The global facial recognition market depicts a diverse competitive scenario existing in its vendor landscape, says Transparency Market Research on the basis of a newly published report. Most players are strengthening their distribution network, along with developing advanced solutions. These are a couple of primary strategies implemented by most players in the market to cement their position in the market. The competition is likely to get more intense with new players regularly entering the scenario. NEC Corporation, ZK Software, Cross Match Technologies, Safran Group (Morpho S.A.), 3M Cogent Inc., FaceFirst LLC (Airborne Biometrics Group Inc.), Cognitec System, Aware Inc., Animetrics, Inc., Aynoix Inc., and Aurora Computer Services Ltd., are chief players operating in the global facial recognition market.
The global facial recognition market was valued at US$ 1,307.0 mn in 2014 and is expected to grow at an robust CAGR of 9.5% during the forecast period from 2015 – 2022.
Mushrooming Consumer Electronics Sector Stokes Market
Rising threats that can comprise security in various establishments is responsible for substantially driving the facial recognition market. Concerns about such threats mainly arise due to increasing crimes and even terrorist activities, thereby calling for a dire need of implementation of facial recognition systems. Advancements in smartphone technologies has resulted in incorporation facial recognition in these gadgets too from security-based perspective. Such advancements have rendered notable lucrativeness among the masses, thus making them buy smartphones with facial recognition systems in large numbers, consequently propelling the market’s growth.
Widespread progress witnessed by the consumer electronics sector is also expected to significantly stoke the global facial recognition market. Furthermore, increased adoption of facial recognition in web applications for picture tagging, social interaction, and others is also expected to drive the demand for facial recognition in forthcoming years.
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However, high initial costs required to set up the facial recognition framework and its distribution has notably hindered the global facial recognition market’s growth. Less reach of the technology in underdeveloped and remote region also poses a prime hindrance. Nevertheless, extensive advancements are occurring in this market thanks to immense efforts taken by players to develop low cost facial recognition devices. This is certainly expected to offset the restraints the market up a considerable extent in future.
Asia Pacific to Depict Strong Growth in Future
The global facial recognition market is spread across North America, Asia Pacific, Europe, the Middle East and Africa, Latin America from a region-wise perspective. North America currently holds a leading position in this market owing to a strong infrastructure existing for developing new technologies, as well as large investments made by players to develop this sector. A high expenditure set aside for establishing state-of-the-art security systems in government as well as private business sectors has also attracted notable revenue in this market in North America. However, the forthcoming years are expected to showcase Asia Pacific to depict a fantastic growth in the global facial recognition market, mainly due to a rising number of strong players getting established in leading countries such as India and China from this region.