SecurityWorldMarket

25/11/2016

Facial recognition market to grow to $6.84 B by 2021

Hadapsar, India

A new report from Marketsandmarkets estimates that the facial recognition market will grow from USD 3.35 Billion in 2016 to USD 6.84 billion by 2021, at a CAGR of 15.3% from 2016 to 2021. The major forces driving this market are the growing surveillance market, increasing government deployment, and increasing applications in numerous industry sectors.

The 3D facial recognition software tool has various applications in the areas of border monitoring, document verification, and identity management. One of the main reasons for the wide adoption of 3D facial recognition technology is the quality of image captured using 3D technology, which is not dependent on illumination and allows clear quality images to be captured at night or in places where there is very little or no illumination.

Training and consultancy services are expected to hold the largest market share in this field over the forecast period. Consulting services associated with facial recognition include feasibility assessments and analysis & advisory on large scale governmental, and military projects. This subsector also includes requirement gathering, biometric security design, technology evaluation, and validation of biometric pilots. Key consulting vendors provide privacy impact assessment & strategic valuations of competitive products, catering to private sector, commercial & federal or government clients.

North America is expected to contribute the largest market share by 2021 and APAC will continue to grow at the highest rate during the forecast period from 2016 to 2021  The North American region contains developed countries which have a deep-rooted infrastructure, thus favouring the huge demand in the facial recognition market. The main contributing countries to the facial recognition market in North America include the U.S. and Canada. The cause for the dominance of these countries is their well-established economies which allow investments in new technologies. The Asia-Pacific (APAC) region has a great scope for growth of the facial recognition market in terms of practices of facial recognition software. The facial recognition market in APAC is expected to rise significantly, due to huge governmental investments in security and surveillance infrastructure, increased public awareness, and the emergence of enhanced technologies backed by analytics.

The major vendors listed in the report as being active in the facial recognition market include 3M, NEC corporation, Aware, Safran Group, Daon Inc, Cognitec Systems, Ayonix, Keylemon, Nviso, and Animetrics.


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