Facial Recognition Market-Size By Business Function, By Component, By Deployment Model, By Organization Size, By End User, By Geographic Scope And Forecast Up to 2022 (Trending Report)

Japan, Japan, Wed, 12 Jan 2022 05:05:34 / Comserve Inc. / -- The global facial recognition market is expected to grow from USD 4.05 billion in 2017 to USD 7.76 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.9% during forecast period.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

The global facial recognition market is expected to grow from USD 4.05 billion in 2017 to USD 7.76 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.9% during forecast period. The 3D facial recognition software tool analyzes, identifies, and verifies the facial characteristics of individuals with high potential. The 3D facial recognition technology uses 3D geometric features of the human face, which are compared with the images stored in the database. 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.

Training and consulting services segment is expected to have the largest market share during the forecast period
In the facial recognition market, the training and consulting services segment includes feasibility assessment, analysis, and advisory of large-scale governmental and military projects. It also includes requirement gathering, biometric security design, technology evaluation, and validation of biometric features. Several leading service providers offer training and consulting services in the facial recognition market.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Facial Recognition Market-Size By Business Function, By Component, By Deployment Model, By Organization Size, By End User, By Geographic Scope And Forecast Up to 2022 (Trending Report)

Law enforcement segment is expected to have the largest market size during the forecast period
Facial recognition software and services are predominantly applied at the premises where enforcement, surveillance, and monitoring of the facial detection law is needed. Facial recognition technologies are capable of recognizing faces in real-time using webcam; providing accurate gender information; detecting age, mood, and other features; and searching faces from the database. The demand for the software is expected to have increased, due to the increasing data breaches and the enterprises' growing need to save resources from unauthorized access.

"North America is expected to witness the highest growth during the forecast period
Among the 5 regions, North America is expected to have the largest market size in the facial recognition market during the forecast period. The North American region has shown increased investments in the market, and several vendors have evolved to cater to the rapidly growing market. A considerable growth is expected in the region during the forecast period. Major initiatives taken for the growth of the facial recognition technology have their origin in this region. The smart city initiatives taken by the government in this region has positively impacted the adoption trend of the facial recognition technology across the region, to enhance the monitoring and improve the surveillance.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the facial recognition market.
 By Company Type: Tier I: 18%, Tier II: 48%, and Tier III: 34%
 By Designation: C-Level: 22%, Director Level: 43%, and Others: 35%
 By Region: North America: 23%, Europe: 48%, APAC: 16%, and MEA: 13%

Research Coverage
The facial recognition market has been segmented on the basis of components (software tools and services), technology, use cases, end-users, and regions. The facial recognition software tools include 2D facial recognition, 3D facial recognition, and thermal face recognition. The services segment includes training and consulting services, and cloud-based facial recognition services. The technologies segment includes facial recognition software and Software Development Kit (SDK), middleware, databases, modeling and restructuring, and analytics solution. On the basis of use cases, the facial recognition market is divided into emotion recognition, attendance tracking and monitoring, access control, and law enforcement. On the basis of end-users, the facial recognition market is segmented into government, enterprises, and other end-users.

The other end-users segment includes casinos, public places, automotive, mobile application, and home security systems. The government sector is further segmented as Homeland Security and military, while the enterprises sector is subsegmented into Banking, Financial Services, and Insurance (BFSI), healthcare, and retail. Finally, on the basis of regions, the facial recognition market is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.

The report will help the market leaders and new entrants in the facial recognition market in the following ways:
1. The report segments the market into various subsegments, hence it covers the market comprehensively. The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split across various industry verticals and regions.
2. The report helps in understanding the overall growth of the market. It provides information on the key market drivers, restraints, challenges, and opportunities.
3. The report helps in understanding the competitors better and gaining more insights to strengthen their position in the market. The study also presents the positioning of the key players based on their product offerings and business strategies.

TABLE OF CONTENTS

1 INTRODUCTION 16
1.1 OBJECTIVES OF THE STUDY 16
1.2 MARKET DEFINITION 16
1.3 MARKET SCOPE 17
1.4 YEARS CONSIDERED FOR THE STUDY 18
1.5 CURRENCY 18
1.6 STAKEHOLDERS 19
2 RESEARCH METHODOLOGY 20
2.1 RESEARCH DATA 20
2.1.1 SECONDARY DATA 21
2.1.2 PRIMARY DATA 21
2.1.2.1 Breakdown of primaries 21
2.1.2.2 Key industry insights 22
2.2 MARKET SIZE ESTIMATION 23
2.3 RESEARCH ASSUMPTIONS 25
2.4 LIMITATIONS 25

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