Face Recognition Terminal Market- Introduction
- A face recognition terminal is used to identify a person by matching or comparing the face in the image captured by a camera with images of faces available in a database through similarities in features of faces.
- A face recognition terminal is also used in combination with other biometric characteristics such as iris and fingerprint recognition which is relevant for verification and access control protocols in security systems.
- A face recognition terminal is majorly used in commercial infrastructure to ensure security with authorized access to restricted areas or office premises. Face recognition solution providers offer advanced terminals by integrating them with Android systems to provide GUI access to users.
- Face recognition solutions and terminals are also available for the residential sector. Increasing demand for smart homes is expected to lead to prominent growth in the face recognition terminal market in the residential sector.
- Demand for face recognition is increasing in manufacturing, government, research and development centers, and other private restricted areas to avoid unauthorized access to intruders.
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Key Drivers of the Face Recognition Terminal Market
- Increasing awareness and initiatives by government and private companies to provide security to enterprise data and users is expected to drive the face recognition terminal market. Growing trend of smart homes and initiatives for smart cities by governments is estimated to fuel their market growth during the forecast period.
- Rising demand for advance technological security solutions and centralized security access systems is set to create revenue opportunities for face recognition terminal solution providers.
High implementation cost and issues related to data storage expected to hinder the face recognition terminal market
- Face recognition terminals require high quality cameras and sensors and advanced customized software to maintain accuracy and processing speed. The implementation cost of face recognition systems for commercial infrastructure is high which is expected to hinder their market growth during the forecast period.
- Face recognition terminals process high quality images and video to analyze the facial features to provide access to users. Storage capacity is limited in face recognition terminals which is expected to impact the demand for these terminals.
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North America to hold major share of the global face recognition terminal market
- North America is expected to hold prominent share of the face recognition terminal market due to the growing adoption of advanced security solutions by leading IT and data center companies, and government organizations to comply with security standards.
- Increasing adoption of face recognition terminals in financial service companies to maintain the security of confidential financial data of different organizations is estimated to boost the demand for face recognition terminals during the forecast period.
- Asia Pacific is expected to be a rapidly expanding market for face recognition terminals during the forecast period due to increasing smart city initiatives in Asian countries (India, China and Japan). Expansion of the Asia Pacific market is also due to growing awareness and increasing demand for advanced security solutions.
- Key players of the market are expected to increase investment in face recognition terminals to differentiate their offerings and to maintain their dominance and position in the market.
Key Players Operating in the Global Face Recognition Terminal Market
- Suprema Inc.
Suprema Inc. is a global provider of security and biometric solutions to businesses. In the last couple of years, Suprema Inc. introduced innovative solutions and technologies in security sectors. The company offers a wide range of solutions such as time & attendance solutions, biometric access control systems, mobile authentication solutions, fingerprint live scanners, and embedded fingerprint modules. The company offers security solutions to construction, data centers, healthcare, and manufacturing sectors.
- Cognitec Systems GmbH
Cognitec Systems GmbH is a global hardware and software solution provider in face recognition technology. The company offers solutions for ID management, border control, law enforcement, physical security, and commercial security solutions. The company offers the solutions in North America, Europe, and Asia Pacific.
Other key players operating in the global face recognition terminal market include Herta Security, Anhui Crearo Technology Co., Ltd., Hanwha Techwin Europe Limited, IDEMIA, and Hangzhou Hikvision Digital Technology Co., Ltd. (HIKVISION)
Global Face Recognition Terminal Market: Research Scope
Global Face Recognition Terminal Market, by Application
- Access Control
- Time & Attendance System
- Registration & Identification
- Lockers Control
- Kiosk & POS System
Global Face Recognition Terminal Market, by End-user
- IT & Telecom
- Aerospace and Defense
- Others (Consumer Electronics, Energy, etc)
Global Face Recognition Terminal Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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