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The LAMEA facial recognition market size is estimated to witness a rate of 26.6% CAGR during the forecast period (2016 - 2022).
Facial recognition is a biometric security system that identifies a person from a digital image or video frame. Unlike fingerprints and iris recognition, the facial recognition system focuses on the facial features of a person. Facial features such as cheek bones, and the distance between eyes, and eye-brows are the factors that are used to differentiate customers; therefore, the need for physical contact of the subject for identification is not necessary. The facial recognition technology, though being relatively new, can be integrated into the existing surveillance systems. The market is largely driven due to growing demand for advanced security & surveillance systems in civil and government agencies. Major steps are geared toward the enhancement of safety and security within these agencies. The number of incidences of data breach has steadily increased from 400 to 600 cases during 2011-2015. The increasing data breach can be attributed to voluminous digital content and lack of data security laws. Rapidly increasing data breach cases and different kinds of attacks have directly resulted in an increased demand for advanced surveillance systems, which directly influenced the demand for facial recognition solutions.
The report highlights the adoption of Facial Recognition. Based on the Technology type, the Facial Recognition market is segmented into 2D, 3D and Facial Analytics. Based on the Component type, the market is segmented across Hardware and Software. Hardware segment is further subdivided across Scanners, Cameras, Hand held devices and Integrated devices. Based on Application Type, the market is segmented into Homeland security, Criminal Investigation, ID management, Physical security, Intelligent signage, Web application, Business intelligence, Photo indexing and sorting and Others. Based on Country, LAMEA Facial Recognition market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria and Rest of LAMEA. South Africa remained the dominant Country in the LAMEA Facial Recognition market in 2015. Nigeria would witness highest CAGR during the forecast period (2016-2022).
The report covers the analysis of key stake holders of the Facial Recognition market. Key companies profiled in the report include Microsoft Corporation, Gemalto NV, Daon Inc., 3M Company, IBM Corporation, Nuance Communications, Inc., Cognitec Systems GmbH and Animetrics.