technologies in industries such as government and defense and rising demand for improved surveillance and monitoring at public places are the major factors supplementing the market growth. However, high implementation cost of this technology and lack of accuracy are the major hindrances for the growth of the market. Rising consumer demand for facial recognition technology in tablets, smart phones, and laptops would generate new opportunities for the market in the future years.
Market Segmentation & Crisp Analysis
The global Facial Recognition Market is segmented into component, technology, application, and geography. Hardware and software are the further bifurcations of the component segment. The technology segment is sub-segmented as 2D facial recognition, 3D facial recognition, and facial analytics. The applications segment is divided into Homeland security, physical security, intelligent signage, criminal investigation, ID management, web application, business intelligence, photo indexing and sorting, and other application (VIP recognition, automotive and phone, PC & banking login). By geography, the market is covered under various distinct geographical regions such as North America, Europe, Asia- Pacific, and Rest of the World.
Manufacturers’ Competitive Analysis
The top players operating in the market are frequently investing on research & development and are planning to increase their presence in the untapped emerging economies. Major companies operating in the Facial Recognition Market are 3M, Cognitec Systems GmbH, Aware, Inc., NEC Corporation, FaceFirst, Inc., International Business Machines Corporation (IBM), Animetrics Inc., Nuance Communications Inc., Crossmatch, and Daon, among others.
Scope of the Report
The scope of the report covers in-depth analysis of the market in terms of both qualitative and quantitative analysis across the segment as well as cross sectional analysis of the segments including the geographies and its countries. Key companies operating in this market and their company profile along with market share analysis and competitive scenario is also part of the report. Furthermore, the client information from different industries from the point of view of manufactures has been provided in this report. The data of revenue share, shipment, gross profit, net income have also been included to give the better understanding of the competitors in the Facial Recognition Market.
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