Facial Recognition Market By Type (2D, 3D Facial Recognition, Facial Analytics), End User (Government & Defense, Banks, Financial Services and Insurance (BFSI), Retail Industry & Others) - Growth, Share, Opportunities & Competitive Analysis, 2015 - 2022

Facial recognition refers to a biometric security system that is based upon identifying a person from a digital image or video frame. Unlike the conventional security systems such as fingerprints and iris recognition, facial recognition system works on the facial features of human beings. The facial recognition technology conducts identification based on various facial features such as cheek bones, distance between eyes, and eye-brows. This technology does not require any physical contact of the subject for identification. Additionally, the facial recognition technology can be deployed in the existing surveillance systems. Thus, it can be used in public places for monitoring and identification purposes.

The most significant factor fueling the facial recognition market growth is the rising expenditure over surveillance systems worldwide. Due to rising terror threats, surveillance systems are mandatorily installed at public places. These facial recognition systems are deployed in combination with the surveillance systems. Thus, rising expenditure over security and surveillance systems is expected to boost the facial recognition market in the coming years. Nevertheless, the facial recognition systems market is majorly hindered due to privacy concerns such as misuse of personal information and data cloning. Also, these systems are less accurate and reliable as compared to the fingerprint and iris recognition. Nevertheless, with ongoing advancements in the facial recognition algorithms, the market is expected to witness significant growth in the coming years.

Facial Recognition Market

The report titled “Global Facial Recognition Market- Growth, Share, Opportunities and Competitive Analysis, 2015 – 2022” offers strategic insights into the global facial recognition market along with the market size and estimates for the duration 2013 to 2022. The said research study covers in-depth analysis of multiple market segments based on types, end-users and cross-sectional study across different geographies. The study covers the comparative analysis of different segments for the years 2014 & 2022. The report also provides a prolific view on market dynamics such as market drivers, restraints and opportunities.

In order to help strategic decision makers, the report also includes competitive profiling of the leading facial recognition system vendors, their SCOT (Strength, Challenges, Opportunities and Weaknesses) analysis, market positioning and key developments. Some of the major players profiled in the report are NEC Corporation, Cognitec Systems Pty Ltd., Morpho S.A.S. (Safran Group), Aware, Inc., Ayonix, Inc., Cross Match Technologies, Inc., Animetrics, Inc., FaceFirst, Inc. (Airborne Biometrics Group Inc.), ZK Software, Inc., 3M Cogent, Inc., Aurora Computer Services Ltd. and others. Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive markets within the security systems industry
  • Market fuelers, market impediments, and their impact on the market growth
  • In-depth competitive environment analysis
  • Trailing 2-Year market size data (2013 – 2014)
  • SRC (Segment-Region-Country) Analysis

Overall, the research study provides a holistic view of the global facial recognition systems market, offering market size and estimates for the period from 2015 to 2022, keeping in mind the above mentioned factors.

On the basis of end-user, the facial recognition market is segmented into following categories:

  • Government & Defense
  • Banks, Financial Services and Insurance (BFSI)
  • Retail Industry
  • Others (Automotive, Web Applications, Electronic Devices etc.)

Facial Recognition Market
 

As of 2014, the global facial recognition market was dominated by the government & defense segment. The segment comprises various government organizations and applications including homeland security, defense sector, public surveillance and others. The segment accounted for a market share, in terms of revenue, of more than forty percent of the total market. The prime function of the facial recognition system is to serve the home land security and law enforcement departments for identifying suspects.

The BFSI segment accounts for the second largest share, in terms of revenue, of the global market. BFSI are among the most vulnerable organizations for fraudulent activities. Thus, these systems are installed along with the surveillance systems in order to keep a track on the suspects.

Further, the retail industry is expected emerge as the highest growing segment in the facial recognition market. Facial recognition is used for analyzing consumer behavior. Facial analytics solutions are used in the retail industry in order to determine and analyze various consumer parameters such as the age, facial expressions and gender of the consumers. This helps the retailers targeting the consumers for marketing suitable products. As a result, the retail industry is expected to undergo strong penetration of facial recognition solutions during the forecast period.

 

On the basis of geography, the global facial recognition market is segmented as per following regions and countries.

  • North America
    • U.S.
    • Rest of North America
  • Europe
    • EU7 (U.K., France, Germany, Spain, Italy, Belgium and the Netherlands)
    • CIS
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • South Asia
    • Australasia
    • Rest of Asia Pacific
  • Rest of the World
    • Middle East and Africa
    • Latin America


Facial Recognition Market

In 2014, the global facial recognition market was dominated by the North America region contributing to more than one third of the total market revenue. The market here is mainly backed by the government & defense segment. Due to high expenditure upon security systems in the region, the market is estimated to continue showing strong growth in the coming years.

Facial recognition solutions are already being used by the law enforcement department of the U.S. since a significant period of time. Additionally, various companies such as Facebook, Inc. and Google, Inc. are already working on facial recognition algorithms. Thus, the market here is expected to remain dominant, in terms of revenue, in the global market.

Asia Pacific is expected to emerge as the fastest growing market for facial recognition solutions during the forecast period. The growth is majorly expected from Japan, China, South Korea and India. However, the overall market growth across different geographies is hindered majorly due to privacy concerns over public use and limited accuracy of facial recognition.

Choose License Type
Published Date:  Apr 2016
Category:  Technology & Media
Report ID:   57801
Report Format:   PDF
Pages:   120
Rating:    4.1 (40)
Connect With Us
+1-408-641-3282
24/7 Research Support