The global facial recognition market is USD 3.97 billion in 2018 and is estimated to reach USD 10.15 billion by 2025 at a CAGR of 14.35% during the forecasted period. The market demand for the process is huge as it simplifies as well as enhances the security mechanisms implemented at various processes. Owing to the accuracy and speed of the process, it has started to be widely accepted across the world.
Growth by Region
North America had the second highest share of the market in 2018 with a market share of slightly less than one-quarter. Being advanced in the field of technology North America has shown a significant interest in the field and a lot of progress has been made.
Asia Pacific covers around 16 % of the total market while being the fastest growing region during the forecasted period.
Drivers Vs. Constraints
The increased need for enhanced surveillance and monitoring at public places and the increase in use of facial recognition technologies in industries, such as the government are said to be driving the facial recognition market growth.
Some of the constraints regarding this technology are its demand for good cameras and lighting conditions. Earlier 2D technology was used for this process and due to it not being so efficient, it had to be replaced by 3D which makes it better and easier in low light and non-camera favorable conditions also.
Industry Structure and Updates
The need for security has got this technology growing a lot. A lot of research is being done to make the technology more efficient and huge new players are competing in the market to develop better and more efficient system. The various applications like homeland security, criminal investigation, ID management, physical security etc. have made the demand for this technology even more.
The market has been growing at a tremendous rate and the awareness on the benefits of using this technology is increasing. With this comes the need for a huge research and development in this technology.
2. Executive Summary
3. Market Overview
3.2. Industry Value Chain Analysis
3.3. Porter's 5 Forces
4. Market Dynamics
5. Global Facial Recognition Market Segmentation, Forecasts and Trends - by Application
5.1. Surveillance Systems
5.2. Home applications
5.3. Physical Security
5.4. Photo Indexing and Sorting
6. Global Facial Recognition Market Segmentation, Forecasts and Trends - by Technology
6.1. 2D Facial Recognition
6.2. 3D Facial Recognition
7. Global Facial Recognition Market Segmentation, Forecasts and Trends - by Component
7.3. Handheld Devices
7.4. Integrated Devices
8. Global Facial Recognition Market Segmentation, Forecasts and Trends - by Region
8.1. North America
8.4. Latin America
8.5. Middle East and Africa
8.5.1. South Africa
8.5.3. Saudi Arabia
9. Company Market Share Analysis
10. Company Profiles
10.3. Cognitec Systems
10.7. Techno Brain
10.12. Herta Security
10.13. Nuance Communications
10.16. Facefirst Inc.
11. Industry Structure
12. Industry M&As, Consolidations
13. Investment Opportunities
14. Global Facial Recognition Market - Road Ahead