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Facial Recognition Technology Market Report 2019-2029

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Facial recognition technology is a key technology in the security ecosystem. The market outlook for this area of the industry is positive. Visiongain assesses the market to be valued at $4.6bn in 2019 and with continued advancement and sustained market demand, Visiongain forecasts growth for the facial recognition technologies market.

Forecasts by Type (2D, 3D, and Facial Analytics), by Component (Hardware, Software, and Services), by Application (Access Control, Law Enforcement, Emotion Recognition, Attendance Tracking & Monitoring, and Others) and by Industry Vertical (Government, Homeland Security, Military, BFSI, Retail, Healthcare and Others) and Analysis on Leading Companies and Regional and Leading National Market Forecasts and Analysis.

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Facial Recognition Technology Market Report 2019-2029

  1. 1. ©notice This material is copyright by visiongain. It is against the law to reproduce any of this material without the prior written agreement of visiongain.You cannot photocopy, fax, download to database or duplicate in any other way any of the material contained in this report. Each purchase and single copy is for personal use only. Facial Recognition Technology Market Report 2019-2029 Forecasts by Type (2D, 3D, and Facial Analytics), by Component (Hardware, Software, and Services), by Application (Access Control, Law Enforcement, Emotion Recognition, Attendance Tracking & Monitoring, and Others) and by Industry Vertical (Government, Homeland Security, Military, BFSI, Retail, Healthcare and Others) and Analysis on Leading Companies and Regional and Leading National Market Forecasts and Analysis
  2. 2. Page 71www.visiongain.com/energy/ Facial Recognition Technology Market Report 2019-2029 Forecasts by Type (2D, 3D, and Facial Analytics); by Component (Hardware, Software, and Services); by Application (Access Control, Law Enforcement, Emotion Recognition, Attendance Tracking & Monitoring, and Others) and By Industry Vertical (Government, Homeland Security, Military, BFSI, Retail, Healthcare, and Others) and Analysis on Leading Companies and Regional and Leading National Market Forecasts and Analysis period. The others segment for the facial recognition market by industry vertical include education, media & entertainment, and manufacturing industries. There is a huge usage of digital media and smartphones in these sectors. Furthermore, these industries witness the deployment of authentication solutions and services for providing a unique identity to customers, which can be recognised by computers, smartphones, and other IoT devices. Companies in the sectors such as media & entertainment, manufacturing, and education offer their products and services through virtual online platforms such as virtual training programs, online video, gaming, virtual classroom programs, and others. Thus, customers accessing these require robust systems for identification for controlling fraud and redundancy of customer identity. At present, the customers access online services in education and media & entertainment sectors through personalised login. A large amount of customer data is generated that is managed through authentication solutions. For instance, many of the educational institutes have implemented class identity management ERP systems for managing and authenticating the identities of users or students throughout online sessions, examinations, registration audits, and certification activities. Manufacturing, media & entertainment, and education sectors have observed revolutionary changes from conventional business structure towards digitisation. Also, many companies are adopting various authentication solutions and systems for customers such as multifactor authentication for preventing unauthorised access to services. Increase in an incident of data breaches and lack of centralised access management are projected to create numerous growth opportunities for the facial recognition technologies market over the forecast period. Figure 4.24 Global Facial Recognition Technology Market Forecast by Other Industry Verticals 2019-2029 ($mn, AGR%) Source: Visiongain 2019 18.0% 19.0% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 AGR(%) Revenue($Million)
  3. 3. Page 124www.visiongain.com/energy/ Facial Recognition Technology Market Report 2019-2029 Forecasts by Type (2D, 3D, and Facial Analytics); by Component (Hardware, Software, and Services); by Application (Access Control, Law Enforcement, Emotion Recognition, Attendance Tracking & Monitoring, and Others) and By Industry Vertical (Government, Homeland Security, Military, BFSI, Retail, Healthcare, and Others) and Analysis on Leading Companies and Regional and Leading National Market Forecasts and Analysis 5.4.5.3 Rest of LAMEA Facial Recognition Technology Market Forecast 2019- 2029 Table 5.39 Rest of LAMEA Facial Recognition Technology Market Forecast 2019-2029 ($mn, AGR %, CAGR %, Cumulative) 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2019- 2029 Revenue ($Mn) 25 30 37 45 54 66 81 99 122 150 187 234 1,105 AGR (%) 21.37 % 21.44 % 21.53 % 21.66 % 21.84 % 22.09 % 22.44% 22.90 % 23.48 % 24.22 % 25.15% CAGR 2019-24 (%) 21.7 2024- 29 23.6 CAGR 2019-29 (%) 22.7 Fiscal Year 2018 is used in this report as a baseline for Visiongain’s forecast of the Facial recognition technology Market and is consistently highlighted in this colour throughout this report. Source: Visiongain 2019 For the rest of LAMEA, the revenue is $25 mn in 2018, increasing to $81 mn by 2024 at a CAGR of 21.7%. The market further grows to reach $234 mn by 2029, at a CAGR of 23.6% from 2024 to 2029. Overall the submarket would grow with a CAGR of 22.7% over the forecasted period. Figure 5.34 Rest of LAMEA Facial Recognition Technology Market Forecast 2019-2029 ($mn, AGR%) Source: Visiongain 2019 19.0% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% 26.0% - 50 100 150 200 250 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 AGR(%) Revenue($Million)
  4. 4. Page 126www.visiongain.com/energy/ Facial Recognition Technology Market Report 2019-2029 Forecasts by Type (2D, 3D, and Facial Analytics); by Component (Hardware, Software, and Services); by Application (Access Control, Law Enforcement, Emotion Recognition, Attendance Tracking & Monitoring, and Others) and By Industry Vertical (Government, Homeland Security, Military, BFSI, Retail, Healthcare, and Others) and Analysis on Leading Companies and Regional and Leading National Market Forecasts and Analysis 7. Leading Companies in the Facial Recognition System Market 7.1 3M Table 7.1 3M Profile 2019 (Market Entry, Public/Private, Headquarters, No of Employees (2017), Revenue $bn, Change in Revenue, Geography, Key Markets, Listed on, Products/services) Market entry 1902 Public/Private Public Headquarters The U.S. No of employees (2017) 91,536 Revenue in $bn, FY 2017 US$31.7 Billion Change in revenue from 2016 +5.3% Geography North America, Europe, Asia-Pacific, and rest of the world Key markets Mining and Manufacturing Listed on NYSE Products/services Automotive, commercial, communications, design & construction, electronics, energy, healthcare, manufacturing, mining, oil & gas, safety, and transportation solutions Source: Visiongain 2019, 3M. 2018 7.1.1 3M Business Overview 3M operates in diverse business areas including industrial, healthcare, and consumer goods. The company manufactures several products including abrasives, adhesives, passive fire protection, laminates, personal protective equipment, electronic materials, dental products, car-care products, and others. 7.1.2 3M Recent Developments In September 2016, 3M introduced the 3M Live Face Identification System that is easily configurable and highly scalable. It makes use of live video for facial identification in real-time. The system can scan and identify multiple faces simultaneously in uncontrolled and dynamic environments. This technology can be deployed not only in border management and law enforcement but also for private security and commercial applications. 7.1.3 3M Business Strategy The factors influencing the success of 3M are the company’s fundamental strengths: state-of-the- art manufacturing capabilities, 46 technology platforms, and global reach & brand equity. 3M operates in more than 70 countries across the globe. 3M ranked 97th in the list of Fortune 500 largest corporations in the United States by revenue.

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