Facial Recognition Market was
valued at USD 3.35 Billion in 2016. Facial recognition is a biometric method
which gives high-level security for private as well as public sector. It
compares the facial features with the database so as to provide authorization.
Facial recognition consists of software, readers as well as the associated
database to provide security along with accuracy. The method of facial
recognition is highly efficient to avoid security issues in comparison with the
traditional method such as token, passwords, and others.
Increasing needs of security in government sector for
employee attendance and recognition is anticipated to be a key driver for the
market of facial recognition throughout the forecast period. Besides
technological developments such as 3D recognition systems and cloud-based
services are anticipated to fuel the overall demand for the market.
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It includes facial analytics, 2D, and 3D. Facial analytics
is largely used in education and research, retail and police services to
ascertain ever changing features like gender, age, and other facial attributes.
2D technology is broadly used due to the low cost of installation along with
ease of operation as it makes use of two-dimensional appearance recognition. 2D
technology is not accurate in several conditions like changing expressions,
angles, and environmental conditions. The 3D technology uses the high
definition as well as a complex algorithm. Its market is anticipated to grow
significantly throughout the forecast period.
End-Use Insights
Facial recognition market has applications in military,
government, retail, homeland security along with banking and finance sector.
The government sector is anticipated to be the major end-use segment in the
coming six years due to the demand for security and law enforcement. As it is
non-intrusive in nature, facial recognition is used in convert monitoring.
Retail segment also uses this technology to market its products. Furthermore,
banking and finance sector used facial recognition to resist frauds which are anticipated
to promote the growth of the market over the forecast period.
Regional Insights
Due to the increasing threats both internal and external,
Facial recognition market is widely used across the globe to direct security
needs. North America is estimated to be the major regional market over the
forecast period due to the wide use of facial recognition technology in the
departments of U.S. such as defense, justice, homeland security and much more.
Also, government initiatives like the e-KTP project in Indonesia and UIDAI
project in India for generating individuals’ id are anticipated to offer
opportunities for this market in Asia Pacific region. European markets of the
Spain, Italy, Germany, France, and UK are anticipated to thrive the market over
the forecast period.
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Market segmentation
Facial Recognition
Technology Outlook (Revenue, USD Million, 2012 - 2020)
• 2D
• 3D
• Facial
Analytics
• Facial Recognition
End-Use Outlook (Revenue, USD Million, 2012 - 2020)
• Government
• Military
• Homeland
Security
• Banking
& Finance
• Retail
• Others
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