Global Facial Recognition Market is Projected to Register a Healthy CAGR of 17.10 % in the Forecast to 2026


Posted January 3, 2020 by ganesha

Facial recognition is a technology which is used to recognize human face for different purposes. Facial recognition system uses biometrics software to match facial features or information from the recorded database.

 
Global Facial Recognition Market By Technology (2D and 3D Face Recognition, Facial Analyst), Component (Hardware, Software), Application (Homeland Security, Criminal Investigation, ID Management, Physical Security, Intelligent Signage, Web Application, Business Intelligence, Photo Indexing and Sorting), End Users (Government & Transportation, Military & Defense, BSFI, Retail, Hospitality)

Market Definition: Global Facial Recognition Market

Facial recognition is a technology which is used to recognize human face for different purposes. Facial recognition system uses biometrics software to match facial features or information from the recorded database. It is easy to integrate with existing security features. Facial recognition is generally used for security purposes. Facial recognition is also defined as an application based on biometric artificial intelligence that can define an individual uniquely by analyzing patterns based on the facial textures and shape of the individual.

Market Drivers:

Government initiatives are expected to contribute in driving the market growth
Increasing demand for surveillance systems to enhance safety and security is increasing the adoption of facial recognition systems
Increasing adoption of facial recognition in consumer electronics are fueling the market growth
Mandatory regulations imposed by government for the adoption of technology is driving the market growth

Market Restraints:

Lack of accuracy is somewhere hindering the market growth
High implementation cost of facial recognition technology hinder the market growth

Market Analysis: Global Facial Recognition Market

Global facial recognition market is set to witness a healthy CAGR of 17.10% in the forecast period of 2019 to 2026. The report contains data of the base year 2018 and historic year 2017. This rise in the market can be attributed due to rising demand for surveillance systems for enhancing safety and security

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Segmentation: Global Facial Recognition Market

By Technology

2D Facial Recognition
3D Facial Recognition
Facial Analytics

By Component

Hardware
Scanners
Cameras
 Handled Devices
Integrated Devices
Software

By Applications

Homeland Security
Criminal Investigation
ID Management
Physical Security
Intelligent Signage
Web Application
Business Intelligence
Photo Indexing and Sorting
Others
VIP Recognition
Automotive and Phone
PC
Banking Login

By End Users

Government & Transportation
Military & Defense
BFSI
Retail
Hospitality
Others



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Key Developments in the Market:

In July 2019, the National Crime Records Bureau (NCRB) released a Request for Proposal for an Automated Facial Recognition System (AFRS) to be used by police officers across the country. Facial recognition system will help police to find missing people, unidentified dead bodies and to recognize criminals

In June 2019, Vuzix Blade and NNTC Digital will combine their techniques to assist law enforcement in Dubai. The idea is to fuse intelligent glasses to capture criminals with a facial recognition system. These glasses need no web link; each pair of glasses comes with a portable server. This partnership will help in enhancement of the product and will increase the growth of the market

Competitive Analysis

Global facial recognition market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of facial recognition market for Global, Europe, North America, Asia Pacific and South America.

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Report Related

Asia-Pacific Optical Fiber Monitoring Market
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Issued By Data Bridge Market Research
Country India
Categories Business
Tags Facial Recognition , Facial Recognition share , Facial Recognition size , Facial Recognition trends , Facial Recognition type , Facial Recognition report , Facial Recognition analysis
Last Updated January 3, 2020