Market Analysis
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. According to the Facial Recognition Market
Forecast, Market Research Future (MRFR) expects to reach USD 17.35 Billion
with a CAGR of 16.54% from 2016 to 2030
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 at
airports and shopping malls is estimated to create further options for growth
in the facial recognition market.
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Segmental Analysis
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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Competitive Analysis
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.
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