Facial Recognition Market Revenues to expand $7.0 billion by 2024

[69 Pages Report] Facial recognition market size, analysis, trends, & forecasts. The global market for facial recognition categorized by software tools as 2D and 3D Facial Recognition, by services, application area, vertical & by region.

Posted on 2019-11-25 by MarketsandMarkets in Technology // 0 Comments

Northbrook, IL 60062, USA, 2019-Nov-25 —

According to a research report “Facial Recognition Market by Component (Software, Tools, and Services), Application Area (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement), Vertical, and Region – Global Forecast to 2024″, published by MarketsandMarkets, the global market is expected to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.6% during the forecast period. The major forces driving this market are growth in surveillance, increase in government deployment, and increase in the use of applications in numerous industry sectors. Growing demand for fast and secure user identification and regulatory compliances in the healthcare sector to handle patient information with utmost privacy and care would provide opportunities for vendors in the facial recognition market.

The European Union (EU) has established a new association in the field of biometric technology named the European Association for Biometrics (EAB). The EAB is seeking to advance proper and beneficial use of facial recognition feature-enabled biometrics in Europe, considering the interests of European citizens, industries, academies, and governments. Furthermore, development of national IDs, ePassports, and eVisas is expected to be the main driver for the growth of the European market.

In the facial recognition market by component, the services segment is projected to grow at the highest CAGR during the forecast period. The services segment is further segmented into training and consulting, and cloud-based facial recognition services. In the training and consulting segment, major consulting vendors provide privacy impact assessment and strategic assessment of competitive products, catering to the private sector, commercial, and federal or government clients.

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Key Market Players in Facial Recognition Market

Major vendors of the facial recognition market include NEC (Japan), (US), Gemalto (Netherlands), Ayonix Face Technologies (Japan), Cognitec Systems GmbH (Germany), NVISO SA (Switzerland), Daon (US), StereoVision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3Technologies (France), IDEMIA (France), Animetrics (US), and MEGVII (China). The key players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global facial recognition market. They have majorly adopted the strategies of partnerships and new product launches from 2017 to 2019, which have helped them innovate their offerings and broaden their customer base.

NEC (Japan) is a key technology player in the global facial recognition market. It has a vast portfolio of solutions and services in biometric recognition that includes integrated solutions, components, and services for computing and communications applications. The company particularly offers facial recognition solutions through its public safety segment. The company’s offices are located across the globe in regions, such as APAC, North America, the Middle East, and Europe.

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