The global facial recognition market is displaying a fierce competition in its competitive landscape. Prominent players in the market are focusing to strengthen their distribution network, states a newly launched market report by Transparency Market Research. This is mainly to cement their position in the global facial recognition market. The dynamics of the market is changing quite often owing to entry of new players every now and then. Some of the predominant players operating in the global facial recognition market are NEC Corporation, Cross Match Technologies, ZK Software, Safran Group (Morpho S.A.), FaceFirst LLC, 3M Cogent Inc., Cognitec System, Animetrics, Inc., and Aware Inc.
As per Transparency Market Research the global facial recognition market was noted at US$ 1,307.0 mn in 2014. The market is likely to grow at a whopping CAGR of 9.5% during the forecast period from 2015 – 2022.
From a geographical standpoint, North America dominated the global facial recognition market in 2014. The region accounted for around 38% share of the total market in the same year. However, the region is expected to lose its share on Asia Pacific region owing to increasing demand in the countries such as Australia, Japan, South Korea, India, and China. From a technological standpoint, 3D facial recognition technology is likely to surpass the growth of 2D technology this is because of the accurate results offered by the former.
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Mushrooming Consumer Electronics Sector Stokes Demand
The facial recognition market is likely to grow owing to the rising security threat to organizations that has necessitated security improvements. This is considered as a major driver for the growth of the global facial recognition market. Apart from this, increasing crime and terrorist activities across the globe is demanding a dire need of implementation of facial recognition systems. In addition to this, advancements in smartphone technologies has resulted in incorporation facial recognition feature in these gadgets. This is a crucial move by players of facial recognition market.
High Cost of Facial Recognition Infrastructure Set up to suppress Growth
Despite several drivers of the market, high cost associated with the setup of the facial recognition framework is likely to hinder the growth. Further, limited technology reach in underdeveloped and remote region is also posing a major threat to the growth of the global facial recognition market. Nevertheless, extensive efforts taken by players to develop low cost facial recognition devices may offset restraints of the market.
This review is based on a TMR report, titled, “Facial Recognition Market (By Technology Type – 2D Facial Recognition, 3D Facial Recognition and Facial Analytics; By End-use Industry – Government and Utilities; Military; Homeland Security; BFSI; Retail; Others (Digital Signage, Automotive, Web Applications, and Mobile Applications)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022.”