Global Facial Recognition Market is Estimated to Reach $17 Billion by 2025, Says Accurize Market Research
Global facial recognition market report published by Accurize Market Research forecast that the global market is expected to reach $17 billion by 2025; growing at a CAGR of 21.4% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Upsurgein the use of facial recognition technologies in industries such as defense and government across the globe to drive the growth of the market
Upsurge in the use of facial recognition technologies in industries such as defense and government fuels the demand for the global facial recognition market. Moreover, rising demand for improved monitoring and surveillance at public places also boosts the growth of the market.
The global facial recognition market has been bifurcated on the basis of component, technology, application, and geography. The component type segment includes hardware and software.Technologysegment is categorized as 2D facial recognition, 3D facial recognition, and facial analytics. Further,applications segment includes 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 segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico wherein Europe covers UK, Germany, France, Italy, Russia, and Rest of Europe. China, Japan, India, South Korea, and Rest of Asia-Pacific are covered under the Asia-Pacific. Rest of the World (RoW) includes South America, Middle East, and Africa.
“Software accounted for the largest market share in the component segment", says Accurize
Bycomponent segment,software accounted for the largest market share in 2017, andis expected to grow with fastest CAGR in the component segment during the forecast period 2017 – 2025. Moreover, hardware dominated the component segment with largest market share in 2017.
3D facial recognition accounted for the leading share in 2017, in the technology segment and is expected to continue its trend during the forecast period 2017 – 2025. The high growth is attributed to its high accuracy compared to 2D facial recognition in terms of recognizing facial features.
“Homeland Security accounted for the largest market share in the application segment", says Accurize
By application segment,Homeland Securityaccounted for the largest market share in 2017, andIn terms of growth, intelligent signage is likely to grow with fastest CAGR during the forecast period owing to its growing worries of security and use of marketing tactics to analyze the clients based on their gender, age, and other facial attributes.
“North Americadominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America generated the highest revenue accounting for 37% of the total market share. In terms of growth Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2017 – 2025, owing to factors such as huge investments from the government sector toward security and surveillance infrastructure, increased public awareness, and mandatory regulations imposed by the government regulatory entities in the region.
Top players in the market
The key market players include 3M, Aware, Inc., NEC Corporation, Cognitec Systems GmbH, Crossmatch, Nuance Communications Inc., International Business Machines Corporation (IBM), FaceFirst, Inc., Daon, and Animetrics Inc., among others.
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