A recent report published by Infinium Global Research on facial recognition market provides in-depth analysis of segments and sub-segments in the global as well as regional facial recognition market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional facial recognition market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global facial recognition market. According to the report, the global facial recognition market is projected to grow at a CAGR of 17.61% over the forecast period of 2019-2025.
The facial recognition system is a technology capable of verifying and identifying an individual by video source or digital image. It is used in various platforms such as computer application, mobile phones and other forms of technology.
Increasing adoption of emerging technologies and innovation in the products, such as 3D imaging and scanning fuels the growth of the global facial recognition market. Growing demand for the surveillance systems for improving safety and security is the major driving factor for the growth of the global facial recognition market. As an increased number of data breach cases and data theft boost the growth of the market. Increasing demand for intelligent signage and advance physical security are the factor driving the growth of the global facial recognition market. On the other hand, high cost for implementation of facial recognition software and hardware along with concerns related to cyber-attacks may hamper the growth of the global facial recognition market. Furthermore, increasing demand for mobile security and drone creates an opportunity for the growth of the global facial recognition market.
Geographically, North America region dominates by the largest market share in the Facial Recognition market due to strong fraud detection and prevention systems in major industry verticals as well as growing awareness for the document verification. An increasing number of people for the business travel which requires proper documentation and detection of fraud, theft, and terrorists for the safety of passenger boost the growth in the region. In North America, The U.S. dominates the market followed by Canada and Mexico. Asia Pacific region is expected to boost the growth of the Facial Recognition market in the forecast period. In the Asia Pacific, China holds the largest market share followed by Japan and India. A growing number of smartphone user and increasing awareness for the enhanced data security and safety systems boost the growth of the market in the Asia-Pacific region.
The report on global facial recognition market covers segments such as component, technology, and application. On the basis of component, the sub-markets include hardware, and software. On the basis of technology, the sub-markets include 2D facial recognition, and 3D facial recognition. On the basis of application, the sub-markets include attendance tracking and monitoring, law enforcement, and access control.
The report provides profiles of the companies in the market such as NEC Corporation, The 3M Company, Cognitec Systems GmbH, Aware, Inc., Daon, Inc., Gemalto N.V. (Thales Group), Animetrics, Inc., Nuance Communications, Inc., FaceFirst, Inc., and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of facial recognition market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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