Facial Recognition Market Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025
Global Facial Recognition Market is projected to be valued $17 Billion by 2025; with a CAGR of 22% from 2017 to 2025.Facial recognition is a computer application used in identification or verification of individuals. It recognizes a personby comparing them to the stored facial database. It is a biometric technology and are generally used in security systems which can be associated to other biometrics such as voice recognition, skin texture recognition,eye iris recognition, and fingerprint scanner systems. Presently, this technologyhas become one of the popular commercial authentication tools.
Upsurge in the use of facial recognition technologies in industries such as government and defenseand 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. Risingconsumer demand for facial recognition technology in tablets, smart phones, and laptops would generate new opportunities for the market in the future years.
Component, technology, application, and geography are the various classifications of the global facial recognition market. 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).
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the geographical splits of the market. 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.
Major key players operating in the global market include 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.
The key takeaways from the report
Scope of the Global Facial Recognition Market
· 2D Facial Recognition
· 3D Facial Recognition
· Facial Analytics
· Homeland Security
· Criminal Investigation
· ID Management
· Physical Security
· Intelligent Signage
· Web Application
· Business Intelligence
· Photo Indexing and Sorting
· Other Applications (Include VIP recognition, automotive and phone, PC & banking login)