The global facial recognition market is expected to witness a CAGR of over 13% to cross $10 billion size by 2025
Bangalore, India, June 25, 2019: With its recently published study “Global Facial Recognition Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research estimates highest increase in adoption of facial recognition solution in the APAC region, mainly due to improving internet infrastructure and growing number of security measures taken by the government bodies in the region.
Rapid rise in security threats is a major factor driving the facial recognition market. This solution helps in identifying individuals without any human intervention. This negates the possibilities of human error by calculating 3D or 2D facial recognition softwares and analyzing each face and storing data in a common server. This data can be used to create a common database and can be retrieved multiple times as per need. For e.g. in public gatherings, government bodies can ensure and restrict certain elements from attending, based on the requirement, without official IDs but only through the facial recognition software.
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Due to increasing number of security threats and requirement from many organizations to automate mundane activities, the market is expected to grow at a CAGR of over 13% during the forecast period. Many manufacturing industries are opting for facial recognition software to save time and automate everyday tasks such as attendance and remove any opportunity of human error. The retail and e-commerce industry is looking at this software to improvise customer tracking and offer customer-friendly solutions for payments and quick personalized advertisements. Banking sector is also widely adopting this solution for security purposes as it saves more time than a finger print analysis software and many smartphones are now equipped with facial recognition sensors as well.
Millenials who are entering into the workforce of various organizations are against using traditional processes of identification and prefer automating these mundane activities. Many organizations are now focusing to attract these millenial workforce into the company by automating as many activities as possible such as attendance, leave management, access point management, etc.
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Currently companies such as NEC, Herta Security, NViso, 3M, and Kairos are the market leaders with many other companies toppling these companies as wel; these include Gemalto, Amazon Web Services, Cognitec Solutions, IBM, Aware, IDEMIA, Ayonix, etc. Cloud players in the market such as AWS and IBM have an edge over the other players to grow at a faster rate due to the ready infrastructure and have in-house technical expertise that are handy to grow in the market.
Key Segments of the report include:
- Handheld and Integrated Devices
- 3D Facial Recognition
- 2D Facial Recognition
- Training and Consulting
- Cloud-Based Facial Recognition Services
- Military and Defense
- Retail and Ecommerce
- North America
- Western Europe
- Eastern Europe
- Rest of APAC
- Latin America
- Middle East and Africa
- Industry outlook: Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP