Facial Recognition Market worth $7.76 Billion by 2022 - Report by MarketsandMarkets™

The report also aims at providing detailed information about the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)

(EMAILWIRE.COM, November 02, 2018 ) According to the new market research report "Facial Recognition Market by Component (Software Tools and Services), Technology, Use Case (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement), End-User, and Region - Global Forecast to 2022", The global facial recognition market is expected to grow from USD 4.05 Billion in 2017 to USD 7.76 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.9%.

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The increased need for enhanced surveillance and monitoring at public places and the increased use of facial recognition technologies in industries, such as the government are expected to be driving the facial recognition market growth. Facial recognition technologies are used to minimize the threats associated with terrorism and border securities. The growing need for surveillance at public places is expected to be one of the major factors that drives the growth of the facial recognition market.

Services segment is expected to grow at the highest CAGR during the forecast period

Due to the growing awareness among enterprises about the features of facial recognition technologies and the rising need for a more secured biometric system, the demand for facial recognition system is said to be increasing globally. Facial recognition services play a vital role in face detection and recognition, and comprise training and consulting services and cloud-based facial recognition services. Facial recognition services are offered for governments, homeland security, military, retail, and healthcare.

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3D facial recognition technology segment is expected to have the largest market size by the end of the forecast period

The 3D facial recognition technology is independent of illumination, which enables it to capture high-quality images in uncontrolled environments, such as poorly lit and or completely dark areas. The 3D facial recognition model overcomes the drawbacks of the 2D facial recognition technology. The 3D facial recognition technologies have a high potential to analyze, identify, and verify the facial characteristics of individuals. The technologies are also used in application areas, such as cross-border monitoring, document verification, and identity management.

Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period

Factors such as huge investments from the government sector toward security and surveillance infrastructure, increased public awareness, and the emergence of sophisticated technologies backed by analytics are said to be driving the facial recognition market growth in APAC significantly. In addition, a high market growth is anticipated due to the technological advancements and mandatory regulations imposed by the government regulatory entities in the region to adopt the best-in-class technologies and standards.

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The facial recognition market report encompasses the competitive landscape, which presents the positioning of the 25 key facial recognition vendors based on their product offerings and business strategies. Some of these major vendors include Aware (US), NEC Corporation (Japan), Ayonix Corp. (Japan), Cognitec Systems (Germany), KeyLemon (Switzerland), nViso (Switzerland), Herta Security (Spain), Techno Brain (Kenya), Neurotechnology (Lithuania), Daon (US), Animetrics (US), 3M Company (US), IDEMIA (France), and Gemalto (Netherlands).

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