Facial recognition systems are regularly used for security purposes, particularly in the surveillance sector but as of late the usage of facial recognition in different applications has advanced. The Facial Recognition Market is driven by the expanding criminal activities globally. Attributable to these factors the Facial Recognition market is anticipated to reach approximately USD 8.96 billion by 2023 from USD 2.78 billion in 2014, while registering itself at a compound annual growth rate (CAGR) of 13.87% during the forecast period.
Technology Outlook and Trend Analysis:
With advancements in technology, facial recognition systems are currently being composed and delivered extensively. Rising criminal activities such as theft, terrorist attacks and data breaches have brought about rising requirement for secure confirmation solutions. The expanding requirement for upgraded surveillance and observing at public spots and the expanding usage of facial recognition technologies in enterprises, for example, the government is a major growth factor for this market. As the government offices possess sensitive data, it is imperative to install potent surveillance systems to avoid data breaches and attacks. Moreover, several benefits offered by facial recognition systems, such as, being a non-contact recognition systems makes it preferable over other recognition frameworks like fingerprint scanning, voice recognition or iris recognition systems. Nonetheless, high cost of implementation and low accuracy negatively affect the development of the market.
The Facial Recognition market by component is split into software and services.
Based on technology the market is split into Databases, Facial recognition software and Software Development Kit (SDK), Analytics solutions, Solution type and Modeling and restructuring. By end user the market is split into Government and Enterprises.
The Prominent players in the market are Cognitec Systems, Ayonix Corp, Animetrics, KeyLemon, Safran Identity and Security,Techno Brain, Aware, Gemalto, NEC and Herta Security. Based on geography, the market is split into North America, Europe, Asia Pacific and Rest of the world.
Facial recognition services play a significantpart in face detection and recognition, and comprise training and consulting services and cloud-based facial recognition services. Facial recognition services are useful for homeland security, governments, healthcare, retail, and military.
Regional Outlook and Trend Analysis:
Region-wise, North America will be one of the biggest revenue generator during the forecast period, owing to higher adoption rate of advanced technologies at the initial stages for defense and homeland security. Moreover, incorporating facial recognition for border security by detecting passport fraud is also a key factor impelling the market’s growth in this region. Factors such as major investments from the government sector for enhancement of security and surveillance infrastructure, increased public awareness, and the development of sophisticated technologies equipped by analytics are said to be driving the facial recognition market growth in APAC significantly.
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