Facial Recognition Market–Demographic Segmentation with Top Countries Data, Leading Manufacturers

by pranali u. SEO

Market Scenario:

The Facial Recognition Market is expected to generate a market value of USD 8.93 Billion for the year 2016 to 2022. Further, the global market has predicted to meet the market value at a CAGR of 19.68% for the year 2016 to 2022. The face recognition systems are mostly used for the purpose of identity verification and security assessment, which is boosting up the Facial Recognition Market Trends.

The emergence of advanced technologies such as high-resolution 3D facial recognition technologies, high definition CCTV, and thermal face recognition technology are increasing the importance of the surveillance industry in the global market, which is enhancing the market growth. The Global Facial Recognition Market is driving the market growth due to the increasing technological advancement across industry verticals, the investment in facial recognition technologies by the defense sector and the government, and the increasing importance of the surveillance industry.

The global market has broader opportunities because of the adoption of cloud-based facial recognition technology. Moreover, the facial recognition market might experiences challenges due to the lack of knowledge and awareness about the technology, facial occlusion, and face detection error. Further, the global market might face restraints due to the difficulty in countering legal risks and e-discovery. According to the facial recognition market research report, the government and defense sectors are generating the largest market revenue for the forecast period.

COVID-19 Analysis:

The business impact of SARS-CoV-2 has been felt across diverse sections of the information technology industry, albeit at different levels. Companies in the technology sector that supply services for verticals like travel, retail, hospitality, and entertainment have noted a dramatic decrease in sales, while the firms that provide services related to remote worker solutions have observed the opposite. Facial Recognition Market ’s fate post pandemic has been relatively less grim compared to Education Services (ES) and Professional Services (PS) that are mostly dependent on components that are generally on-site. Novel coronavirus has Facial Recognition Market to open new avenues for those firms that are on the lookout for solutions that are reliable, efficiently managed, scalable, and are subscription-based, to remain more focused on the core business. The Facial Recognition Market is bearing lesser impact of the COVID-19 outbreak compared to most other segments of the tech world.

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Competitive Outlook:

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.

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.

Segmentation:

The Global Facial Recognition Market is segmented based on the Hardware and Software, Vertical and Technology. Based on the hardware and software segments, the global facial recognition market is divided into two such as face recognition software and analytics. Various industries prefer these hardware and software segments to develop their productivity. The global market is classified into 3D Recognition, Thermal Recognition, and 2D Recognition based on the technology segment. The facial recognition statistics report mentions that the advanced technology segment is increasing the importance of the surveillance industry in the global market, which is enhancing the market growth.

According to the vertical segment, the global market has been classified into Airports, Home Security, Large organizations, and Government. These vertical segments are enhancing the growth of the facial recognition market by increasing its demand for facial recognition technologies. Further, the increasing technological advancement across industry verticals is driving the global market growth. The increasing demand over the global market services is leading to increasing facial recognition market research to develop the market growth.

Regional Analysis:

Based on the regional classification, the global market has various regions that cover the areas like the Asia Pacific, South America, North America, Europe, and the Rest of the World. According to the facial recognition statistics report, the North American region is playing a very important role in boosting up the largest market share. This region is generating more market revenue due to the increasing demand for high-end security all across the countries. Moreover, rising technological enhancements in the region can be a growth factor for the global market. Along with that, the next dominating region is Europe, which is contributing its 2^nd largest market share.

Industry News

The global pandemic has impacted many industrial and global markets due to the lockdown all across the regions. But the Facial Recognition Market Trends have increased its demand during the COVID-19 situation. For reducing the overall spread of COVID-19, most of the regions have replaced the law enforcement and organization’s legacy systems with facial recognition solutions. The face recognition systems are mostly used for the purpose of identity verification and security assessment, which is boosting up the global market by increasing its marketing value. The entire world's healthcare system has adopted the thermal camera checks application during the pandemic.

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Table of Contents:

1 Executive Summary

2 Scope of the Report

2.1 Market Definition

2.2 Scope of the Study

2.2.1 Research objectives

2.2.2 Assumptions & Limitations

2.3 Markets Structure

List of Tables

TABLE 1 GLOBAL FACIAL RECOGNITION MARKET, BY TECHNOLOGY (USD BILLION) 18

TABLE 2 GLOBAL FACIAL RECOGNITION MARKET, BY SERVICE, 2020-2027 (USD BILLION) 21

TABLE 3 GLOBAL FACIAL RECOGNITION MARKET, BY COMPONENTS, 2020-2027 (USD BILLION) 24

Continued…

List of Figures

FIGURE 1 GLOBAL FACIAL RECOGNITION MARKET: DRIVERS & RESTRAINT 11

FIGURE 2 GLOBAL FACIAL RECOGNITION MARKET: SUPPLY CHAIN PROCESS 15

FIGURE 3 GLOBAL FACIAL RECOGNITION MARKET: PORTER’S FIVE FORCES ANALYSIS 16

Continued…

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