The
market is driven by increased demand for surveillance systems by
civil and government agencies. This is majorly due to rising number
of crimes and terrorist activities across the globe that would
elevate the demand for efficient facial recognition solutions/systems
in the near future. In addition, acceptance of facial recognition in
the entertainment industry coupled with extensive use of facial
recognition in consumer electronics is expected to fuel the demand
for facial recognition technology in future. The report provides
in-depth analysis of the market by segmenting it on the basis of
parameters such as technology type and end-use industry.
Browse
the full Global Facial Recognition Market Report at
http://www.transparencymarketresearch.com/facial-recognition-market.html
The
global facial recognition market was valued at USD 1.17 billion in
2013 and is expected to grow at a CAGR of 9.5% from 2014 - 2020. The
global facial recognition market comprises the following technology
types: 2D facial recognition, 3D facial recognition, and facial
analytics. Of these, the market for 3D facial recognition technology
segment, because of its high and better accuracy in terms of
identifying facial features, is expected to record faster growth as
compared to 2D facial recognition technology during the forecast
period. In addition, growth of the market for facial analytics, an
emerging technology used for examining facial images of people
without disturbing their privacy, is further expected to record
steady growth as compared to that for 2D facial recognition
technology.
The
demand for these facial recognition technologies is further
influenced by increasing demand from various industries, namely,
government and utilities, military, homeland security, retail,
banking, financial services and insurance (BFSI), and others. Of
these, government and utilities, which includes law enforcement and
passport and visa programs, accounted for the largest share. However,
with increased proliferation of retail outlets globally, retail
industry is identified as the fastest growing segment in the overall
facial recognition market. This is supported by rising concerns of
security and use of marketing strategies to analyze the customers
based on their age, gender, and other facial attributes. It will
thus, help in customer engagement at retail stores. Moreover, rising
concerns of security have led companies to adopt tools such as CCTV
recordings which are analyzed by facial recognition technique, alarm
systems, and source-tagging.
Browse
Press Release "Facial Recognition Market to Reach USD 2.19
Billion by 2020, globally" at @
http://www.transparencymarketresearch.com/pressrelease/facial-recognition-market.htm
Geographically,
North America is expected to remain the largest regional market for
facial recognition throughout the forecast period. This is mainly due
to high expenditure on security systems in government as well as
public sector. In addition to this, use of facial recognition
technology by law enforcement agencies, military sector, and other
public sector industries is expected to drive the market for facial
recognition technology during the forecast period. Europe, in
particular is estimated to see increased adoption of facial
recognition technology, with extensive demand for border control and
identity validation applications. This is because the European
government is keen on developing better verification process for
border control as maximizing security is of prime importance. Border
control and identity validation has further gained importance due to
rise in passport frauds and fundamental right for EU citizens, as
guaranteed by the EU, which allows free movement of people across EU
Schengen States. Moreover, active adoption of facial recognition
technology across the Asia Pacific region due to rising population
and need for surveillance systems in retail industry, is expected to
bolster demand in this region in the near future.
The
global facial recognition market is dominated by players that develop
facial recognition technology solutions. These players are
continuously looking out for opportunities to strengthen their
distribution network and to develop advanced solutions, so as to
enhance their competitive position in the market. Globally, players
such as NEC Corporation, Safran Group (Morpho S.A.), Cross Match
Technologies, and Cognitec System are identified as the leading
facial recognition algorithm developers and solution providers. Other
prominent players in the market are 3M Cogent Inc., Aynoix Inc.,
FaceFirst LLC (Airborne Biometrics Group Inc.), Aware Inc.,
Animetrics, Inc., ZK Software, and Aurora Computer Services Ltd.,
among others.
Get
Sample of Global Facial Recognition Market Research Report @
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1910
The
global facial recognition market has been segmented as follows:
Facial
Recognition Market, by Technology Type
2D
Facial Recognition
3D
Facial Recognition
Facial
Analytics
Facial
Recognition Market, by End-use Industry
Government
& Utilities
Military
Homeland
Security
Banking,
Financial Services, and Insurance (BFSI)
Retail
Industry
Others
(Digital Signage, Automotive, Web Applications, and Mobile
Applications)
Facial
Recognition Market, by Geography
North
America
Europe
Asia
Pacific
Rest
of the World (RoW)
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