According to Goldstein Research, global facial recognition market is expected to reach USD 9.75 billion by 2024, growing at a CAGR of 14.0% over the forecast period 2016-2024. The growing demand of surveillance and security system majorly from the civil government sectors on the back of rising criminal cases is driving the growth of global facial recognition market. Global facial recognition market segmentation has been done on the basis of the component, technology, application, end user and geography. Government sector accounted for largest market share for the application of facial recognition system. It is followed by enterprise sector, witnessing the increasing installation of facial recognition system for tracking and monitoring purpose. Global facial recognition market is largely dominated by North America with 45.5% market share in 2016 on the back of improving criminal investigation. Further, Asia-Pacific region is expected to grow at a CAGR of 14.6% over the forecast period.
Market Segmentation
On the basis of our in-depth analysis, Global Facial Recognition Market can be segmented as follows:
By Component
o Software
o Hardware
§ Scanners
§ Cameras
§ Handheld Device
§ Integrated Device
Services
§ Training & Consulting Service
§ Cloud Based Facial Recognition Services
By Technology
o Facial recognition software and Software Development Kit (SDK)
o Solution type
o Databases
o Modeling and restructuring
o Analytics solutions
By Application
o Emotion recognition
o Attendance tracking and monitoring
o Access control
o Law enforcement
o Others (robotics and eLearning)
By End-User
o Government
§ Homeland Security
§ Military
o Enterprises
§ Banking, Financial Services, and Insurance
§ Healthcare
§ Retail
o Other end-users (casinos, public places, automotive, mobile application, and home security systems)
By Region
o North America (US, Canada) {Market Share (%), Market Size (USD Billion, Adoption Rate (%)}
o Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of the Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
o Rest of the World {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
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“Global Facial Recognition Market Outlook 2024” contains a detailed overview of the global facial recognition market. On the basis of our in-depth analysis, the market can be segmented in terms of market segmentation by component, technology, application and end-user.
Further, for the in-depth analysis, Global Facial Recognition Market Report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as Aware, NEC Corporation, Ayonix Corp., Cognitec Systems, KeyLemon, nViso, Herta Security, Techno Brain, Neurotechnology, Daon, Animetrics, 3M Company, IDEMIA, Gemalto, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents the global facial recognition market trends along with market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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