Kenneth Research has recently added a report titled Facial Recognition market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021-2024. Facial Recognition market is further anticipated to grow with a CAGR of 21.4% during the forecast period. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
As per the latest report published by Variant Market Research, Global Facial Recognition Market is estimated to reach $15.4 billion by 2024; growing at a CAGR of 21.4% from 2016 to 2024. Facial recognition is a computer application which captures image of an individual and then uses it to identify by applying facial analytics and comparing it with the stored database. This technology is typically used for security purposes, particularly in surveillance field but lately there are various applications of facial recognition. Rising criminal activities around the globe has driven the growth of the facial recognition market. Apart from this, upsurge in the use of facial recognition technologies in industries such as government and defense have also boosted the market growth.
The global facial recognition market is mainly driven by rising demand for improved surveillance, monitoring at public places, among others. Additionally, the increasing security measures at ATMs and the growing installation of facial recognition systems at airports, and shopping malls have also supported the market growth. However, high implementation cost, and lack of skilled professionals are the factors limiting the growth of the market. Furthermore, rising application of this technology in smart phones, tablets and laptops and burgeoning number of drones in various commercial sectors is expected to open up new growth opportunities for the market in the forecast period.
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The global facial recognition market is segmented into component, technology, application, and geography. Hardware and software are the segmentation of component. The technology segment is further classified into 3D facial recognition, 2D facial recognition, and facial analytics. Furthermore, application segment includes intelligent signage, business intelligence, ID management, homeland security, web application, criminal investigation, physical security, photo indexing and other applications (VIP recognition, automotive and phone, PC and banking login).
On the basis of geographical analysis, the global facial recognition market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Russia, Germany, Italy, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Major companies operating in the global market include International Business Machines Corporation (IBM), Aware, Inc., 3M, NEC Corporation, Cognitec Systems GmbH, Daon Crossmatch, Nuance Communications Inc., FaceFirst, Inc., and Animetrics Inc., among others.
The key takeaways from the report
The report will provide detailed analysis of Global Facial Recognition Market with respect to major segments such as component, technology, and application
The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Facial Recognition Market has been included in the report
Profile of the key players in the Global Facial Recognition Market will be provided, which include key financials, product & services, new developments and business strategies
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Scope of the Global Facial Recognition Market
3D Facial Recognition
2D Facial Recognition
Photo Indexing and Sorting
Other Applications (VIP recognition, automotive and phone, PC & banking login)
Rest of Europe
Rest of Asia-Pacific
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