Face recognition is a biometric or complex
computer application which captures image. It is used to identify individuals
by applying facial analytics and comparing it with an existing database. It is
commonly used for security purposes, mainly in the surveillance field.
Currently, it is also used to photo tagging, identifying age, refining search
engine searches based on facial images, and ethnicity of a person in retail
stores and identifying missing persons.
The key benefits are included improved level
of security, easy to integrate with existing security features, help automate
authentication, requires less processing compared to other authentication
techniques and accuracy of readings has improves over time etc.
According to study, “Global
Face Recognition Device Market 2019 by Manufacturers, Regions, Type and
Application, Forecast to 2024” the key companies operating in the global face
recognition device market are Cloudwalk, IDTECK Co Ltd., Aurora, CMOLO, Insigma
Group, Adatis Co. KG, Herta, IDEMIA, Artec Group, SenseTime, Anviz, Cognitec
Systems, EnterFace, Bioenable, ColosseoEAS. The increasing research &
development (R&D) expenditure for innovative product launches is
reinforcement the competition among the players of the global facial
recognition market. The manufacturers are targeting towards business expansion
by carrying out strategic mergers & acquisitions (M&A) in the global
facial recognition market.
Based on type, face recognition device market
is segmented into scanners, handheld devices, cameras, and integrated devices.
Based on application, market is segmented into criminal investigation,
intelligent signage physical security, homeland security, id management,web
application, photo indexing & sorting, intelligent signage, business
intelligence and others (VIP recognition, pc & banking login and automotive
& phone). In addition, based on end-use, market is segmented into
transportation, enterprise user, banking, financial services and insurance
(BFSI), government & defense, healthcare, education, retail &
ecommerce, automotive and others.
The face recognition device market is driven
by growth in surveillance industry, followed by rise in technological advancements
across industry verticals, increase in demand from government & defense
sector, enlargement of commercial spending & unsolved high rate of criminal
and rise in awareness of security. However, interoperability concerns and
threat of privacy & data breaches may impact the market. Moreover, emerge
in application of the facial recognition technology and growth in adoption of
the cloud-based facial recognition technology are key opportunities for market.
Based on geography, the North-American region
dominated the face recognition device market owing to increase in use of
electronic devices that are equipped with this technology and rapid adoption of
facial recognition technology in various government & non-government
sectors in the region. Whereas, the Asian-Pacific and European regions are
estimated to witness higher growth rate due to brisk development in technology
and huge pool of players in the facial recognition over the forecast period. In
near future, it is projected that the market will be reached at rapid pace on
account of rise in adoption of facial recognition systems for security purposes
and increase in investment for development of 3D technology during the forecast
period. The worldwide market for Face Recognition Device is expected to grow at
a CAGR of roughly 27.3% over the next five years, will reach US $4540 million
in 2024, from US $1070 million in 2019.
For more information, click on the
link below:
Related
Reports:
Contact Us:
Ken Research
Ankur Gupta, Head Marketing &
Communications
+91
9015378249