Posted On: 2020-11-25
Law Enforcement segment acquired the largest revenue share in the overall Singapore Facial Recognition Systems market in 2019 – 6Wresearch
Singapore is considered as one of the highly technologically advanced countries in the world. The country would witness significant growth in the facial recognition systems in the coming years on account of rising adoption of IoT based security systems underpinned by government’s initiatives such as Smart Nation, use of facial recognition technology as a part of its National Digital Identity system and Cyber Talent to create tech-enabled solutions. Additionally, the pandemic of COVID-19 is also acting in the favour of facial recognition technology as the application of facial recognition has been increased across several sectors to ensure identity authentications.
According to 6Wresearch, the Singapore Facial Recognition Systems Market size is projected to grow at a CAGR of 17.6% during 2020-26. Efficient implementation and execution of the Smart Nation Project and the surge in adoption of Artificial Intelligence would drive the growth of this market in the forecasted period. The technology has been installed by the country across several verticals such as airports, offices and commercial areas. The introduction of facial recognition technology in SingPass is one of the biggest efforts and recent trend in the country. It facilitates the residents in activities such as filing a tax return or applying for public housing with a facial biometric scan.
According to Mansi Bisht, Research Analyst, Research and Consulting, 6Wresearch, “By Applications, Law enforcement application captured the highest revenue share in the overall facial recognition systems market in 2019 owing to the extensive use of the technology by the government for criminal identification and investigation purposes. The changing needs of the military and security sector underpinned by the government’s initiatives such as National Biometric ID System and Infocomm Media would give a tremendous boost to the Digital Economy of the country. These projects would ensure border checks and access controls by utilising technologies such as facial recognition, automation, narrowband Internet of Things (IoT) sensor networks and analytics to improve security and visitor’s experience.
According to Ananya Garg, Research Associate, Research and Consulting, 6Wresearch, “By Component Types, hardware component has registered the majority of revenue shares in 2019 due to the widespread adoption of cameras with facial recognition technology, high equipment cost and customization associated with it. The software component is also surging due to the trend of installation of the software in the already purchased equipment like camera, PCs, mobile devices etc.
Some of the major companies in Singapore Facial recognition Systems Market are NEC Asia Pacific Pte Ltd., Idemia Group S.A.S, Hangzhou Hikvision Digital Technology Co. Ltd., SenseTime Group Ltd. and Thales Group.
"Singapore Facial recognition Systems Market (2020-2026)" provides an in-depth analysis with 11 figures covered in 64 pages. The report estimates and forecasts the overall Singapore Facial recognition Systems Market by types, suction types, distribution channels, end users and regions. The report provides an unbiased and detailed analysis of Singapore Facial recognition Systems Market on-going trends, outlook, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.