Technology

Facial Recognition Devices Market Is Thriving Worldwide, New Technology Developments and Precise Outlook Till 2024

The facial recognition market was valued at USD 4.51 billion in 2018 and is expected to reach a value of USD 9.06 billion by 2024, at a CAGR of 12.5%, for the forecast period (2019-2024).

The facial recognition market was valued at USD 4.51 billion in 2018 and is expected to reach a value of USD 9.06 billion by 2024, at a CAGR of 12.5%, for the forecast period (2019-2024).

A facial recognition device stems from a purpose-built combination of high-end hardware components and efficient software to automatically identify or verify a person from a digital image, as required in several Security and Surveillance installations. The identification process is done by comparing the facial features extracted from an image with those previously stored in a facial database.

Top Companies in the Global Facial Recognition Devices Market: Cloudwalk, Aurora, Insigma Group, Herta, IDTECK Co Ltd., Artec Group, CMOLO, Anviz, Adatis GmbH&Co. KG, IDEMIA (France), EnterFace, SenseTime, ColosseoEAS, Cognitec Systems, Bioenable  And others.

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Facial recognition has been gaining prominence in recent times, owing to the benefits it offers over traditional surveillance techniques, like biometrics. Governments across the world have been investing significant resources in facial recognition technology, among which, the United States and China are leading adopters.

  • Increasing demand for surveillance systems to enhance safety and security are increasing the adoption of facial recognition systems.
  • Government initiatives are expected to contribute to the double-digit growth of such technologies. For instance, the US government has plans to reshape airport security through facial recognition, to register and identify the visitors.
  • Though interest on multi-factor authentication has been increasing, owing to increasing cyber-attacks, terror attacks, and identity theft, the need to incorporate better security systems is encouraging organizations to implement safe multi-factor authentication solutions, like finger print sensors and facial recognition technology.

Global Facial Recognition Devices Market Split by Product Type and Applications:

This report segments the global Facial Recognition Devices market on the basis of Types are:

  • Handheld Devices
  • Fixed Devices
  • Other

On the basis of Application, the Global Facial Recognition Devices market is segmented into:

  • Security and Protection
  • Transportation
  • BFSI
  • Other

Regional Analysis For Facial Recognition Devices Market:

North America (United States, Canada and Mexico)

-Asia-Pacific (China, India, Japan, South Korea, Australia, Indonesia, Malaysia, Philippines, Thailand, Vietnam)

-Europe (Germany, France, UK, Italy, Russia, Rest of Europe)

-Central & South America (Brazil, Rest of South America)

Middle East & Africa (GCC Countries, Turkey, Egypt, South Africa, Other).

The United States alone witnessed a total of 1,579 data breaches in 2017, of which, 8% of data breaches were accounted by banking institutes. Although this number is small, the amount of sensitive data available in the banking industry is very high, making it a prime target for hackers. These factors are further expected to provide significant opportunities for the facial recognition market.

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Some major points from Table of Content:

  1. Facial Recognition Devices market Overview
  2. Facial Recognition Devices market Economic Impact
  3. Competition by Manufacturer
  4. Production, Revenue (Value) by Region (2019-2025)
  5. Supply (Production), Consumption, Export, Import by Regions (2019-2025)
  6. Production, Revenue (Value), Price Trend by Type
  7. Facial Recognition Devices market Analysis by Application
  8. Market by Manufacturing Cost Analysis
  9. Industrial Chain, Sourcing Strategy and Downstream Buyers
  10. Marketing Strategy Analysis, Distributors/Traders.

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