Increase in incidence of data breaches coupled with technological advancements globally, are the major factors influencing market growth
Market Size – USD 4.53 billion in 2018, Market Growth - CAGR of 12.0%, Market Trends –Technological advancements and security of individuals
NEW YORK, May 23, 2019 (GLOBE NEWSWIRE) -- The Face Recognition Systems Market is estimated to reach USD 11.30 Billion by 2026, according to a new report by Reports and Data. This can be mainly associated with the growing predominance of terrorist attacks, coupled with increase in demand for surveillance systems for enhancing safety and security which are also notable factors for industry growth. Furthermore, technological advancements along with implementation of smart phone technology are expected to become the most common growth factors globally in the coming years.
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The facial recognition system is the recognition of the saved facial database, through which the identification of the individuals is made by analyzing their facial features from an image. This market is going to grow remarkably due to its expanded use in non-law enforcement and law enforcement purposes. Facial recognition is favored on a large scale due to its non-contact process and accessible deployment features. It is gaining popularity among other biometric technologies, such as fingerprint scanning, skin texture recognition, voice recognition, and iris recognition. This technology is used for marketing and security purposes mainly. Facial recognition system involves software, readers, and related database for rendering efficiency along with security. This technique is highly effective for avoiding security violations as compared to traditional methods such as passwords and signs, among others.
Due to the presence of key players, favorable reimbursement policies, and rising use of technology in the U.S along with several initiatives initiated by the governments, North America accounts for the largest share of 36.5% of the market in 2018. Technology improvements such as 3D recognition systems and cloud-based services are also anticipated to propel the overall market demand over the next couple of years.
Further key findings from the report suggest
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/face-recognition-systems-market
Segments covered in the report:
For the purpose of this study, Reports and Data have segmented the global Face Recognition Systems Market on the basis of Technology, Application, Component, Services and region:
By Technology Outlook (Revenue, USD Million; 2016-2026)
By Application Outlook (Revenue, USD Million; 2016-2026)
Component Outlook (Revenue, USD Million; 2016-2026)
Services Outlook (Revenue, USD Million; 2016-2026)
Regional Outlook (Revenue, USD Million; 2016-2026)
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