Market Scenario:

The security applications of facial recognition are motivating Facial Recognition Market in 2020. The AI and analytics reports are made by Market Research Future, which includes market possibilities for advancement.  A 19.68% CAGR is predicted to aid in the market revenue upgrade to USD 8.93 billion in the approaching period.

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.

The emergence of advanced technologies such as high-resolution 3D facial recognition technologies, high definition CCTV, and thermal face recognition technology are increasing the importance of the surveillance industry in the global market, which is enhancing the market growth. The Global Facial Recognition Market is driving the market growth due to the increasing technological advancement across industry verticals, the investment in facial recognition technologies by the defense sector and the government, and the increasing importance of the surveillance industry.

The global market has broader opportunities because of the adoption of cloud-based facial recognition technology. Moreover, the facial recognition market might experiences challenges due to the lack of knowledge and awareness about the technology, facial occlusion, and face detection error. Further, the global market might face restraints due to the difficulty in countering legal risks and e-discovery. According to the facial recognition market research report, the government and defense sectors are generating the largest market revenue for the forecast period.

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 companies in the market are estimated to solely focus on getting their growth paths back on track to maximize the opportunities that may arise. The reinforcement of the distribution channels is estimated to further place the market in the right place for the future. The market is estimated to be energized by the incentives offered by the governments and the initiatives taken to spur the global market. The trade blockades are, however, estimated to slow down the momentum that could be attained by the market. The emphasis on marketing strategies is estimated to decline due to the focus being placed on cost optimization. The contender's progress in the market is estimated to be bolstered by the innovations that are being undertaken to enhance the core product offering in the upcoming period.

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 MiddleEast, 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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