Global Facial Recognition Market: Rising Incidence of Terrorist Activities to Boost Growth, says TMR Research

San Francisco, California, 04th October 2018: Facial recognition technology has been traditionally associated with the security sector but today there is active expansion into other industries including retail, marketing and health. A recent intelligence study, titled as “Facial Recognition Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025,” talks about the general market scenario, its drivers, trends, and possible restraints. The report additionally delves into the competitive landscape of the global facial recognition market, elucidating on the strategies to be adopted by vendors in order to gain market traction over the forecast period of 2017 to 2025.

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Facial recognition has none of these utilization cases to itself, confronting solid rivalry from unique mark recognition, voice and discourse recognition, and different types of eye recognition. Facial recognition is a respectably measured biometrics market: bigger than a portion of the more up to date advancements however littler than unique mark recognition or voice and discourse recognition.

Uncontrolled wrongdoing and terroristic activities over the world have prompted government bodies, for example, the FBI, CIA and other law requirement organizations, in embraced stringent counter-measures for the recognizable proof of culprits and guilty parties post the event of a wrongdoing. The rising incidence of such activities is a key factor propelling the global facial recognition market. In high-risk areas, for example, open occasions and encourages and open travel areas with a high proclivity for terroristic activities, the innovation given by facial recognition market vendors is more useful than the regular video surveillance frameworks as these can cross reference facial focuses with the information put away in the criminal database and distinguish the potential risks.

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The global facial recognition market holds substantial promise for growth in the forthcoming years. Some of the leading vendors in the global facial recognition market are 3M Cogent Inc., ZK Software, Cognitec System, NEC Corporation, and Fujitsu.

Facial Recognition Projected to be a Significant Market over 2025

Global Facial Recognition Market: Snapshot

A few international vendors, such as Cognitec Systems, 3M Cogent, Safran, Gemalto, and NEC, have stronghold over the global facial recognition market, dominating with their technological and financial might, feeding their biometric technology customers. However, the competition itself among these market leaders is quite intense, with research and development of innovative products at its backbone.

The global facial recognition market is expected to gain from several new trends, including the shift from 2D to 3D facial recognition, advancements such as cloud-based services, emergence of facial analytics, growing application in mobile security and drones, increasing application in physical security and intelligent signage, commercialization of facial recognition technology to the corporate sector, and incrementing integration of facial biometrics with smart cards. On the other hand, factors such as privacy concerns, significant error rates, competition from non-biometric technologies, and the lack of established international standards are expected to hinder the market from achieving its true potential in the near future.

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This report on the global facial recognition market has been prepared to act as dependable document for audiences such as government including homeland security and military, enterprises including banking, financial services and insurance (BFSI), and retail, and other consumers. A number of key companies operational in the facial recognition market have been profiled in the report in order to present qualitative and quantitative scenario of the market, and studies their product portfolio as well as recent strategic decision to evaluate the future.

Global Facial Recognition Market: Overview

Facial recognition refers to a complex computer application used to robotically identify a creature from a video mount or digital image source. One of the methods of doing this is by equating the selected facial features from a facial database and the image fed by the video mount or the digital image source. Technological developments in the field have significantly improved the accuracy with which the target is identified.

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Facial recognition systems are generally used for surveillance and security purposes, however, the range of applications using these complex systems is rising at a significant pace in the global market. Some advanced systems are also used to compare and match other biometrics such as eyes and fingerprints by comparing this data with digital databases.

Facial recognition is increasingly emerging as one of the most preferred technologies for authentication and identification of a variety of subjects, ranging from animals to humans. The technology is not restricted to its traditional application of facial detection any longer. Its present usage includes photo tagging, refining search engine searches based on facial images, identifying age, sex, and ethnicity of a person in retail stores, gathering intelligence on buying pattern in retail shops, and identifying missing persons.

Global Facial Recognition Market: Scope of the Report

This report on the global facial recognition market presents a thorough overview of the present growth dynamics of the market and its key segments. The report also includes vast projections related to the growth prospects of the market on global and regional fronts over the period between 2017 and 2025. The report includes a detailed analysis of the notable factors expected to have a significant influence on the market’s growth prospects, including drivers, challenges, opportunities, trends, regulatory scenario, and state of competition.

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The report also includes a detailed overview of the competitive landscape of the global facial recognition market, wherein detailed profiles of some of the key vendors in the market and recent developments, in terms of aspects such as technology, product, and M&A activities are analyzed. Companies are profiled with the help of a detailed SWOT analysis and details regarding aspects such as product portfolio, finances, growth strategies, and geographical presence.

Global Facial Recognition Market: Drivers and Restraints

The key drivers of this market include increase in surveillance market and enormous spending on biometric technologies by government agencies, which is the leading end-use segment contributing to the revenue of the market. Some of the factors restraining the market growth are issues regarding interoperability with existing security systems, delay in execution due to apprehension and bureaucracy about privacy intrusion.

Global Facial Recognition Market: Segmentation

The facial recognition market could be segmented on the basis of technology and solutions into 2D, thermal, emotion, 3D, forensic, and mobile facial recognition technologies. In addition the market has been segmented on the basis of software types, including which includes face recognition algorithm, database, modeling, middleware, restructuring, and analytics software.

Some of the key players operating in the market are Airborne Biometrics, Animetrics Inc., Afix Technologies Inc., Aware Inc., Cognitec Systems, Fujitsu, ZK Software, and 3m Cogent.

Facial Recognition Technologies to Ramp-up Security in Public Events

San Francisco, California, June 20, 2017: The growing number of applications of facial recognition technology in visual surveillance systems and to corroborate other biometric systems in meeting a variety of security needs are key developments boosting the evolution of the market. The rapidly emerging real-life applications of this technology in various areas associated with public security is constantly driving growth of the facial recognition market. A new report penned by TMR Research, titled “Facial Recognition Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025, offers elaborate account of such factors and more influencing the growth dynamics of the facial recognition market.

The research provides comprehensive insights into notable trends and opportunities, recent technology advancements, scope of emerging applications, regulatory framework in major regions, and competitive dynamics. The study zeroes in on major measures taken by governments in various regions to adopt facial recognition technology. It also evaluates the impact of key implementation concerns faced by stakeholders on adoption of the technology in major regions. Furthermore, recent integration efforts taken by technology players and innovations in various end-use industries are highlighted in the analysis.

The facial recognition market is majorly driven by burgeoning applications in areas that require authentication and identification of subjects for meeting security needs. The growth of the market is fueled by several recent developments in biometrics and cloud-based technology. The growing popularity of 3D face recognition, the adoption of advanced analytics, and emerging application in mobile security are some of the key developments catalyzing the facial recognition market growth. Consistent support by government agencies in various developed nations to deploy facial recognition technology on trial basis in several sporting and public events is expected to accentuate the market in the coming years. For instance, governments in Australia and the U.K. have been actively espousing the deployment this technology.

A large number of emerging applications in the retail sector to decipher interesting buying patterns are expected to boost the market. In recent years, some innovative real-life applications of the elusive technology have emerged, opening up exciting opportunities in the facial recognition market. For instance, the implementation of facial recognition technology to generate food recommendations in restaurants has unlocked promising opportunities for developers and vendors. Recent efforts to integrate smart cards with facial recognition are anticipated to open up lucrative growth avenues in the forthcoming years.

However, several privacy concerns related to passive or covert collection of facial recognition data are key factors likely to hinder the growth of the facial recognition market. In addition, stringent regulations in various parts of developed nations to regulate the collection of people’s photos have hampered the integration of facial recognition technology in biometrics. Be that as it may, mounting concerns arising out of terrorist attacks in developing and developed nations have led several governments to deploy these systems in public places to help nab suspects and proactively manage threats. This is expected to positively impact the facial recognition market.

North America and Europe are prominent markets for facial recognition. The growth of these regional market is attributed to a large number of early adopters and constant technology innovations. Meanwhile, the accelerated adoption of facial recognition in China is expected to open up lucrative growth avenues for several technology majors.

Major players vying for a sustained share in the facial recognition market include Fujitsu, ZKSoftware, Cognitec Systems, Aware Inc., Afix Technologies Inc., Animetrics Inc., and Airborne Biometrics.