New York, US, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Facial Recognition Market: Information by Service, Technology, End User, Component, and Region—Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 18,412.5 Million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 18.1% during the assessment timeframe.
Facial Recognition Market Overview:
Facial Recognition refers to a way of identifying a human face through technology. A facial detection system utilizes biometrics to map facial features from a video or photo. It contrasts the information with a database of known faces to find a match. Furthermore, facial recognition systems' precision has advanced much better in the last decade. The facial recognition system can highlight an intended individual in a crowd. This ability has built a hope of catering to several applications such as counterterrorism, national security, and enforcement. Facial recognition technology can detect any suspicious activity or a suspicious person from quite some distance without involving anyone personally.
Facial Recognition Market Competitive Analysis
The catalog for key players across the global facial recognition market is comprised of companies such as:
- Allied Times USA Inc (US)
- Cognitec Systems GmbH (Germany)
- Safran S.A (France)
- Aware Inc. (US)
- Face++ (China)
- Facefirst. All (US)
- Fareclock (US)
- NEC Corporation (NEC)
- Nuance Commuication, Inc (US)
- Dell Inc. (US)
- Google LLC (US)
- Thales Digital Identity and Security (US)
- Intel Security Group (US)
- Daon, Inc (US)
- 3M Company (US)
- Ayonix Corporation (Japan)
- Advanced Micro Devices, Inc (US)
- kairos AR, Inc (US)
- Animetrics, Inc (US)
- Key Lemon Ltd (Switzerland)
- Apple, Inc (US)
- Lenovo Group Limited (China)
- AsusTek Computer Inc. (Taiwan)
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Facial Recognition Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 18,412.5 Million |
| Growth Rate | CAGR of 18.1% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | Lack of knowledge and awareness leading to technical challenges |
| Key Market Drivers | Increasing criminal activities in government and non government institutes Increased implementation of facial recognition system in airports and supermarkets |
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Facial Recognition Market USP Covered
Market Drivers
The market's growth is credited to the aspects such as the adoption of IoT, a significant increase in criminal activities, and a sizable number of investments.
Facial Recognition Market Restraints
On the other hand, the technical challenges will likely hamper the market's performance.
COVID-19 Impact
The global Facial Recognition Market faced some significant disruptions in the operation given the arrival of the global health hazard in the shape of COVID-19. On the other hand, with the growing awareness regarding the importance of these systems, the global market for facial Recognition is anticipated to show substantial growth over the review era.
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Facial Recognition Market Segment Analysis
Among all the technologies, the 3D segment is anticipated to secure the top position across the global Facial Recognition Market over the coming years. The arrival of advanced technologies like facial analytics and cloud-based solutions is considered the main parameter is supporting the segment's growth. Facial analytics capabilities this software enables users to recognize where a face exists in a video or image alongside the attributes of the face. The attributes assist customers in managing millions of images with metadata tags. Facial analytics offers superior detection efficiency and accuracy. It is thus gradually being utilized in education and research, police, healthcare, and retail services to regulate the changed attributes such as height, age, gender, and other facial characteristics. Further, the precision offered by 3D technology facial recognition systems promotes implementing these systems for public safety solutions, such as border surveillance and protection.
Among all the applications, the access control segment is anticipated to hold the top spot across the global Facial Recognition Market over the assessment timeframe. Increasing the number of companies focusing on improving their access control systems is the main parameter boosting the segment's growth. On the contrary, the security and surveillance segment will likely show the maximum CAGR over the review era. The segment's growth is mainly ascribed to the growing implementation of facial recognition technology in security and surveillance systems to get its implementation in high-security areas. In addition, business owners choose to install facial recognition-based security systems to observe people and recognize their faces when they arrive at their stores.
Among all the end-users, the retail and e-commerce segments are anticipated to dominate the global market for facial Recognition over the review era. The growing implementation of face recognition technology to boost operational efficiency and enhance the in-store experience is the central aspect supporting the growth of the global segment. Earlier customers made payment amounts through several payment techniques such as QR codes, cards, or cash. These payment methods include different high staff involvement and POS terminal systems, and the adoption of facial recognition technology. On the other hand, the government sector is predicted to show the highest growth rate over the coming years. the segment's growth is ascribed to the factors such as demand in law enforcement & security, the non-intrusive nature of the technology, and the wide adoption in banking & finance.
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Facial Recognition Market Regional Analysis
The global Facial Recognition Market is analyzed across five major regions such as South America, the Middle East & Africa, North America, Asia-Pacific, and Europe.
According to the research reports by MRFR, the North American region secured the top position across the global Facial Recognition Market in 2021. The report further anticipates the regional market to attain a valuation of around USD 5,297.2 million by the end of the assessment era. The region has Mexico, Canada, and the US as the leading growth contributor. The US contributes to the maximum share in the net regional market share, given the presence of various players. Facial Recognition is used across the region in security and law enforcement applications to keep watch on border management, security, healthcare, team member screenings, defense, and more. Government bodies oversee national security in crucial public areas such as hospitals, hotels, police stations, and international airports to fight and eliminate terrorism. All of these aspects are boosting the growth of the regional market.
The Asia-Pacific regional Facial Recognition Market is anticipated to show the highest growth rate over the review era. The rapidly growing government initiatives across several sectors include retail, transportation, automotive, and consumer goods. The region provides potential growth opportunities given the increasing implementation among enterprises and law enforcement agencies switching to facial recognition solutions to secure against potential dangers.
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