Face recognition is a biometric or complex computer application which captures image. It is used to identify individuals by applying facial analytics and comparing it with an existing database. It is commonly used for security purposes, mainly in the surveillance field. Currently, it is also used to photo tagging, identifying age, refining search engine searches based on facial images, and ethnicity of a person in retail stores and identifying missing persons.
The key benefits are included improved level of security, easy to integrate with existing security features, help automate authentication, requires less processing compared to other authentication techniques and accuracy of readings has improves over time etc.
According to study, “Global Face Recognition Device Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” the key companies operating in the global face recognition device market are Cloudwalk, IDTECK Co Ltd., Aurora, CMOLO, Insigma Group, Adatis Co. KG, Herta, IDEMIA, Artec Group, SenseTime, Anviz, Cognitec Systems, EnterFace, Bioenable, ColosseoEAS. The increasing research & development (R&D) expenditure for innovative product launches is reinforcement the competition among the players of the global facial recognition market. The manufacturers are targeting towards business expansion by carrying out strategic mergers & acquisitions (M&A) in the global facial recognition market.
Based on type, face recognition device market is segmented into scanners, handheld devices, cameras, and integrated devices. Based on application, market is segmented into criminal investigation, intelligent signage physical security, homeland security, id management,web application, photo indexing & sorting, intelligent signage, business intelligence and others (VIP recognition, pc & banking login and automotive & phone). In addition, based on end-use, market is segmented into transportation, enterprise user, banking, financial services and insurance (BFSI), government & defense, healthcare, education, retail & ecommerce, automotive and others.
The face recognition device market is driven by growth in surveillance industry, followed by rise in technological advancements across industry verticals, increase in demand from government & defense sector, enlargement of commercial spending & unsolved high rate of criminal and rise in awareness of security. However, interoperability concerns and threat of privacy & data breaches may impact the market. Moreover, emerge in application of the facial recognition technology and growth in adoption of the cloud-based facial recognition technology are key opportunities for market.
Based on geography, the North-American region dominated the face recognition device market owing to increase in use of electronic devices that are equipped with this technology and rapid adoption of facial recognition technology in various government & non-government sectors in the region. Whereas, the Asian-Pacific and European regions are estimated to witness higher growth rate due to brisk development in technology and huge pool of players in the facial recognition over the forecast period. In near future, it is projected that the market will be reached at rapid pace on account of rise in adoption of facial recognition systems for security purposes and increase in investment for development of 3D technology during the forecast period. The worldwide market for Face Recognition Device is expected to grow at a CAGR of roughly 27.3% over the next five years, will reach US $4540 million in 2024, from US $1070 million in 2019.
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Ankur Gupta, Head Marketing & Communications