LONDON, Nov. 23, 2016 /PRNewswire/ -- "The growing surveillance market is driving the facial recognition market"
The facial recognition market size is estimated to grow from USD 3.35 billion in 2016 to USD 6.84 billion by 2021, at a CAGR (Compound Annual Growth Rate) of 15.3% from 2016 to 2021.
In today's corporate world, the need to secure data and physical property is both extremely important and increasingly difficult. The rising need for surveillance has become one of the major factors to drive the facial recognition market. The advent of new technologies such as high-definition CCTV and high-resolution 3D facial recognition technologies along with iris recognition and emotion detection have enhanced the facial recognition market. However, integration of new facial recognition technologies with the existing legacy system is limiting the growth of facial recognition solutions in the market.
"Government sector among applications is expected to gain maximum traction during the forecast period"
The application of facial recognition in the government sector is split into two divisions, which is homeland security and military. Facial recognition technologies are quickly being combined into the framework of homeland security. Various government initiatives to apply next-generation identification programs to generate nationwide-centralized database of criminals' images and other biometric features will drive the growth of this market in the coming years.
In the military segment, the use of facial recognition technologies have increased over the years. This segment uses many facial recognition technologies to minimize the threats associated with terrorism and border securities. Rising worries for safeguarding military base camps and military strategic or sensitive areas will influence the adoption of facial recognition technology.
"APAC is projected to grow at the highest rate during the forecast period"
The Asia-Pacific (APAC) region has a great scope for growth of facial recognition market in terms of usages of the facial recognition software. The facial recognition market in APAC is anticipated to grow significantly, due to huge governmental investments in security & surveillance infrastructure, increased public awareness, and emergence of refined technologies backed by analytics. Also, the growth is anticipated with the technological advancements, along with the mandatory regulations imposed by government regulatory entities to adopt the best-in-class technologies and standards. Fast expansion of regional enterprises in the APAC region is another crucial variant contributing in the growth of the facial recognition market.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The break-up profiles of the primary participants is as follows:
- By company: Tier 1 – 56 %, Tier 2 – 20%, and Tier 3 – 24%
- By designation: C level – 72% and Director level – 28%
- By region: North America – 58%, Europe – 22%, and APAC – 20%
The facial recognition ecosystem comprises the following major vendors:
1. 3M (Minnesota, U.S.)
2. NEC Corporation (Tokyo, Japan)
3. Aware Inc. (Montana, U.S.)
4. Safran Group (Paris, France)
5. Daon (Virginia, U.S)
6. Cognitec Systems GMBH (Dresden, Germany)
7. Keylemon (Martigny, Switzerland )
8. nViso (Lausanne, Switzerland)
9. Ayonix (Tokyo, Japan)
10. Animetrics (New Hampshire, U.S.)
The report provides a picture on facial recognition and associated services across different industry verticals and regions. It aims at estimating the market size and future growth potential of this market across different segments such as technology, software tools & services, applications, use cases, and regions. Furthermore, the report also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Reasons to Buy the Report
The report will help the market leaders/new entrants in this market by providing them with the closest approximations of the revenue numbers for the overall encryption software market and the subsegments. This report will help stakeholders to better understand the competitor landscape and gain more insights to better position their businesses and make suitable go-to-market strategies. The report also helps the stakeholders to understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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