Facial Recognition Market 2021 Strategic Assessment- Panasonic Corporation, Thales Group (Gemalto NV), NEC Corporation, Cognitec Systems GmH

Global Facial Recognition Market This market research provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Research classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.

The facial recognition market was valued at USD 5.07 billion in 2019 and is expected to reach a value of USD 10.19 billion by 2025, at a CAGR of 12.5%, for the forecast period (2020-2025).

Facial Recognition has been gaining prominence in recent times, owing to the benefits it offers over traditional surveillance techniques, like biometrics. Governments across the world have been investing significant resources in facial recognition technology, among which, the United States and China are leading adopters.

Market competition by Top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the Top players including-

Panasonic Corporation, Thales Group (Gemalto NV), NEC Corporation, Cognitec Systems GmH, Aware, Inc., FacePhi Biometric SA, Animetrics Inc., Ayonix Corporation, Face First Inc., Idemia France SAS, Daon Inc.

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- Increasing Demand for Surveillance systems to enhance safety and security are increasing the adoption of Facial Recognition Systems
- Government initiatives are expected to contribute to the double-digit growth of such technologies. For instance, the US government has plans to reshape airport security through facial recognition, to register and identify the visitors.
- Though, interest on multi-factor authentication has been increasing, owing to increasing cyber-attacks, terror attacks and identity theft, the need to incorporate better security systems is encouraging organizations to implement safe multi-factor authentication solutions, like finger print sensors and facial recognition technology.

Scope Of the Report

Facial recognition is defined as a method of recognizing a human face through Hardware like Video Cameras. The scope of this study is limited to standalone facial recognition solutions and services offered by various vendors like NEC. The Hardware components involved for facial recognition services like video cameras, sensors, etc. are not considered for arriving at the revenue estimates during the forecast period.

3D Facial Recognition is Expected to Hold a Highest Market Share

- Presently, around 94% of smartphones features fingerprint sensors, but this is expected to drop to 90% by 2023, with technologies like 3D facial recognition becoming a standard approach to user authentication, growing technological advancement is expected to increase its penetration rate.
- The development in 3D cameras market is also expected to bring advancement and new applications for 3D facial recognition technology especially healthcare IT solutions, payments and commerce sector
- For instance, in June 2018, SensibleVision, a Florida-based firm launched its 3DWALLET technology, designed to let retailers replace cash and card payments and eliminate the need for checkout lines through a 3D facial recognition platform that identifies customers automatically and charges them for their purchases.

North America is expected to hold the Highest Market Share

- The region offers lucrative opportunities for market growth, exhibiting a massive demand for facial recognition technology for homeland security and criminal investigation.
- The biggest facial recognition surveillance system in the region is operated by the FBI. The FBIs ID system maintains a facial recognition database with images of more than 117 million Americans. The FBI conducts, on an average, 4,055 searches every month to identify individuals with facial recognition systems.
- The United States alone witnessed a total of 1,579 data breaches in 2017, of which, 8% of data breaches were accounted by banking institutes. Although this number is small, the amount of sensitive data available in the banking industry is very high, making it a prime target for hackers. These factors are further expected to provide significant opportunities to the facial recognition market.
- Canadian companies are also taking advantage of this facial recognition technology. For instance, Mexia One used facial recognition systems to provide secure event access at the popular industry event, Mobile World Congress 2018.

Market segment by Regions/Countries, this report covers
North America (U.S., Canada, Mexico)
Global (Germany, UK, France, Rest of Global)
Asia Pacific (China, India, Japan, Rest of Asia Pacific)
Latin America (Brazil, Argentina, Rest of Latin America) 
Middle East & Africa

Recent key developments in the area are:

-Caxia Bank introduced the first of its kind face recognition for withdrawal of money from the ATM. This was done by Caxia in partnership with Fijitsu and Facephi in 2019.
-In July 2018, Cognitec Systems, the face recognition company, launched an extensive research and development efforts to greatly advance the accuracy and speed of its face matching algorithm. The high-performance algorithm has been integrated into Cognitec s FaceVACS engine and is now available in new releases of all market-focused Cognitec products.

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Major points covered in this research are:-  

─Facial Recognition Market Overview, Segment by Type (Product Category), by Application, by Region (2019-2025), Competition by Manufacturers

─Global Market Size (Value) of Facial Recognition (2019-2025)

─Global Facial Recognition Capacity, Production, Revenue (Value), Supply (Production), Consumption, Export, Import by Region (2019-2015)

─Global Facial Recognition Production, Revenue (Value), Price Trend by Type

─Global Facial Recognition Market Analysis by Application

─Global Facial Recognition Manufacturers Profiles/Analysis

─Facial Recognition Manufacturing Cost Analysis

─Industrial Chain, Sourcing Strategy and Downstream Buyers

─Marketing Strategy Analysis, Distributors/Traders

─Market Effect Factors Analysis

─Global Facial Recognition Market Forecast (2019-2025)

─Competitive Landscape

─Research Findings and Conclusion

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Finally, this Facial Recognition report covers the market scenario and its development prospects over the coming years. Report likewise manages the type analysis, contrasting it with the significant application, recent Facial Recognition product development and gives an outline of the potential Global market.

Irfan Tamboli (Head of Sales) – Market Insights Reports
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irfan@marketinsightsreports.com

MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

This release was published on openPR.