According to the most recent report by Emergen Research, the size of the worldwide facial recognition market is anticipated to reach USD 13.87 billion at a consistent CAGR of 15.7% in 2028. The increasing demand for physical security, the expansion of biometric device use and deployment, and the expansion of 5G technology are all factors contributing to the stable market revenue growth. Going forward, it is anticipated that increasing technology usage, such as cloud-based technology and IoT, as well as rising demand for electronic devices like mobile phones, wearable devices, and smart gadgets, will continue to fuel expansion of the global face recognition market.
Government investments in facial recognition systems and solutions are growing as a result of more strict rules requiring biometric identity and citizenship evidence as well as the expansion of video surveillance to monitor criminal activity. Other factors driving market expansion include ongoing technological advancements like artificial intelligence and the expanding use of drone surveillance. However, there are several obstacles that limit the growth of the facial recognition market to some extent, including high implementation costs and a lack of information and awareness about these solutions.
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Key players in the market include
NEC Corporation, Cognitec Systems, Aware Inc., FaceFirst Inc., Safran SA, Panasonic Corporation, Gemalto NV, Key Lemon Ltd., Ayonix Corporation, and Face++.
Some Key Highlights from the Report
In 2020, the software sector held the greatest revenue share in the market for facial recognition, which is expected to grow quickly over the next years. The demand for technology advancements like cloud computing, AI systems, and internet connectivity is accelerating the growth of the global facial recognition market.
During the projection period, the revenue growth rate for the 3D facial recognition category is expected to increase quickly. The demand for new and innovative technologies to acquire more exact and accurate biometric matches to identify users is one of the factors boosting this segment’s revenue growth.
Identity management segment revenue growth rate is projected to incline rapidly during the forecast period. Increasing concerns regarding safety of home-based systems and rising number of cases of cyber-criminal activity are factor boosting market growth.
Government segment accounted for largest revenue share in the facial recognition market in 2020, Increasing deployment of biometrics to establish identity of citizens and increasing digitalization of documents are factors further supporting market growth.
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Competitive Landscape:
The latest report encases an in-depth summary of the intensely competitive landscape of the global Managing Facial Recognition Market , with systematic profiling of the companies operating across this industry. In this section of the report, experts have listed down the strategic initiatives undertaken by these market rivals for proposed business expansion. Additionally, it highlights the key developments and financial positions of these companies to explain the overall market scenario. The company profiles of the established and new players have also been assessed in the report through effective analytical tools like SWOT analysis.
Unfolding the prime factors prompting global market growth:
The study offers an in-depth analysis of the product outlook, which depicts the latest production growth trends and profit valuation. It further fragments the global Managing Facial Recognition Market into a broad product spectrum.
The study covers essential data related to these products’ application landscape, the demand for and market share held by each application type, and their growth rate analysis over the estimated period.
A detailed description of the distribution channels, including distributors, producers, and buyers, is one of the report’s key market highlights.
Emergen Research has segmented the global facial recognition market on the basis of component, technology, application, end use, and region:
Component Outlook (Revenue, USD Billion; 2018–2028)
Hardware
Software
Technology Outlook (Revenue, USD Billion; 2018–2028)
2D Facial Recognition
3D Facial Recognition
Facial Analytics
Application Outlook (Revenue, USD Billion; 2018–2028)
Physical Security
ID Management
Criminal Investigation
Business Intelligence
Photo Indexing and Sorting
End use Outlook (Revenue, USD Billion; 2018–2028)
BFSI
IT & Telecommunication
Healthcare
Government
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Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Managing Facial Recognition Market ?
What are the key product types and applications of the Managing Facial Recognition Market industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
What is the competitive landscape of the Managing Facial Recognition Market ?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
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