Facial Recognition Machine Market: Market Outlook
The Facial recognition machine consists of biometric programming which maps an individual’s facial highlights numerically and stores the information as a face print. The product utilizes profound learning calculations to analyze and compare the digital image to a stored faceprint so as to check a person's identity.
In the facial recognition machine, the 3D facial technology is gaining increasing popularity with being used in accelerating forensic video investigations, providing smarter and safer highway patrolling, verifying suspected criminals, border control for preventing terrorist activities, document verification, and identity management.
Facial recognition is a phenomenal versatile technology that finds applications in several areas. Facial recognition machine provides an improved level of security and offers physically contactless recognition compared to other contact-based biometric authentication techniques such as fingerprint scanners.
It also requires less processing compared to other biometric authentication techniques with being easy to integrate with existing security features.
However, high implementation cost of the face recognition machine and increasing sensitivity toward shared personal data may restrain the expansion of the market of face recognition machines.
Facial Recognition Machine Market: Market Dynamics
Rising demand for enhancing safety and security to drive sales for the facial recognition market. The significant driving variable for the market of facial recognition machines is the increasing demand for cutting-edge security and advanced surveillance systems for securing business, home, government, and civil agencies.
With the number of data breach cases being increased exponentially, the demand for enhanced and advanced security systems has increased.
The lack of security law and increasing generation of digital content have led to the violation and increased brute force attacks which have led to increased demand for advanced security, thus bolstering sales for the facial recognition machine market.
Technology advancements to improve the performance and drive growth for the facial recognition market Technological advancements like cloud-based services and 3D-based recognition systems and are likely to reduce the prices of facial recognition machines.
The software development kit has improved the accuracy of facial recognition machines in terms of recognizing facial features.
Therefore, the improved quality of facial recognition machine is expected to enhance increased awareness amongst users of its benefits, which in turn is expected to increase the adoption of facial recognition machine in the forecasted period.
Global Facial Recognition Machine Market: Key Players
The key players operating in the market of facial recognition machine include
- NEC Corporation
- Facephi Biometria
- Stereovision Imaging
- ID3 Technologies
- Herta Security
Global Facial Recognition Machine Market: Opportunities
The increasing research and development in the facial recognition machine market has enabled increased accuracy and improved the readings. 3D facial recognition technology has made ease in the detection of the facial data.
Technically advanced facial recognition systems with applications in drones and mobile systems are likely to create great opportunities for the existing manufacturers of facial recognition machines.
With the increasing adoption of the technology in consumer electronics globally, opportunities for the new players to enter this market also exists.
Facial Recognition Machine Market Regional Outlook
The Asia Pacific incorporates emerging economies like Japan, China, Singapore, India, and South Korea. With the rising crimes, the interests and investments in surveillance and security are developing in this region.
Countries like China, Japan, and Singapore, have started the implementation of facial recognition machines across different end-use industries like human services,
government, banking, and financial services with intending to reach the scope of the facial recognition machine across places like airports and national borders.
Thus, the scope of growth in the developing economies in the Asia Pacific is expected to deliver a higher CAGR during the forecast period for the facial recognition machine.
COVID-19 Impact on Facial Recognition Machine
With the COVID-19 spread, concerns related to hygiene have drastically increased. Many companies are switching towards the facial recognition machine for the recognition system as a sterile alternative to fingerprints curbing the spread of COVID-19.
Effective solutions by offering temperature detection coupled with facial recognition are been integrated with artificial intelligence.
China-based artificial market players like Hanwang Technology and SenseTime are developing face recognition machine solutions for identifying citizens even when they are masked. Thus, the demand for face recognition machine is expected to surge in the near term.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Facial Recognition Machine Market Segmentation
Based on the component
- Handheld Devices
- Integrated Devices
Based on the technology
- Facial Analytics
Based on the application
- ID Management
- Business Intelligence
- Physical Security
- Attendance Tracking and Monitoring
- Criminal Investigation
Based on the end-use industry
- Government and Defense
- Banking, Financial services, and Insurance industry
- Retail and E-commerce
Based on the region
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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