Government & Transportation Sector to Generate High Demand for Facial Recognition Through 2023
Growing need for
real time monitoring and surveillance coupled with rising demand for facial
recognition from commercial sector to drive global facial recognition market
through 2023
According to TechSci
Research report, “Global Facial Recognition Market By Component,
By Software Type, By End Use Sector, By Region, Competition Forecast and
Opportunities, 2023’’, the global market
for facial recognition market is projected to surpass $ 6 billion by 2023,
owing to increasing need for monitoring and surveillance by the governments and
defense sectors in order to fast-track criminal identification. Moreover,
growing adoption by the commercial sector including BFSI, smartphone manufacturers,
healthcare companies, etc., to provide more secure environment to their
customers and to identify the customer behaviour and emotions, would further augment
demand for facial recognition in the coming years. Additionally, smart city
initiatives by various governments across the globe are further expected to
drive growth in global facial recognition market in the coming years.
Browse 21 market data Tables and 88 Figures spread
through 141 Pages and an in-depth TOC on "Global
Facial Recognition Market"
https://www.techsciresearch.com/report/global-facial-recognition-market/1585.html
3D facial recognition software is expected to
grow at the fastest pace during the forecast period owing to restrictions in 2D
facial recognition technology in term of accuracy, lighting, pose variations, etc.,
which is being overcome by 3D facial recognition technology. Among the end use
sectors, government & transportation sector leads the market and is
expected to maintain its dominance through the forecast period on account of
increasing use of facial recognition for national ID programs, airport and
railway stations security and for access controls in certain high security
departments. Moreover, governments across the world, especially in the
developed countries, have increased the use of technology for security as well
as in their general operations. However, hospitality sector including casinos,
are expected to witness the fastest rate among the end-use sectors, in the
coming years as hotel owners are providing extra benefits for their premium
customers in terms of features and faster security processes. North America region
dominated the market during 2013-2017 as the region is much more advanced technically,
both in terms of availability as well as adoption of the technology. United
States and Canada are leading in the region as governments in these countries
are more tech savvy and military & defence organizations are also using
facial recognition for monitoring and surveillance of criminals. However, in
the coming years, demand from South America is expected to increase at the fastest
pace due to increasing adoption by the government and commercial sectors.
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NEC Corporation, Idemia,
Gemalto
NV, and Ayonix Corporation, among others are the major companies operating in the
global facial recognition market. “Increasing
demand for enhanced and more effective security from various commercial sectors
in addition to giving access to the premium customers by the use of facial
recognition is pushing demand for facial recognition across the globe.
Moreover, increasing awareness about the technology coupled with smart ID
programs would further steer growth in the global facial recognition market
over the course of next five years.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global
Facial
Recognition Market By Component, By Software Type, By End Use Sector, By
Region, Competition Forecast and Opportunities, 2023” has evaluated the future growth
potential of global facial recognition market and provides statistics and information
on market size, structure and future market growth. The report offers decision
makers superior market intelligence, thereby enabling them conduct thorough
investment appraisal. Besides, the report also analyzes the evolving market trends along with major
drivers, challenges and opportunities in the global facial recognition market.
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