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Global Facial Recognition Market 2021 Segmented by Application and Geography Trends, Growth and Forecasts

Facial Recognition

Facial Recognition Market” report provides strategic supports mentioned by the business specialists with market sources, amount of manufacturing cost structure, raw materials, forecasts, turnover, manufacturing outlays, latest market trends, labor cost, demands and much more. Facial Recognition market report covers a comprehensive market structure through the globe with an in-depth study of major dynamics (Drivers, Challenges, Opportunities).  

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Key Market Trends:

3D Facial Recognition is Expected to Hold a Highest Market Share

– Presently, around 94% of smartphones features fingerprint sensors, but this is expected to drop to 90% by 2023, with technologies like 3D facial recognition becoming a standard approach to user authentication, growing technological advancement is expected to increase its penetration rate.
– The development in 3D cameras market is also expected to bring advancement and new applications for 3D facial recognition technology especially healthcare IT solutions, payments and commerce sector
– For instance, in June 2018, SensibleVision, a Florida-based firm launched its 3DWALLET technology, designed to let retailers replace cash and card payments and eliminate the need for checkout lines through a 3D facial recognition platform that identifies customers automatically and charges them for their purchases.

North America is expected to hold the Highest Market Share

– The region offers lucrative opportunities for market growth, exhibiting a massive demand for facial recognition technology for homeland security and criminal investigation.
– The biggest facial recognition surveillance system in the region is operated by the FBI. The FBI’s ID system maintains a facial recognition database with images of more than 117 million Americans. The FBI conducts, on an average, 4,055 searches every month to identify individuals with facial recognition systems.
– The alone witnessed a total of 1,579 data breaches in 2017, of which, 8% of data breaches were accounted by banking institutes. Although this number is small, the amount of sensitive data available in the banking industry is very high, making it a prime target for hackers. These factors are further expected to provide significant opportunities to the facial recognition market.
– Canadian companies are also taking advantage of this facial recognition technology. For instance, Mexia One used facial recognition systems to provide secure event access at the popular industry event, Mobile World Congress 2018.

Market Overview:

  • The market was valued at USD 4.51 billion in 2018 and is expected to reach a value of USD 9.06 billion by 2024, at a CAGR of 12.5%, for the forecast period (2019-2024). Facial Recognition has been gaining prominence in recent times, owing to the benefits it offers over traditional surveillance techniques, like biometrics. Governments across the world have been investing significant resources in facial recognition technology, among which, the and China are leading adopters.
  • – Increasing Demand for Surveillance systems to enhance safety and security are increasing the adoption of Facial Recognition Systems
  • – Government initiatives are expected to contribute to the double-digit growth of such technologies. For instance, the US government has plans to reshape airport security through facial recognition, to register and identify the visitors.
  • – Though, interest on multi-factor authentication has been increasing, owing to increasing cyber-attacks, terror attacks and identity theft, the need to incorporate better security systems is encouraging organizations to implement safe multi-factor authentication solutions, like finger print sensors and facial recognition technology.

    Key Manufacturers Like 

  • Panasonic Corporation
  • Gemalto NV
  • NEC Corporation
  • Cognitec Systems GmH
  • Aware, Inc.
  • FacePhi Biometric SA
  • Animetrics Inc.
  • Ayonix Corporation
  • Face First Inc.
  • Idemia SAS
  • Daon Inc..

    Scope of the Report:

  • Facial recognition is defined as a method of recognizing a human face through Hardware like Video Cameras. The scope of this study is limited to standalone facial recognition solutions and services offered by various vendors like NEC. The Hardware components involved for facial recognition services like video cameras, sensors, etc. are not considered for arriving at the revenue estimates during the forecast period.

    Facial Recognition market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Facial Recognition market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Facial Recognition market have also been involved in the study.

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

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    Key Questions Answered in Market Report: –

    • What will the market growth rate, Overview and Analysis by Type of Facial Recognition market in 2023?
    • What are the key factors driving, Analysis by Applications and Countries Facial Recognition market?
    • What are Dynamics, This Overview Includes Analysis of Scope, and price analysis of top Vendors Profiles of Facial Recognition?
    • Who are Opportunities, Risk and Driving Force of Facial Recognition market? Knows Upstream Raw Materials Sourcing and Downstream Buyers
    • Who are the opportunities and threats faced by the vendors in Facial Recognition space? Business Overview by Type, Applications, Gross Margin and Market Share
    • What are the Facial Recognition market opportunities, market risk and market overview of the Market?

    Lastly, the Global Facial Recognition Market Research covers a complete market structure across the world with a comprehensive analysis of major key factors. This report provides planned orientations referred by the industry experts.

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    Study objectives of Facial Recognition Market Report:

    • To provide a detailed analysis of the market structure along with the Facial Recognition market forecast of various segments and sub-segments of the Facial Recognition market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Facial Recognition market trends that influence the global Facial Recognition market

    Detailed TOC of Facial Recognition Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Technology Snapshot
    4.3 Value Chain / Supply Chain Analysis
    4.4 Industry Attractiveness – Porter’s Five Force Analysis
    4.4.1 Threat of New Entrants
    4.4.2 Bargaining Power of Buyers/Consumers
    4.4.3 Bargaining Power of Suppliers
    4.4.4 Threat of Substitute Products
    4.4.5 Intensity of Competitive Rivalry
    4.5 Introduction to Market Drivers and Restraints
    4.6 Market Drivers
    4.6.1 Increasing Demand for Surveillance Systems to Enhance Safety and Security
    4.6.2 Increasing Adoption of Facial Recognition in Consumer Electronics
    4.7 Market Restraints
    4.7.1 Privacy Concerns

    5 MARKET SEGMENTATION
    5.1 Technology
    5.1.1 3D Facial Recognition
    5.1.2 2D Facial Recognition
    5.1.3 Facial Analytics
    5.2 End User
    5.2.1 Security and Law Enforcement
    5.2.2 Healthcare
    5.2.3 Retail
    5.3 Geography
    5.3.1 North America
    5.3.2 Europe
    5.3.3 Asia Pacific
    5.3.4 Rest of the World

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Panasonic Corporation
    6.1.2 Gemalto NV
    6.1.3 NEC Corporation
    6.1.4 Cognitec Systems GmH
    6.1.5 Aware, Inc.
    6.1.6 FacePhi Biometric SA
    6.1.7 Animetrics Inc.
    6.1.8 Ayonix Corporation
    6.1.9 Face First Inc.
    6.1.10 Idemia SAS
    6.1.11 Daon Inc.

    7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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