Facial recognition is a technology, used to recognize the human face for various purposes. Facial recognition system uses biometrics software for matching the facial features or information from the recorded database. It is easy to integrate with the existing security features. Facial recognition is usually used for security purposes. Facial recognition is also refers to as an application based on biometric artificial intelligence that can define an individual exclusively by analyzing patterns based on the facial textures & shape of the individual.
According to study, “Global Facial Recognition Market to reach USD XX billion by 2027” the key companies operating in the global facial recognition market are Nuance Communications Inc., 3M, International Business Machines Corporation (IBM), Cognitec Systems Gmbh, Animetrics Inc., Nec Corporation, Daon Inc., Crossmatch, Gemalto, Aware Inc. Continuous Research & Development (R&D) to offer product differentiation is projected to be the key success factor for the market participants. Some players are also focusing on collaboration & acquisitions to increase their product offerings thereby helping them to gain the competitive edge.
Based on technology, facial recognition market is segregated as thermal imaging, 2D facial recognition, 3D facial recognition and skin texture. The skin texture segment uses visual details of the skin, as captured in the standard digital & scanned images and also analyzes unique patterns, lines, and spots apparent in person’s skin into the mathematical space. The ability of identifying a suspect from a great viewing angle with high accuracy is achieved by the 3D facial recognition technology. Based on component, market is segregated as software and hardware. The hardware component dominates the market whereas the software component is estimated to grow at a faster rate. Based on application, market is segregated as access control, attendance tracking & monitoring, emotion recognition, security & surveillance and others. In addition, based on end-use, market is segregated as BFSI, government, telecom & IT, automobile & transportation, media & entertainment, retail & ecommerce, healthcare and others.
The facial recognition market is driven by increase in investments in facial recognition technologies by government & defense sectors, followed by growth in importance of the surveillance industry and increase in technological advancements across industry verticals. However, difficulty in countering legal risks and privacy concerns related to the adoption of facial recognition technologies may impact the market. Moreover, surge in applications for facial recognition technology and growth in adoption of the cloud-based facial recognition technology are key opportunities for market. Furthermore, rise in adoption of face recognition systems based on artificial intelligence platform among the enterprises is a major trend for market.
Based on geography, the North-American region holds major share in global facial recognition market owing to growth in adoption of innovative technologies in the region. The European and Asian-Pacific region dominates the market due to increase of investments in the field of surveillance over the forecast period. It predicted that future of the global market will be bright as a result of rise in demand of high end security during the forecast period.
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Global Facial Recognition Market
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