Global Facial Recognition Market, trends, Analysis, Opportunities, Share and Forecast – 2020-2027
The market for global facial recognition is boosted because of its unique security and marketing applications across the industries. Advancement in technological adoption by corporate companies in various industries has stimulated the market demand for the facial recognition market. This technology has a good demand over other type’s biometric methods due to its advanced features and functionalities contributing to productivity and accuracy in its operations. Companies are adopting this technology for boosting their authenticity and delivering offerings to their end-users with greater product quality and efficiency.
Technological advancements are acting as supportive factors for facial recognition solutions. These supportive factors such as 3d cameras are also boosting the market demand for global facial recognition. Technology has played a considerable role in event management enabling security of events by recognizing potential threats among guests and avoiding the risk associated with them has increased the demand for the facial recognition market. Advancements in the facial recognition system are increased due to huge investments by organizations to offer various offerings.
Because of an increase in terrorist attacks in recent years on government agencies had plunged the demand for facial recognition technology to protect law and order in society. The market for facial recognition would be limited due to increased sensitivity in confidential data and high cost involved in this technological implementation. These hindrances could be overcome through the introduction of advanced facial recognition technologies that are integrated with other devices such as, drones and mobiles could exponentially stimulate the demand.
The global facial recognition market size is projected to grow from USD 3.2 billion in 2019 to USD 10.7 billion by 2027, at a CAGR of 16.4% from 2019 to 2027.
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Facial recognition for analysis to emerging as the dominant segment in this market:
Facial recognition technology developments have contributed to the surge of facial recognition analysis among developed countries. Technology not only recognizes criminal persons entering the premises but also shares information with corresponding authorities. This analytical solution of facial recognition of the system provides demographic features and numerical results that are essential for analyses and enable businesses to perform as per the protocol. Technology enables businesses to collect information about individuals without in-person identification of information which would ease their businesses. The surge in facial recognition analysis technology is due to application reaching marketing targets without the involvement of humans and increasing productivity. Technology has a significant contribution to the identification of criminals globally and various commercial activities plunging its market share.
North America to have the highest market share in the facial recognition market:
North America is technologically advanced with investments on different offerings to prospective customers globally. Facial recognition is also projected to have a considerable growth rate of market share due to its wide range of opportunities. This is because of technological growth that is to be implemented for various activities enhancing. The technology contributes to security systems and investigating the criminals’ activities is boosting demand across the globe. North America has a high amount of data breach of about 1500 per month, mostly related to BFSI and government agencies which had further stimulated growth potential of facial recognition technology.
Facial recognition technology has fewer rivalry forces because of a few large players existing in the market encouraging its market share by new entrants to take advantage of opportunities present in this technology. This market is being stimulated by the number of new entrants in recent times due to the importance this technology has in various fields across the globe.
Key players in the facial recognition market are listed as follows: Panasonic Corporation, NEC Corporation, Thales Group, Aware Inc., Animetrics Inc. FRS Labs, Images Technology, Cognitec, NoahFace, Dahua Technology, Hikvision, Face++, SenseTime
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
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