Accordingto a new market research report "the global facial recognition market sizeto grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a CompoundAnnual Growth Rate (CAGR) of 16.6% during 2019–2024
Facialrecognition technologies are used to minimize the threats associated withterrorism and border securities. The growing need for surveillance at publicplaces is expected to be one of the major factors that drives the growth of thefacial recognition market.
Browse 6 market dataTables and 15 Figures spread through 69 Pages and in-depth TOC on "Facial RecognitionMarket 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"
Among application areas, the law enforcement segment to hold thelargest market size during the forecast period
Over the past coupleof years, the law enforcement segment has been adopting the facial recognitionsolution extensively. Facial recognition software and services arepredominantly applied at the premises where law enforcement, surveillance, andmonitoring of facial detection is needed. In homeland security and militaryservices, facial recognition technologies are used for creating national IDs,ePassports, and eVisas to diminish the possibility of security-related threats.
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Among services, the cloud-based facial recognition segment to growat a higher CAGR during the forecast period
Cloud-based facialrecognition services include time tracking, gender recognition, head-poseestimation, and analytics provides statistics about buying patterns in retailstores to retail professionals, product managers, and strategists. With rapiddevelopments in related technologies such as Internet of Things (IoT),Over-the-Top (OTT) services, and many others, the deployment of cloud-basedfacial recognition services is also expected to increase in future.
North America to hold the largest market size during the forecastperiod
North America is atechnologically advanced region, with a high number of early adopters. Thepresence of major market players is expected to contribute to the highestmarket share, in terms of revenues during the forecast period. Factors such aslarge-scale funded programs and employee access monitoring in buildings aredriving the revenue growth in this region.
Major vendors in theglobal facial recognition market include NEC (Japan), Aware (US), Fujitsu(Japan), Nuance (US), Leidos (US), Idemia (France), M2SYS (US), Smilepass (UK),Certibio (Brazil), HYPR (US), BioID (Germany), Accenture (Ireland), FulcrumBiometrics (US), and Phonexia (US).
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