About Facial Recognition
Facial recognition, a technology which is capable of identifying or verifying a person from the digital image or a video frame from a video source. Facial recognition plays an important role in computer vision and artificial intelligence (AI) for understanding and detecting faces. The very market is expected to rise significantly, due to huge law enforcement investments in security & surveillance infrastructure, increased public awareness, and the emergence of enhanced technologies are anticipated to boost the market in the upcoming years.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 12.3% |
The market is seeing moderate market players, by seeing huge growth in this market the key leading vendors are highly focusing towards the production technologies, efficiency enhancement and product life. There is various growth opportunity in this market which is captured by leading players via tracking the ongoing process enhancement and huge invest in market growth strategies. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Facial Recognition market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Aware (United States), NEC (Japan), Animetrics (United States), KeyLemon S.A. (Switzerland), Gemalto (Netherlands), Panasonic Corporation (Japan), Ayonix Face Technologies (Japan), Cognitec Systems GmbH (Germany), NVISO SA (Switzerland), Daon (United States), StereoVision Imaging (United States), id3 Technologies (France) and IDEMIA (France) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Neurotechnology (Lithuania), MEGVII (China), Techno Brain (Kenya) and Innovatrics (Slovakia).
Segmentation Overview
AMA Research has segmented the market of Global Facial Recognition market by , Application (Emotion Recognition, Attendance Tracking And Monitoring, Access Control, Law Enforcement and Others) and Region.
On the basis of geography, the market of Facial Recognition has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Component Type, the sub-segment i.e. Software Tools (2D and 3D Facial Recognition, Analytics Facial Recognition) will boost the Facial Recognition market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. BFSI will boost the Facial Recognition market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment Model, the sub-segment i.e. On-Premises will boost the Facial Recognition market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Emergence of Facial Analytics and The Advent of Machine Learning and Natural Language Processing
Market Growth Drivers:
The Growth in the Demand for Surveillance Systems to Enhance Safety and Security and Surging Adoption of Facial Recognition in Consumer Electronics
Challenges:
Misinterpretation in Analysis of Recognition and Lack of Expertise, and Other Operational Challenges
Restraints:
Limited Adoption Rate of Facial Recognition Technology in Developing Nations and The Dearth of Efficient Algorithm
Opportunities:
Upsurging Instances of Identity Threats Globally
Market Leaders and their expansionary development strategies
California Consumer Privacy Act (CCPA) is passing a law for the protection of data in the United States which will be effective by January, 2020. It is expected to be the country’s highest commendable security and privacy law.
Key Target Audience
Enterprise Users, Technology Providers, Software Companies, Defence and Security Agencies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.