Outlook on the Global $7Bn Facial Recognition Market 2019-2024 - Majorly Driven by the Rising Need for Surveillance

DUBLIN, July 5, 2019 /PRNewswire/ -- The "Facial Recognition Market by Component (Software, Tools, and Services), Application Area (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement), Vertical, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The global facial recognition market size is projected to grow from USD 3.2 billion in 2019 to USD 7 billion by 2024, at a CAGR of 16.6% during the forecast period.

The rising need for surveillance has become one of the major factors to drive the facial recognition market. The advent of new technologies, such as high-definition Closed Circuit Television (CCTV) and high-resolution 3D facial recognition technologies, along with iris recognition and emotion detection, has enhanced the facial recognition market. However, the integration of new facial recognition technologies with the existing legacy system is limiting the growth of facial recognition solutions in the market.

Government and defence sector among verticals to gain maximum traction during the forecast period

The increasing need for facial recognition-enabled biometrics solutions for identity management, border management, and homeland and military security management has fueled government organizations to largely implement facial recognition technologies. Additionally, government-owned large-scale programs, such as smart cities and smart transportation, need the adoption of facial recognition solutions.

3D facial recognition software tools to hold the largest market size during the forecast period

3D facial recognition software is capable of analyzing, identifying, and verifying facial characteristics of individuals. It overcomes the drawbacks of 2D facial recognition and can work in low light or completely dark areas. 3D facial recognition technology is used mostly in cross- border monitoring, document verification, and identity management.

Asia Pacific to grow at the highest CAGR during the forecast period

The Asia Pacific (APAC) region has a great scope for growth in the facial recognition market in terms of usage of the facial recognition solution. The facial recognition market in APAC is anticipated to grow significantly, due to huge governmental investments in security and surveillance infrastructure, increased public awareness, and the emergence of refined technologies backed by analytics. Furthermore, growth is anticipated with technological advancements, along with the mandatory regulations imposed by government regulatory entities to adopt the best-in-class technologies and standards. The fast expansion of regional enterprises in the APAC region is another crucial variant contributing to the growth of the facial recognition market.

Key Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Stakeholders
1.3 Years Considered for the Study
1.4 Market Definition
1.5 Segment Definition

2 Research Methodology
2.1 Scope Definition
2.2 Research Design
2.3 Sample Selection
2.4 Data Collection
2.5 Data Analysis
2.6 Data Validation

3 Executive Summary
3.1 Key Trends
3.2 Geographic Insights
3.3 Market Dynamics
3.4 Use Cases

4 Facial Recognition Market Analysis, By Component Type
4.1 Introduction
4.2 Software Tools
4.3 Services

5 Market Analysis, By Application Area
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.2 Restraints
5.2.3 Opportunities
5.2.4 Challenges
5.3 Application Virtualization Market: Use Cases
5.4 Architecture of Application Virtualization

6 Facial Recognition Market Analysis, By Vertical
6.1 Introduction
6.2 By Solution
6.2.1 Agent-Based Solution
6.2.2 Agent Less Solution
6.3 Professional Services
6.3.1 Training and Consulting
6.3.2 Support and Maintenance

7 Market Analysis, By Region
7.1 North America
7.2 Europe
7.3 Asia-Pacific (APAC)
7.4 Middle-East and Africa (MEA)
7.5 Latin America

8 Competitive Landscape

9 Company Profiles
9.1 NEC
9.2 Aware
9.3 Gemalto
9.4 Ayonix Face Technologies
9.5 Cognitec Systems
9.6 Nviso
9.7 Daon
9.8 Stereovision Imaging
9.9 Techno Brain
9.10 Neurotechnology
9.11 Innovatrics
9.12 id3 Technologies
9.13 Idemia
9.14 Animetrics
9.15 Megvii

For more information about this report visit https://www.researchandmarkets.com/r/pehkcp

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

View original content:http://www.prnewswire.com/news-releases/outlook-on-the-global-7bn-facial-recognition-market-2019-2024---majorly-driven-by-the-rising-need-for-surveillance-300880367.html

SOURCE Research and Markets