Global Facial Recognition Market is estimated to reach $15.4 billion by 2024; growing at a CAGR of 21.4% from 2016 to 2024. Facial recognition is a computer application used for identifying or verifying of individuals by comparing selected feature from the image with the existing stored facial database. It is a biometric technology and are generally used in security systems which can be associated to other biometrics such as eye iris recognition,voice recognition, skin texture recognition,and fingerprint scanner systems. Currently, this technology is one of the popular commercial authentication and marketing tool.
Global Facial Recognition Market Size and Forecast, 2015 – 2024 (US$ Billion)
The primary factor driving the growth of global facial recognition market are rising demand for improved surveillance and monitoring at public places. Also, upsurge in the use of facial recognition technologies in industries such as government and defence have also boosted the the market growth. However, lack of accuracy and high implementation cost of this technology are the major hindrances for the growth of the market. Moreover, escalating application of facial recognition technology in smart phones, tablets, and laptops for commercial and personal purposes is likely to gain significant impetus in the forthcoming future.
The global facial recognition market is mainly classified on the basis of component, technology, application, and geography. By component the classification includes hardware and software. The technology segment is bifurcated into 2D facial recognition, 3D facial recognition, and facial analytics. Further by application the segmentation comprises homeland security, criminal investigation, ID management, physical security, intelligent signage, web application, business intelligence, photo indexing and sorting, and other application (VIP recognition, automotive and phone, PC & banking login).
Global Facial Recognition Market, by Application
On the basis of geographical analysis, the global facial recognition market is segmented in North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated into U.S., Canada, and Mexico, whereas Europe segment consists of UK, Russia, Germany, Italy, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Global Facial Recognition Market Regional Revenue % (2016 Vs 2024)
Key players operating in the global market include Aware, Inc., 3M, Cognitec Systems GmbH, NEC Corporation, FaceFirst, Inc., Nuance Communications Inc., Crossmatch, International Business Machines Corporation (IBM), Animetrics Inc., and Daon, among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Facial Recognition Market with respect to major segments such as component, technology, and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Facial RecognitionMarket has been included in the report
- Profile of the key players in the Global Facial RecognitionMarket will be provided, which include key financials, product & services, new developments and business strategies
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)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East
Global Facial Recognition Market Primary Interviews, by Geography