CHICAGO, Oct. 30, 2019 (GLOBE NEWSWIRE) -- According to study titled “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” by MarketsandMarkets, the global facial recognition market size is expected to grow at a CAGR of 16.6% from an estimated value of USD 3.2 billion in 2019 to reach USD 7.0 billion by 2024. Increasing activity to combat terrorism & crime is one of the key driving factors for market growth. Moreover, the rapid adoption of technology in consumer electronics such as smartphones and home security systems to enhance consumer safety will boost the market growth.
The last two decades have witnessed an increase in terrorist activities around the world. Additionally, there has been a rise in criminal activities, including theft, cyberattacks, and human trafficking. To curb the unchecked spread of terrorism and criminal activities, there have been several initiatives undertaken by governments and affiliated bodies across the world. The Indian Government is exhibiting one such instance.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=995
In 2018, the Indian Government adopted facial recognition technology to identify missing children and reduce trafficking. Post its successful adoption in this initiative as well as in large-scale handling events and fighting crime in certain states, the Indian Government is planning on constructing the largest facial recognition system in the world, where the police force across the country will have access to a single, centralized database. Such initiatives are expected to open new growth avenues for the global facial recognition market in the near future.
Initiatives such as those exhibited by countries such as India are expected to play an important role in accelerating the growth of the Asia Pacific facial recognition market during the forecast period, making it the fastest-growing marketplace. Besides the large-scale government initiatives, the presence of a robust, established electronics manufacturing base in India, China, Japan, and South Korea is expected to spur the demand for facial recognition technology.
Companies such as NEC, Aware, Idemia, and Gemalto (A Thales Company) have been offering customized solutions as per the requirement of the customers, coupled with their growth strategies to achieve advance infrastructure consistently in the market. On the other hand, Daon, Animetrics, Stereovision Imaging, ID3 Technologies, Nviso, Neurotechnology, and Technobrain have been undertaking multiple partnerships and boosting their sales capabilities across regions to offer integrated solutions and services to a wide range of clients.
Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=995
Facial recognition can perform numerous functions such as emotion recognition, attendance tracking & monitoring, access control, and law enforcement, among others. Attendance tracking & monitoring segment is expected to witness the fastest growth due to its widespread implementation, especially in places where large groups of people attend an event such as colleges and churches. This functionality helps in reducing the time spent in manually tracking attendance. Checking in via apps on smartphones, laptops, and tablets, as well as tracking via live monitoring and GPS, are the latest trends in the global facial recognition market.
Besides functionality, facial recognition has evolved over the past few years, where the technology can be used not only in 2D but also in 3D and for facial analytics. 3D facial recognition was at the forefront of the market for quite a few years until companies started using this data to analyze patterns and identification. Facial analytics is helping companies redefine their approach to their clients by capturing different facial expressions, such as happiness, sadness, and anger, among others, to get to know them better.
| Software tools account for a major share of the revenue contribution in 2019 and are mostly offered as a subscription model, either as a suite or as APIs that integrate with existing enterprise applications. |
The penetration of facial recognition was the highest in BFSI, government & defense, and retail & eCommerce. These three verticals together dominated the global facial recognition market share in 2018. The need to check a customer’s credibility, especially while giving loans, has resulted in banks such as Citi Bank, Barclays, and Banco National (Costa Rica) adopting the facial recognition technology. The retail & eCommerce sector holds tremendous growth potential for the global facial recognition market. The technology is increasingly being used to monitor buying patterns, routes they follow, and shops they visit. This data helps in catering to better customer service, especially for companies such as Amazon and local food apps.
| Training & consulting services are likely to outpace cloud-based facial recognition services by 2024 within the global facial recognition market, as they provide privacy impact assessment and strategic assessment of competitive products, catering to the private sector and federal or government clients. |
Request Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=995
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Shelly Singh
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: sales@marketsandmarkets.com