Industry News

TMCNet:  MarketsandMarkets forecasts the global facial recognition market size to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a CAGR of 16.6% during 2019-2024

[January 22, 2020]

MarketsandMarkets forecasts the global facial recognition market size to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a CAGR of 16.6% during 2019-2024

NEW YORK, Jan. 22, 2020 /PRNewswire/ --

The global facial recognition market size to grow at a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period

Read the full report: https://www.reportlinker.com/p05208353/?utm_source=PRN


MarketsandMarkets forecasts the global facial recognition market size to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a CAGR of 16.6% during 2019–2024. The rising need for surveillance has become one of the major factors to drive the facial recognition market. The advent of new technologies, such as high-definition Closed Circuit Television (CCTV) and high-resolution 3D facial recognition technologies, along with iris recognition and emotion detection, has enhanced the facial recognition market. However, integration of new facial recognition technologies with the existing legacy system is limiting the growth of facial recognition solutions in the market.

Government and defense sector among verticals to gain maximum traction during the forecast period
Increasing need of facial recognition-enabled biometrics solutions for identity management, border management, and homeland and military security management have fueled government organizations to largely implement facial recognition technologies. Additionally, government-owned large-scale programs, such as smart cities and smart transportation, need the adoption of facial recognition solutions.
3D facial recognition software tools to hold the largest market size during the forecast period
3D facial recognition software is capable of analyzing, identifying, and verifying facial characteristics of individuals. It overcomes the drawbacks of 2D facial recognition and can work in low light or completely dark areas. 3D facial recognition technology is used mostly in cross- border monitoring, document verification, and identity management.

Asia Pacific to grow at the highest CAGR during the forecast period
The Asia Pacific (APAC) region has a great scope for growth in the facial recognition market in terms of usage of the facial recognition solution.The facial recognition market in APAC is anticipated to grow significantly, due to huge governmental investments in secuity and surveillance infrastructure, increased public awareness, and emergence of refined technologies backed by analytics.



Futhermore, growth is anticipated with technological advancements, along with the mandatory regulations imposed by government regulatory entities to adopt the best-in-class technologies and standards. Fast expansion of regional enterprises in the APAC region is another crucial variant contributing to the growth of the facial recognition market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.

The breakup profiles of the primary participants are as follows:
• By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%
• By Designation: C-Level: 62%, Director Level: 20%, and Others: 18%
• By Region: North America: 40%, APAC: 30%, Europe: 20%, MEA: 5%, and Latin America: 5%

The report includes the study of the key players offering facial recognition solutions. It profiles major vendors in the global facial recognition market including NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix Face Technologies (Japan), Cognitec Systems GmbH (Germany), NVISO SA (Switzerland), Daon (US), StereoVision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), IDEMIA (France), Animetrics (US), and MEGVII (China).

Research coverage
The report segments the global facial recognition market by component, application area, vertical, and region.The application area segment comprises emotion recognition, attendance tracking and monitoring, access control, law enforcement, and others (robotics and eLearning).

The verticals segment comprises 7 verticals, namely, Banking, Financial Services, and Insurance (BFSI); government and defense; retail and eCommerce; healthcare; education; automotive; and others (manufacturing, telecom, and energy and utilities).The facial recognition market by offering has software tools and services.

The report covers the facial recognition market with respect to 5 major regions: North America, Europe, APAC, Latin America, and Middle East and Africa (MEA).

The report would help the market leaders and new entrants in the global facial recognition market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.
2. It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
3. It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.

Read the full report: https://www.reportlinker.com/p05208353/?utm_source=PRN

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001

Cision View original content:http://www.prnewswire.com/news-releases/marketsandmarkets-forecasts-the-global-facial-recognition-market-size-to-grow-from-usd-3-2-billion-in-2019-to-usd-7-0-billion-by-2024--at-a-cagr-of-16-6-during-20192024--300991066.html

SOURCE Reportlinker


[ Back To Shaping Influence's Homepage ]








INDUSTRIES


The JMRConnect team brings decades of experience garnered from multinational corporations, the public sector, NGOs and industry associations, and as such is able to provide clients with the expertise and strategy necessary for an impact campaign.


FEATURED CASE STUDY


Not only did JMRConnect significantly increase website traffic, organic visibility and optimize their SEO, but lead gen saw a drastic surge overall.


FEATURED INFOGRAPHIC


500% Increase in tracked top 3 keyword ranks (2 to 12)


Featured Influencer


For 30 years, Yorktel has gone the distance taking the complexities out of video and unified communications & collaboration (UC&C). As a video managed services and cloud provider, we bring your enterprise video communications to a new level, for today and tomorrow's technology. Yorktel - making complicated simple.