Global Facial Tracking Solution Market: Overview
Face tracking is a major area ripe for futuristic innovation. Current facial recognition technology identifies faces in a digital video frame and can decode expressions and emotions in real-time. The technology can also be used through PCs as well as mobiles for a wide variety of functions. Usually, these include personal security, commercial trackers for collecting user data, and growth of technologies like AI and robotics. The technology can also be used both online and offline, making it viable for risk-free biometric security applications in sensitive sectors like defense. Digital signage is emerging as a major draw for companies to invest in facial tracking solutions. Major companies like Facebook also find appealing insights through facial tracking which are essential for growth of technologies like AI. The major investment and advancement in the area are expected to drive significant growth for the facial tracking solution market in the near future.
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Global Facial Tracking Solution Market: Notable Developments
The Indian government has announced a tender to create the world’s largest facial recognition system. The government received extremely positive response in April when during trials of the technology, Delhi government was able to identify 3,000 missing children in just four days. The National Crime Records Bureau under the home ministry has announced bid submission by July 8, which will close on November 8. The Indian government plans to create a vast repository system to track and nab criminals across the country. The requirement for participating in the bidding involves completion of a global contract among other requirements. The growing dependence on public surveillance to monitor law and order, and growing investment in facial recognition are expected to drive significant growth for the facial tracking solution market.
A new research published in the New England Journal of Medicine, promises major boost to the innovation potential of the facial recognition technology. The research consisting of over 6,000 individuals identified real images of the participants using their MRI scans. The brain images were created under normal circumstances to identify illnesses like Alzheimer’s. Later, the brain scans were used to recreate facial images of these individuals and using a facial recognition tool, these were identified. The technology has raised various concerns regarding the issue of privacy. However, it promises a major breakthrough for the commercial potential of the facial recognition technology for the purpose of targeted advertisement among others.
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Global Facial Tracking Solution Market: Drivers and Restraints
The growing demand for facial recognition technology in defense, and growing boost to the technology due to increasing use in smartphones are expected to remain major drivers of growth. The large market for targeted advertising, potential of advancements like AI on the horizon, and growing health-related devices are expected to drive major growth for the global facial tracking solution market. The AI advancement are also making way for biometric security solutions, which are expected to rise in demand technology firms as well as in the defense sector in the near future. Moreover, industries like fashion, retail are also heavily relying on the technology to customize and personalize their services for individuals.
Global Facial Tracking Solution Market: Geographical Analysis
The global facial tracking solution market projects strong promise in North America region. The rising investment in the region by tech firms like Facebook, growing investment in defense sector, and increasing need for biometric security solutions are expected to aid growth. Moreover, the facial tracking solution market is also expected to project significant growth in Asia Pacific, where large penetration of IT sector, cheap smartphones, and rising disposable income continue to drive innovation. Europe market is also expected to advance as privacy framework has largely been identified and innovation continues to pave way due to openness to more innovation.
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.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.