HOME › Press Releases › Facial Recognition Market worth 6.84 Billion USD by 2021
Facial Recognition Market worth 6.84 Billion USD by 2021
The report "Facial Recognition Market by Component: Software Tools (2D, 3D, and Thermal) and Services (Training & Consulting Services and Cloud-Based Facial Recognition Services), Technology, Use Case, and Application Area - Global Forecast to 2021", The facial recognition market size is estimated to grow from USD 3.35 Billion in 2016 to USD 6.84 Billion by 2021, at a CAGR (Compound Annual Growth Rate)of 15.3% from 2016 to 2021. The major forces driving this market are growing surveillance market, increasing government deployment, and increasing applications in numerous industry sectors.
Browse 84 market data tables and 57 figures spread through 152 pages and in-depth TOC on “Facial Recognition Market by Component: Software Tools (2D, 3D, and Thermal) and Services (Training & Consulting Services and Cloud-Based Facial Recognition Services), Technology, Use Case, and Application Area - Global Forecast to 2021”
Early buyers will receive 10% customization on reports.
3D facial recognition tool from the software segment is expected to grow at the highest CAGR in the facial recognition market during the forecast period
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 the illuminationand allows clear quality images to be captured at nights or in places where there is very less or no illumination.
Training and consulting services is expected to hold the largest market share in the facial recognition market during the forecast period
Consulting services associated to facial recognition contains feasibility assessment, analysis & advisory of large scale governmental, and military projects. It also contains requirement gathering, biometric security design, technology evaluation, and validation of biometric pilots. Key consulting vendors provide privacy impact assessment & strategic valuation 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 favoring the huge demand in the facial recognition market. Top 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 & surveillance infrastructure, increased public awareness, and emergence of enhanced technologies backed by analytics.
The major vendors in the facial recognition market include3M (U.S.A), NEC corporation (Japan), Aware (U.S.A), Safran Group (France), Daon Inc.(U.S.A), Cognitec Systems GMBH (Germany), Ayonix (Japan), Keylemon (Switzerland), nViso (Switzerland), and Animetrics (U.S.A).
MarketsandMarkets is the largest market research firm worldwide in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to a multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India