According
to the new market research report "Facial Recognition Market
by Component (Software Tools and Services), Technology, Use Case (Emotion
Recognition, Attendance Tracking and Monitoring, Access Control, Law
Enforcement), End-User, and Region - Global Forecast to 2022", published
by MarketsandMarkets™, The global
facial recognition market is expected to grow from USD 4.05 Billion in 2017 to
USD 7.76 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.9%.
The
increased need for enhanced surveillance and monitoring at public places and
the increased use of facial recognition technologies in industries, such as the
government are expected to be driving the facial recognition market growth.
Facial recognition technologies are used to minimize the threats associated
with terrorism and border securities. The growing need for surveillance at
public places is expected to be one of the major factors that drives the growth
of the facial recognition market.
Services segment is expected to grow at
the highest CAGR during the forecast period
Due
to the growing awareness among enterprises about the features of facial
recognition technologies and the rising need for a more secured biometric
system, the demand for facial recognition system is said to be increasing
globally. Facial recognition services play a vital role in face detection and
recognition, and comprise training and consulting services and cloud-based
facial recognition services. Facial recognition services are offered for
governments, homeland security, military, retail, and healthcare.
Browse and
in-depth TOC on "Facial
Recognition Market"
82
- Tables
37
- Figures
156
- Pages
“The on-premises
deployment model is expected to exhibit a larger market share during the
forecast period”
The on-premises deployment model is contributing the
most, when compared with the cloud deployment model. This is due to its
acceptance among enterprises across verticals and in this deployment mode, the
solution is deployed on the client’s system, thereby insuring them with data
security & compliance. On-premises deployment offers more flexibility and
control over enterprises and can be regulated by clients themselves.
“Europe is expected to
witness a high growth potential during the forecast period”
North America held the largest market share in 2016,
while Europe would be the fastest-maturing in terms of CAGR. Since newly
introduced electronic signature regulations in Europe would boost cross-country
trading among the European countries, the need for secure reliable
transactions, authenticating the identity of the user over digital network, and
the new release of regulations for electronic signatures by the European
Electronic Messaging Association are driving the adoption of digital signature
solutions in Europe.
The
facial recognition market report encompasses the competitive landscape, which
presents the positioning of the 25 key facial recognition vendors based on
their product offerings and business strategies. Some of these major vendors
include Aware (US), NEC Corporation (Japan), Ayonix Corp. (Japan), Cognitec
Systems (Germany), KeyLemon (Switzerland), nViso (Switzerland), Herta Security
(Spain), Techno Brain (Kenya), Neurotechnology (Lithuania), Daon (US), Animetrics
(US), 3M Company (US), IDEMIA (France), and Gemalto (Netherlands).
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