This global market research report includes a detailed segmentation of facial recognition in consumer electronics market by end-users such as enterprise and individual consumers. It outlines the market shares for key regions such as the Americas, EMEA, and APAC. The key vendors analyzed in this report are Cognitec Systems, Dell, Google, and HP.
Technavio’s market research analysts estimate the global facial recognition biometrics in consumer electronics market to surpass $1 billion by 2020. Due to the growing instances of theft, several original equipment manufacturers (OEMs) are integrating facial recognition biometrics in their consumer electronics devices. This which will require the end-users to authenticate themselves to gain authorized access to data and applications in mobile devices. Facial recognition technology is highly reliable, accurate, and cost-effective. Growing adoption of m-commerce and the increasing need to secure personal information among the users, will boost the growth of this market over the next four years. The Americas is the largest market for facial recognition biometrics in consumer electronics, accounting for 35% of the overall market share. The Americas is expected to have the highest revenue growth in the market during the forecast period due to the presence of numerous vendors in this region.
The new market research report from Technavio provides a breakdown and analysis of the facial recognition biometrics segments by technology.
“Of late, a number of financial institutions are encouraging mobile banking and online financial transactions. This has encouraged consumers to opt for electronic transactions. Growing usage of financial transactions through electronic devices have pushed enterprises to opt for several biometrics technologies for authentication purposes. Facial recognition and authentication technologies have emerged to address the need for end-users to remember passwords or carry hardware tokens for authenticating themselves to execute any transaction,” says Amrita Choudhury, Lead Analyst, ICT, Technavio Research
Individual consumers dominated the market in 2015, with a market share of over 60%. However, enterprise users will show high revenue growth at a rate of over 100% during the forecast period because of the growing awareness of the facial recognition technology and ease of implementation.
The leading vendors in the global facial recognition biometrics in consumer electronics market include Cognitec Systems, Dell, Google, and HP. The market is highly fragmented because of the presence of numerous small and large vendors. Providers in the market compete based on pricing, quality, innovation, service, reputation, distribution, and promotion. The high vendor competition has led to an increase in mergers and acquisitions.
A more detailed analysis is available in the Technavio report, Global Facial Recognition Biometrics in Consumer Electronics Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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