The global facial recognition market depicts a diverse competitive scenario existing in its vendor landscape, says Transparency Market Research on the basis of a newly published report. Most players are strengthening their distribution network, along with developing advanced solutions. These are a couple of primary strategies implemented by most players in the market to cement their position in the market.
Rising threats that can comprise security in various establishments is responsible for substantially driving the facial recognition market. Concerns about such threats mainly arise due to increasing crimes and even terrorist activities, thereby calling for a dire need of implementation of facial recognition systems. Advancements in smartphone technologies has resulted in incorporation facial recognition in these gadgets too from security-based perspective.
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Such advancements have rendered notable lucrativeness among the masses, thus making them buy smartphones with facial recognition systems in large numbers, consequently propelling the market’s growth.
Widespread progress witnessed by the consumer electronics sector is also expected to significantly stoke the global facial recognition market. Furthermore, increased adoption of facial recognition in web applications for picture tagging, social interaction, and others is also expected to drive the demand for facial recognition in forthcoming years.