Technavio has been monitoring the facial recognition market, operating under the information technology industry. The latest report on the facial recognition market, 2020-2024 estimates it to register an incremental growth of USD 3.35 bn, at a compound annual growth rate (CAGR) of almost 12% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with differentiated value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Increasing instances of identity theft have been instrumental in driving the growth of the market. However, the high cost of deployment might hamper the market growth.
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Facial Recognition Market is segmented as below:
Based on geographic segmentation, Over 29% of the market’s growth originated from Asia-Pacific during the forecast period. In addition, 3D facial recognition led the growth under the technology segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the facial recognition market size:
- 3D Facial Recognition
- 2D Facial Recognition
- North America
- Middle East and Africa
- South America
- Government Sector
- Banking, financial services and insurance (BFSI) Sector
- Transportation Sector
- Other Sectors
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