Facial Recognition Market Synopsis:
The security applications of facial recognition are motivating the facial recognition market in 2020. The AI and analytics reports are made by Market Research Future, which includes market possibilities for advancement. A 19.68% CAGR is predicted to aid in the market revenue upgrade to USD 8.93 billion in the approaching period.
The uptick in international crime rates is estimated to create a favourable ground for the facial recognition market share in the impending period. The advent of cloud-based facial recognition services is predicted to create a promising backdrop for the expansion of the facial recognition market on a global scale. The application of Facial Recognition Market at airports and shopping malls is estimated to create further options for growth in the facial recognition market.
The companies in the market are estimated to solely focus on getting their growth paths back on track to maximize the opportunities that may arise. The reinforcement of the distribution channels is estimated to further place the market in the right place for the future. The market is estimated to be energized by the incentives offered by the governments and the initiatives taken to spur the global market. The trade blockades are, however, estimated to slow down the momentum that could be attained by the market. The emphasis on marketing strategies is estimated to decline due to the focus being placed on cost optimization. The contender’s progress in the market is estimated to be bolstered by the innovations that are being undertaken to enhance the core product offering in the upcoming period.
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The significant companies in the facial recognition market are NEC Corporation (Japan), Cognitec Systems (Germany), Daon Inc. (U.S.), FaceFirst Inc. (U.S.), Ayonix Corporation (Japan), Gemalto (Netherlands), Key Lemon Ltd. (Switzerland), Safran SA (France), Aware Inc. (U.S), Face++ (China) and others.
The segmental scrutiny of the facial recognition market has been segmented on the basis of hardware and software, technology, regions and verticals.
The vertical based segmentation of the facial recognition market is segmented into government, airports, large organization, home security, and others.
On the basis of technology, the facial recognition market is segmented into 3D recognition, thermal recognition and 2D recognition.
Based on hardware and software, the market for facial recognition is segmented into face recognition analytics and software.
On the basis of regions, the facial recognition market has been segmented into the Asia Pacific, the Middle East, North America, Europe, and Africa.
Detailed Regional Analysis:
The regional investigation of the facial recognition market is segmented regions such as the Asia Pacific, the Middle East, North America, Europe, and Africa. The facial recognition market in North America is heading the global market due to the speedy implementation of facial recognition technology in a number of non-government and government sectors and the growing use of electronic devices that are fortified with this technology by the customers in this region.
The facial recognition market is estimated to exhibit momentous development in the European region owing to the sharp progress in technology and the existence of a huge pool of companies in the facial recognition market of this region. However, the Asia Pacific region is foretelling fast growth in the facial recognition market owing to the collective investment in the development of 3D technology and expanding adoption of facial recognition systems for security reasons in this region. In the Middle East and Africa region, the facial recognition market is showing stable growth due to the less infiltration of cutting-edge technology in the unfledged and isolated areas of this region.
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Table of Contents
2.1 Market Drivers 11
2.1.1 Increasing Criminal Activities at Government And Non-Government Sector Demanding For Facial Recognition Technology Solutions 11
18.104.22.168 Increasing Security Measures at ATMs And Other Financial Institutes 12
22.214.171.124 Increasing Implementation of Facial Recognition System At Airports And Super-Markets 12
126.96.36.199 High Adoption of Facial Recognition By Law Enforcement Agencies For Better Results In Criminal Investigations 13
2.2 Market Inhibitors 14
2.2. Technical Limitation Of The Facial Recognition System Features Dragging Lack Of Accuracy In The Results 14
2.2.2 Lack of Awareness Dragging Security & Privacy Issues 14
2.3 Supply Chain Analysis 15
2.4 Porter’s Five Forces Analysis 16
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