Facial Recognition Market Research, Is Expected to Grow at an Impressive Rate and Touch, Global Segments by Forecast 2027
Market Scenario:
A 19.68% CAGR is
predicted to aid in the market revenue upgrade to USD 8.93 billion in the
approaching period.
The security applications
of facial recognition are motivating the facial
recognition market research in
2020. The AI and analytics reports are made by Market Research Future, which
includes market possibilities for advancement.
The uptick in
international crime rates is estimated to create a favourable ground for the
facial recognition market share in the impending period. The advent of
cloud-based facial recognition services is predicted to create a promising
backdrop for the expansion of the facial recognition market on a global scale.
The application of facial recognition at airports and shopping malls is
estimated to create further options for growth in the facial recognition
market.
COVID-19 Analysis:
The business impact of
SARS-CoV-2 has been felt across diverse sections of the information technology
industry, albeit at different levels. Companies in the technology sector that
supply services for verticals like travel, retail, hospitality, and
entertainment have noted a dramatic decrease in sales, while the firms that
provide services related to remote worker solutions have observed the opposite.
Facial Recognition Market ’s fate post pandemic has been relatively less grim
compared to Education Services (ES) and Professional Services (PS) that are
mostly dependent on components that are generally on-site. Novel coronavirus
has Facial Recognition Market to open new avenues for those firms that
are on the lookout for solutions that are reliable, efficiently managed,
scalable, and are subscription-based, to remain more focused on the core
business. The Facial Recognition Market is bearing lesser impact of the
COVID-19 outbreak compared to most other segments of the tech world.
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Competitive
Outlook:
The significant companies
in the facial recognition market are NEC Corporation (Japan), Cognitec Systems
(Germany), Daon Inc. (U.S.), FaceFirst Inc. (U.S.), Ayonix Corporation (Japan),
Gemalto (Netherlands), Key Lemon Ltd. (Switzerland), Safran SA (France), Aware
Inc. (U.S), Face++ (China) and others.
Segmentation:
The segmental scrutiny of
the facial recognition market has been segmented on the basis of hardware and
software, technology, regions and verticals. The vertical based segmentation of
the facial recognition market is segmented into government, airports, large
organization, home security, and others. Based on technology, the facial
recognition market is segmented into 3D recognition, thermal recognition and 2D
recognition. Based on hardware and software, the market for facial recognition
is segmented into face recognition analytics and software. Based on regions,
the facial recognition market has been segmented into the Asia Pacific, the
Middle
East, North America, Europe, and Africa.
Regional
Analysis:
The regional
investigation of the facial recognition market is segmented regions such as the
Asia Pacific, the Middle East, North America, Europe, and Africa. The facial
recognition market in North America is heading the global market due to the
speedy implementation of facial recognition technology in a number of
non-government and government sectors and the growing use of electronic devices
that are fortified with this technology by the customers in this region. The
facial recognition market is estimated to exhibit momentous development in the
European region owing to the sharp progress in technology and the existence of
a huge pool of companies in the facial recognition market of this region.
However, the Asia Pacific region is foretelling fast growth in the facial
recognition market owing to the collective investment in the development of 3D
technology and expanding adoption of facial recognition systems for security
reasons in this region. In the Middle East and Africa region, the facial
recognition market is showing stable growth due to the less infiltration of
cutting-edge technology in the unfledged and isolated areas of this region.
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Table of Contents:
1 Executive
Summary
2 Scope of the
Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
List of Tables
TABLE 1 GLOBAL FACIAL
RECOGNITION MARKET, BY TECHNOLOGY (USD BILLION) 18
TABLE 2 GLOBAL FACIAL
RECOGNITION MARKET, BY SERVICE, 2020-2027 (USD BILLION) 21
TABLE 3 GLOBAL FACIAL
RECOGNITION MARKET, BY COMPONENTS, 2020-2027 (USD BILLION) 24
Continued…
List of Figures
FIGURE 1 GLOBAL FACIAL
RECOGNITION MARKET: DRIVERS & RESTRAINT 11
FIGURE 2 GLOBAL FACIAL
RECOGNITION MARKET: SUPPLY CHAIN PROCESS 15
FIGURE 3 GLOBAL FACIAL
RECOGNITION MARKET: PORTER’S FIVE FORCES ANALYSIS 16
Continued…
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