Facial Recognition Market - Adoption of Facial Recognition In Terms of Security As Well As Surveillance To Monitor Customer Behavior

The global facial recognition market depicts a diverse competitive scenario existing in its vendor landscape, says Transparency Market Research on the basis of a newly published report. Most players are strengthening their distribution network, along with developing advanced solutions. These are a couple of primary strategies implemented by most players in the market to cement their position in the market. The competition is likely to get more intense with new players regularly entering the scenario. NEC Corporation, ZK Software, Cross Match Technologies, Safran Group (Morpho S.A.), 3M Cogent Inc., FaceFirst LLC (Airborne Biometrics Group Inc.), Cognitec System, Aware Inc., Animetrics, Inc., Aynoix Inc., and Aurora Computer Services Ltd., are chief players operating in the global facial recognition market.

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Rising threats that can comprise security in various establishments is responsible for substantially driving the facial recognition market. Concerns about such threats mainly arise due to increasing crimes and even terrorist activities, thereby calling for a dire need of implementation of facial recognition systems. Advancements in smartphone technologies has resulted in incorporation facial recognition in these gadgets too from security-based perspective. Such advancements have rendered notable lucrativeness among the masses, thus making them buy smartphones with facial recognition systems in large numbers, consequently propelling the market’s growth.

Widespread progress witnessed by the consumer electronics sector is also expected to significantly stoke the global facial recognition market. Furthermore, increased adoption of facial recognition in web applications for picture tagging, social interaction, and others is also expected to drive the demand for facial recognition in forthcoming years.

However, high initial costs required to set up the facial recognition framework and its distribution has notably hindered the global facial recognition market’s growth. Less reach of the technology in underdeveloped and remote region also poses a prime hindrance. Nevertheless, extensive advancements are occurring in this market thanks to immense efforts taken by players to develop low cost facial recognition devices. This is certainly expected to offset the restraints the market up a considerable extent in future.

Asia Pacific to Depict Strong Growth in Future

The global facial recognition market is spread across North America, Asia Pacific, Europe, the Middle East and Africa, Latin America from a region-wise perspective. North America currently holds a leading position in this market owing to a strong infrastructure existing for developing new technologies, as well as large investments made by players to develop this sector. A high expenditure set aside for establishing state-of-the-art security systems in government as well as private business sectors has also attracted notable revenue in this market in North America.

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However, the forthcoming years are expected to showcase Asia Pacific to depict a fantastic growth in the global facial recognition market, mainly due to a rising number of strong players getting established in leading countries such as India and China from this region.

This review is based on a TMR report, titled, “Facial Recognition Market (By Technology Type - 2D Facial Recognition, 3D Facial Recognition and Facial Analytics; By End-use Industry - Government and Utilities; Military; Homeland Security; BFSI; Retail; Others (Digital Signage, Automotive, Web Applications, and Mobile Applications)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2022.”

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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