Industry Background:
Face recognition devices are personal identification devices. It uses the personal characteristics of an individual for identifying a person's identity. Increasing demand for face recognition devices owing to a rise in security concerns among numerous industry verticals such as security and protection, transportation, BFSI, and others to deal with increasing threats of data breaches propelling the market growth. Moreover, increasing government initiatives for security expected to drive market demand during the forecasted period.This growth is primarily driven by Increasing Demand for Surveillance Devices to Enhance Safety and Security and Growing Applications in Physical Security.
Globally, a noticeable market trend is evident Technological Advancements in Face Recognition Devices. Major Players, such as Cloudwalk (China), Herta (Spain), IDTECK Co Ltd. (South Korea), Artec Group (United States), CMOLO (China), Anviz (United States), IDEMIA (France) and SenseTime (Hongkong) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
7th August 2019, SenseTime launched a new facial recognition device called SensePass Pro. The product is designed for different situations based on the identification function, such as access for entrances, detecting the VIPs for stores, recording attendance of employees, and identifying visitors.
Market Drivers
- Increasing Demand for Surveillance Devices to Enhance Safety and Security
- Growing Applications in Physical Security
Market Trend
- Technological Advancements in Face Recognition Devices
Restraints
- High Cost of Face Recognition Device
Opportunities
The increasing number of data breach cases driving the demand for facial recognition devices. For instance, according to Identity Theft Resource Center 1,579 breach cases recorded in the United States in 2017. Hence, in order to improve data security and privacy organizations are adopting an identity analytics solution expected to drive the market.
Challenges
Lack of Awareness, and Other Operational Challenges
AMA Research follow a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcase the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyse the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts, but also include significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Face Recognition Device Study Sheds Light on
The Face Recognition Device Market status quo and key characteristics. To end this, Analyst at AMA organize and took survey of the Face Recognition Device industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Face Recognition Device industry is heading and what are the top priorities. Insights are drawn from financial analysis, the survey and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold value they currently claim, or capture the new addressable opportunity.