Facial Recognition Industry Driven By Demand Surge to Grow Exceptionally

(IT-NEWSWIRE.COM, August 07, 2020 ) The global facial recognition Industry size is projected to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a CAGR of 16.6% during the forecast period. The major factors driving the market include the growing surveillance industry, the increasing government and defense deployment, and the rising technological advancements across verticals.

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Vendors covered in the facial recognition Industry report include NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix (Japan), Idemia (France), Cognitec (Germany), nVviso SA (Switzerland), Daon (US), Stereovision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), Herta Security (Spain), Animetrics (US), Megvii {Face++} (China), FaceFirst (US), Sightcorp (Netherlands), FacePhi (Spain), and SmilePass (UK). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the facial recognition market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2019 to innovate their offerings and broaden their customer base.
Attendance tracking segment to be the fastest-growing segment during the forecast period

Tracking attendance of students or employees is an important aspect for organizations in terms of resource planning, work allocation, and progress tracking. Tracking attendance manually is a time-consuming process. Hence, the deployment of facial recognition-based attendance tracking and monitoring is gaining traction across the globe. Once the facial data of employees is fed into the database, employees need to look at cameras for attendance, decreasing the time consumed in attendance and easing the process of tracking. Facial recognition gives negligible errors, such as proxy or face mismatch, unlike manual attendance tracking. Hence, the attendance tracking segment is expected to be the fastest-growing segment during the forecast period.

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Retail and eCommerce vertical to be the fastest-growing vertical during the forecast period

Face recognition helps retailers proactively prevent organized retail crimes. The facial recognition technology-based system can instantly alert retail security the moment someone enters a store resembling a documented retail criminal. Facial recognition also keeps stores safer. Face recognition empowers security by preventing crimes before they occur. Face recognition improves retail customer experiences by instantly recognizing VIP customers who opt-in. Retailers can send tailored text messages to customers in stores that offer recommendations, discounts, and other offers. Hence, facial recognition is gaining traction in the retail and eCommerce vertical.

Aware (US) is among the leading biometric suppliers to government organizations, healthcare organizations, and systems integrators, due to which it has a vast customer base. The majority of Aware’s revenue comes from the US and Brazil, where the company has a large customer base. The company is a leading global provider of biometrics software products, services, and solutions. The company’s linked software products include Software Development Kits (SDKs), applets, and controls; user interfaces applications, which are used for biometric enrollment and forensic analysis; and SDKs for various other uses, including fingerprint recognition, face recognition, and iris recognition. The company offers building blocks and integrated solutions as 2 of the major segments to cater the need of various application areas, such as law enforcement, border management, defense, intelligence, banking, citizen Identity Document (ID), and payments. The company offers 5 solutions in the facial recognition market, namely, Knomi, PreFace, Nexa|Face, FaceWorkbench, and AwareABIS. The company is focusing on developing a strong brand reputation to sell high-quality facial recognition software products and services to the government and commercial market with expert technical support and services.

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Facial Recognition Industry Driven By Demand Surge to Grow Exceptionally