Facial Recognition Market to 2024 – Growing Steady at 16.6% CAGR and Projected to Reach US$ 7.0 Billion

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Top Companies profiled in the Facial Recognition Market:
NEC (Japan)
Aware (US)
Gemalto (Netherlands)
Ayonix Face Technologies (Japan)
Cognitec Systems GmbH (Germany)
NVISO SA (Switzerland)
Daon (US)
StereoVision Imaging (US)
Techno Brain (Kenya)
Neurotechnology (Lithuania)
Innovatrics (Slovakia)
id3 Technologies (France)
IDEMIA (France)
Animetrics (US)
MEGVII (China)

The Global Facial Recognition Market size to grow from USD 3.2 Billion in 2019 to USD 7.0 Billion by 2024, at a CAGR of 16.6% during 2019–2024. This report spread across 66 Pages, Profiling 15 Companies and Supported with 40 Tables and 28 Figures is now available in this research.

“Government and defense sector among verticals to gain maximum traction during the forecast period”
Increasing need of facial recognition-enabled biometrics solutions for identity management, border management, and homeland and military security management have fueled government organizations to largely implement facial recognition technologies. Additionally, government-owned large-scale programs, such as smart cities and smart transportation, need the adoption of facial recognition solutions.

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“3D facial recognition software tools to hold the largest market size during the forecast period”
3D facial recognition software is capable of analyzing, identifying, and verifying facial characteristics of individuals. It overcomes the drawbacks of 2D facial recognition and can work in low light or completely dark areas. 3D facial recognition technology is used mostly in cross- border monitoring, document verification, and identity management.

“Asia Pacific to grow at the highest CAGR during the forecast period”
The Asia Pacific (APAC) region has a great scope for growth in the facial recognition market in terms of usage of the facial recognition solution. The facial recognition market in APAC is anticipated to grow significantly, due to huge governmental investments in security and surveillance infrastructure, increased public awareness, and emergence of refined technologies backed by analytics.

Report Highlights:
• To analyze strategic approaches, such as product launches, acquisitions, contracts, agreements, and partnerships, in the facial recognition market

• To study the complete value chain of the market

• To define, describe, and forecast the size of the facial recognition market by Component, Application Area, Vertical, and RegionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market

• To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market

• To analyze opportunities in the market for stakeholders by identifying the high growth segments of the facial recognition ecosystem

• To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders

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This release was published on openPR.