Global Facial Recognition Market By Technology (2D Facial Recognition, 3D Face Recognition and Facial Analyst), Component (Hardware and Software), Application (Homeland Security, Criminal Investigation, ID Management, Physical Security, Intelligent Signage, Web Application, Business Intelligence, Photo Indexing and Sorting and Others), End Users (Government and Transportation, Military and Defense, BSFI, Retail, Hospitality and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Market Analysis and Insights of Facial Recognition Market
Rising advancements in technology and rising demand for surveillance systems for enhancing safety and security are the major factors attributable to the growth of facial recognition market. Data Bridge Market Research analyses that the facial recognition market will exhibit a CAGR of 16.10% for the forecast period of 2021-2028. This signifies that the facial recognition market value will rise up to USD 15.00012 billion by the year 2028.
Facial recognition is a technology that is used for the authentication and identification of individuals. Facial recognition is a biometrics technology which is used to compare the facial features from an image with the stored facial database. Generally used for the safety and security purposes, the advent of facial recognition technology has improved the effectiveness and efficient of safety systems. Rising popularity of this technology has led to its incorporation in the smartphones.
Rising penetration of smartphones and other similar electronic gadgets is a key facial recognition growth driving factor. Increasing adoption of internet of things will further aggravate the demand for facial recognition. Growth and expansion of surveillance industry will create more lucrative growth opportunities for the facial recognition market. Also, rising technological advancements by the key players will bolster the market growth rate.
However, facial occlusion and face detection errors will act as a growth restraint for the facial recognition market. Lack of accuracy of the technology will further dampen the growth rate of the market. High installation costs will further challenge the market growth.
This facial recognition market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on facial recognition market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Facial Recognition Market Scope and Market Size
The facial recognition market is segmented on the basis of technology, component, application and end users. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of technology, the facial recognition market is segmented into 2D facial recognition, 3D face recognition and facial analyst.
- On the basis of component, the facial recognition market is segmented into hardware and software. Hardware segment is sub-segmented into scanners, cameras, handled devices and integrated devices.
- On the basis of application, the facial recognition market is segmented into homeland security, criminal investigation, ID management, physical security, intelligent signage, web application, business intelligence, photo indexing and sorting and others. Others segment is sub-segmented into VIP recognition, automotive and phone, PC and banking login.
- On the basis of end users, the facial recognition market is segmented into government and transportation, military and defense, BSFI, retail, hospitality and others.
Global Facial Recognition Market Country Level Analysis
The facial recognition market is analysed and market size, volume information is provided by country, technology, component, application and end users as referenced above.
The countries covered in the facial recognition market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the facial recognition market and its market share will continue to expand during the forecast period owing to the rising adoption of advanced and connected technologies by the enterprises coupled with rising infrastructural growth of the surveillance industry in this region. Asia-Pacific on the other hand will project the highest growth rate during the forecast period. This is because of rapid technological advancements in the field of information technology and increasing penetration of smart phone and other consumer durable products and rising digitization of emerging economies.
The country section of the facial recognition market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Facial Recognition Market Share Analysis
The facial recognition market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to facial recognition market.
The major players covered in the facial recognition market report are NEC Technologies India Private Limited, Aware, Inc., Gemalto NV, Ayonix Face Technologies, Cognitec Systems GmbH, NVISO SA., Daon, StereoVision Imaging, Inc., Techno Brain., Neurotechnology, Innovatrics, id3 Technologies, IDEMIA, Animetrics, Crunchbase Inc., Aurora Computer Services Limited, Nuance Communications, Inc., , FaceFirst, Microsoft Corporation and Amazon Web Services, Inc. among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.