The global facial recognition market value is estimated to be $XX billion in 2018. The government application segment is accommodating a major share of the biometric market and is expected to grow over $XX billion by 2023 from an estimated value of $XX billion in 2018, because of an increase in the deployment of biometrics products in border security, and also due to the growth of video surveillance. The second major application segment of facial biometrics is in banking and financial institutions. This is attributed to the rising security concerns since the last few years, leading to an increasing deployment of facial recognition biometrics products in the banking and financial institutions. The facial recognition in the banking and financial institutions is expected to grow over $XX billion by 2023 at a CAGR of XX% from 2018 to 2023. However, the enterprise segment is anticipated to be growing at the highest CAGR of XX% during the forecast period.
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Asia-Pacific is projected to lead the market by 2023 at a CAGR of XX% from 2018 to 2023, and is expected to account for a value of $XX billion in 2023. The primary reason for its dominance is the ID enrolment projects that have been started in countries such as China and India. Moreover, Africa and Middle East in the Rest-of-the-World region constitute a very small market for facial recognition, but is expected to grow at the highest CAGR of XX%, during the forecast period.
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The commercially available facial recognition systems are two dimensional (2D), three dimensional (3D), or a combination of both 2D and 3D features. The 2D facial recognition systems are gradually becoming obsolete since the 3D systems ensure a higher level of accuracy and reliability than their 2D systems. The biometric system market players have identified this opportunity and are competing in the market with innovative and versatile product portfolios. Moreover, 3D facial recognition systems have overcome the pitfalls of 2D face recognition algorithms as change in lighting, different facial expressions, make-up, and head orientation. The prospecting technologies are skin texture analysis, thermal imaging, emotion capturing, and many others.
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