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Facial Recognition Market - Top Key Players are deploying both organic and inorganic growth strategies

06-29-2021 03:48 PM CET | IT, New Media & Software

Press release from: Transparency Market Research

Facial Recognition Market - Top Key Players are deploying both

The global facial recognition market is displaying a fierce competition in its competitive landscape. Prominent players in the market are focusing to strengthen their distribution network, states a newly launched market report by Transparency Market Research. This is mainly to cement their position in the global facial recognition market. The dynamics of the market is changing quite often owing to entry of new players every now and then. Some of the predominant players operating in the global facial recognition market are NEC Corporation, Cross Match Technologies, ZK Software, Safran Group (Morpho S.A.), FaceFirst LLC, 3M Cogent Inc., Cognitec System, Animetrics, Inc., and Aware Inc.

As per Transparency Market Research the global facial recognition market was noted at US$ 1,307.0 mn in 2014. The market is likely to grow at a whopping CAGR of 9.5% during the forecast period from 2015 – 2022.

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From a geographical standpoint, North America dominated the global facial recognition market in 2014. The region accounted for around 38% share of the total market in the same year. However, the region is expected to lose its share on Asia Pacific region owing to increasing demand in the countries such as Australia, Japan, South Korea, India, and China. From a technological standpoint, 3D facial recognition technology is likely to surpass the growth of 2D technology this is because of the accurate results offered by the former.

Mushrooming Consumer Electronics Sector Stokes Demand

The facial recognition market is likely to grow owing to the rising security threat to organizations that has necessitated security improvements. This is considered as a major driver for the growth of the global facial recognition market. Apart from this, increasing crime and terrorist activities across the globe is demanding a dire need of implementation of facial recognition systems. In addition to this, advancements in smartphone technologies has resulted in incorporation facial recognition feature in these gadgets. This is a crucial move by players of facial recognition market.

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High Cost of Facial Recognition Infrastructure Set up to suppress Growth

Despite several drivers of the market, high cost associated with the setup of the facial recognition framework is likely to hinder the growth. Further, limited technology reach in underdeveloped and remote region is also posing a major threat to the growth of the global facial recognition market. Nevertheless, extensive efforts taken by players to develop low cost facial recognition devices may offset restraints of the market.

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.”

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The global facial recognition market has been segmented as follows:

Technology Type

2D Facial Recognition
3D Facial Recognition
Facial Analytics

End-use Industry

Government & Utilities
Military
Homeland Security
Banking, Financial Services, and Insurance (BFSI)
Retail Industry
Others (Digital Signage, Automotive, Web Applications, and Mobile Applications)

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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