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Global Face Recognition Device Market Size Is US$ 769.12 Million In 2018
Friday, 08 May, 2020
A facial recognition device stems from a purpose-built combination of high-end hardware components and efficient software to automatically identify or verify a person from a digital image, as required in several Security and Surveillance installations. The identification process is done by comparing the facial features extracted from an image with those previously stored in a facial database.

The global Face Recognition Device market size will reach US$ 2023.75 million by 2024, from US$ 769.12 million in 2018. In terms of the volume, the global Face Recognition Device consumption was 485.78 K Units in 2018 and will reach 1415.21 K Units in 2024. 

The global key Face Recognition Device manufacturers include Cloudwalk, Aurora etc. As For the global Face Recognition Device industry, the industry structure is relatively dispensable. The top three manufacturers have 29% revenue market share in 2018. The China giant Cloudwalk, which has 13.28% market share in 2018, is the leader in the Face Recognition Device industry. The manufacturers following Cloudwalk are Dahua Technology and Aurora, which respectively has 8.53%
And 7.36% market share globally.

China is the largest consumption area, accounting for 27.73% in 2018, and will reach 30.78% in 2024, with a CAGR of 19.56% during 2018-2023 largely owing to the publishment of A Next Generation Artificial Intelligence Development Plan.

The global production of Face Recognition Device rises up from 147 K Units in 2014 to 485 K Units in 2018, with a CAGR of 34.68%. At the same time, the revenue of world Face Recognition Device sales market has a rising from 769.12 M USD in 2018 to 2023.75 M USD in 2014, growing at a CAGR of 17.50% during 2018-2023.The reason causes this increase is the rising demand for the Face Recognition Device, which is the result of the spurring needs of downstream customers.

The downstream industries of Face Recognition Device are government, banking and finance, travel, migration and criminal. In the recent years, with the rising awareness of security, the enlargement of commercial spending and unsolved high rate of criminal, the consumption increase of Face Recognition Device will be obvious. There is a huge potential need for the Face Recognition Device. In the foreseeable future, the Face Recognition Device will show an optimistic upward trend.