Worldwide Facial Recognition Market will Grow at a CAGR of 17.3% during 2021-2027 - AllTheResearch

The facial recognition market is forecasted to grow at a high rate owing to the accelerating demand for surveillance industry.

PLEASANTON CA, Sept. 20, 2021 (GLOBE NEWSWIRE) -- AllTheResearch recently updated their research study on Facial Recognition Market based on Components (Software, Hardware); Technology (Facial Analytics, 2D Facial Recognition, 3D Facial Recognition); Application (Access Control, Attendance Tracking and Monitoring, Emotion Recognition, Security & Surveillance, Others); End User Industry (Government, BFSI, Healthcare, Security and Law Enforcement, Other); and by Region (North America, Europe, Asia Pacific, Latin America, MEA).

The facial recognition market is forecasted to grow at a high rate owing to the accelerating demand for surveillance industry. The Global Facial Recognition Market was valued USD 3.6 Bn in 2020 is expected to reach USD 11.0 Bn by 2027, with a growing CAGR of 17.3% during the forecast period.

The global facial recognition market is accounted to drive at a significant pace majorly owing to rising government initiatives to restructure and improve the existing security systems at varied applications such as airport security, state borders, law enforcement, crime sector, and much more.

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Global Facial Recognition Market Report Summary:

The Facial Recognition market report is a comprehensive study of various trends and affecting factors of the Facial Recognition Industry. These variables have helped decide the behavior of the market during the forecast period of 2021-2027 and empowered our specialists to make effective and precise predictions about the market future. The primary data for Facial Recognition Market has been collected from multiple trustworthy sources like journals, websites, white papers, annual reports of the businesses, and mergers. To form better decisions, generate maximum revenue, and enhance business profit, this research study may be a great solution. This study helps to provides a detailed overview of the present scenario of the global market, latest updates, product launches, joint ventures, capacity, mergers, and acquisitions supported several market dynamics.

Key Findings of Facial Recognition Market Research Study:

  • Based on the component, the hardware segment held the largest market share in 2020
  • Based on technology, 3D facial recognition accounted for a fastest growing market share in 2020 followed by mobile facial recognition
  • Based on application, access control segment was accounted to hold largest market share in the year 2020
  • Retail and e-commerce industry segment, based on end user industry, held the largest market share in the year 2020
  • Based on regions, the North America region is anticipated to hold a dominating market share in the year 2027 in the facial recognition market analysis.

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The global Facial Recognition market is segmented by company, region (country), by Type, and by Application. Players, stakeholders, and others. The industry professionals in the global Facial Recognition industry will be able to gain the upper hand as they use the report as a powerful resource.

The Facial Recognition Market Report Covers Major Market Players like: Microsoft Corporation, Amazon, Thales, SightCorp Inc., Nuance Communications, Inc., TrueFace.AI, BioID, Stereovision Imaging, Inc., NEC Corporation, Aware, Inc., NVISO SA, Daon, Neurotechnology, Ayonix Corporation, FacePhi, Techno Brain, Cognitec Systems GmbH, Gemalto NV, Innovatrics, Fujitsu, id3 Technologies, Onfido, IDEMIA, Kairos AR, Inc., TECH5 SA, Herta Security, Fulcrum Biometrics, LLC., Clear, SenseTime, Jumio, Veritone, Clarifai, AnyVision, Affectiva, and more

The Global Facial Recognition Market Segmentation:

By Component

  • Software
  • Hardware
  • Cameras
  • Integrated Devices
  • Scanners
  • Handheld Devices

By Technology

  • Facial Analytics
  • 2D Facial Recognition
  • 3D Facial Recognition

By Application

  • Access Control
  • Attendance Tracking and Monitoring
  • Emotion Recognition
  • Security & Surveillance
  • Others

By End User Industry

  • Government
  • BFSI
  • Healthcare
  • Security and Law Enforcement
  • Telecom and IT
  • Retail and E-commerce
  • Media and Entertainment
  • Automobile and Transportation
  • Other

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Regional Analysis of Facial Recognition Market:

The North American region is accounted to hold the largest market share in terms of geography. The growth is attributed to various factors such as the presence of well-developed technological infrastructure and increasing government initiatives in favor of the facial recognition Market. Moreover, the Asia Pacific region is anticipated to grow at the fastest rate during the forecast period. The facial recognition systems are significantly being utilized by developing countries such as India, and China in solving crime cases and other investigation cases. For instance, in April 2018, in India, the police of New Delhi employed facial recognition technology to identify and rescue around 3000 missing children in the city itself.

Unique insights provided by this report also includes the following:

  1. In-Depth Value Chain Analysis
  2. Sector Snapshot
  3. Opportunity Mapping
  4. Key Players Positioning Matrix
  5. Strategies Adopted-Benchmarking Heat Map
  6. Market Trends
  7. Regulatory Scenario
  8. Covid-19 Impact Analysis
  9. Product Comparison
  10. Pre & Post COVID 19 Impact on Facial Recognition Market
  11. Competitive Landscape

The Covid19 pandemic has transformed the market landscape. The market ecosystem has taken a directional shift in the way supply-side of the market is accessed. The report covers the aftermath of the Covid19 catastrophe.

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The report also provides in-depth analysis of recent news developments and investments

  • In April 2021, The Microsoft Corporation acquired Nuance Communications, Inc., a speech to text software company. The acquisition is aimed to increase Microsoft’s presence in the healthcare sector with the help of current network of Nuance Communications, Inc. in healthcare. Microsoft agreed to pay USD 19.7 billion for the acquisition.
  • In June 2020, Panasonic Corporation of North America announced a strategic partnership with PopID, a Cali Group company. The partnership is aimed at implementing facial recognition technology in ordering and payment processes for cafes, restaurants, and retail stores.
  • In January 2020, FaceFirst Inc., a US based software company announced a launch of its Software Development Kit (SDK). The SDK enables developers of identity verification and security products to incorporate enhanced facial recognition technology easily.

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