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Facial recognition market size is expected to garner $9.6 billion by 2022 | Key Players - ognitec Systems GmbH, NEC Corporation, FaceFirst, Inc., and 3M amongst others

10-28-2020 11:19 AM CET | IT, New Media & Software

Press release from: Allied Market Research

Facial recognition market size is expected to garner $9.6

The global facial recognition market is expected to generate revenue of $9.6 billion by 2022, growing at a CAGR of 21.3% from 2016 to 2022. Facial recognition is a biometric technology that selects facial features of an individual and compares them with an available database to provide identification and authorization. North America is expected to dominate the market throughout the forecast period, owing to the high expenditure on security systems by government agencies in the region.

North America offers lucrative opportunities for market growth, exhibiting a huge demand of facial recognition technology for homeland security and criminal investigation. However, Asia-Pacific is expected to be the fastest growing region, owing to wide use of facial recognition technology in countries such as China, Japan and Australia across various sectors such as defense, law enforcement, physical security, and retail.

Download Report Sample (150 Pages PDF with Insights) at https://www.alliedmarketresearch.com/request-sample/794

Surge in demand for surveillance systems to improve security and rise in application in intelligent signage & physical security drive the market growth. However, lack of accuracy and high cost of implementation hinder the growth in the market. On the other hand, technology advancements including cloud-based services & 3D-based recognition systems and surge in application in mobile security & drones create new pathways in the industry.

Among application segments, homeland security accounted for nearly one-fifth of the total market share in 2016 and will maintain its dominance in terms of revenue by 2022. However, intelligent signage is estimated to grow at the fastest growth rate with a CAGR of 25.1% from 2016 to 2022. The report also analyzes criminal investigation, ID management, physical security, photo indexing and sorting, business intelligence, and photo indexing and sorting.

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Key market players analyzed in the research include 3M, NEC Corporation, Cognitec Systems GmbH, FaceFirst, Inc., Nuance Communications Inc., Crossmatch, International Business Machines Corporation (IBM), Animetrics Inc., and Daon Inc.

On the basis of hardware, cameras held the major market share, with more than two-fifths of the total share in 2016 and is estimated to continue its dominance during the forecast period. On the other hand, the handheld devices segment would register the highest CAGR of 23.7% from 2016 to 2022. The research also analyzes scanners and integrated devices.

Access full summary at: https://www.alliedmarketresearch.com/facial-recognition-market

Based on technology, the 3D facial recognition segment contributed nearly two-fifths of the total market share in 2016 and is expected continue its leadership status during the forecast period. Moreover, this segment would register the fastest growth rate with a CAGR of 23.7% from 2016 to 2022. The research also analyzes 2D facial recognition and facial analytics.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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