Facial Recognition Market size and Key Trends in terms of volume and value 2020
Deerfield Beach, FL -- (SBWIRE) -- 11/25/2016 -- The system comes with feature of identifying or verifying a person using digital image or a video frame from a video source is called as facial recognition system. It is widely used in security system. It is similar to the biometrics software technology fingerprint or eye iris recognition systems. The identification process is executed by comparing an individual's facial features, which are extracted from an image, with those stored in a database. Facial recognition is used in different application sector such as government, BFSI and defense sectors for preventing illegal activity to high-security areas as well as other private and public buildings.
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Increasing demand from civil and government agencies for advanced surveillance and safety purpose are major factors driving the facial recognition market. Increasing instances of criminal and terrorist behavior and identification of fraud cases across the globe is becoming major issue from all the regions and facial recognition system helps to overcome this problem. This has fueled the growth of global facial recognition market. However, some issues regarding privacy is expected to hamper growth of facial recognition industry.
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The report includes detailed competitive landscape of the global facial recognition market and an analysis of Porter's five forces model for the facial recognition market has also been included. It includes company market share analysis, product portfolio of the major industry participants. The report provides detailed segmentation of the facial recognition market based on technology, application and region segment. 2D facial recognition, 3D facial recognition and facial analytics are the technology segment of facial recognition market. Due to its low cost and easy installation of 2D facial recognition, this technology segment dominated the facial recognition market in 2014.
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Key application market for facial recognition includes government & utilities, military, homeland security, banking, financial services, and insurance (BFSI), retail industry and others application such as digital signage, automotive, web applications & mobile applications. Government & utilities was the leading application segment for facial recognition market.
Major regional segments analyzed in this study include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa with its further bifurcation into major countries including U.S., Germany, France, UK, China, Japan, India, and Brazil. This segmentation includes demand for facial recognition based on individual technology and applications in all the regions and countries. Facial recognition market was dominated by North America in 2014. Europe is followed by North America.
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The report covers detailed competitive outlook including company profiles of the key participants operating in the global market. Key players profiled in the report include NEC Corporation, Cross Match Technologies, Safran Group (Morpho S.A.), Cognitec System, Aurora Computer Services Ltd, Animetrics, Inc., Aware Inc., M Cogent Inc. and Aynoix Inc.
This report segments the global facial recognition market as follows:
Facial Recognition Market: Technology Segment Analysis
2D Facial Recognition
3D Facial Recognition
Facial Recognition Market: Application Segment Analysis
Government & Utilities
Banking, Financial Services, and Insurance (BFSI)
Others (Digital Signage, Automotive, Web Applications, and Mobile Applications)
Facial Recognition Market: Regional Segment Analysis
Middle East & Africa
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