Pune, India., June 12, 2023 (GLOBE NEWSWIRE) -- According to our latest study on "Facial Recognition Market Share Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, Vertical, and Geography" the market is expected to grow from US$ 5,012.71 million in 2021 to US$ 12,670.22 million by 2028; it is estimated to register a CAGR of 14.2% from 2021 to 2028. The major companies in facial recognition includes IDEMIA, Leidos, NEC Corporation, Thales Group and Cognitec. The ranking has been derived analysing multiple parameters such as annual revenue earned from facial recognition portfolio, client base, geographic locations, R&D expenditure, brand image, and number of employees, among others. These companies are actively participating in developing facial recognition for various applications.
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Global Facial Recognition Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 5,012.71 Million in 2021 |
| Market Size Value by | US$ 12,670.22 Million by 2028 |
| Growth rate | CAGR of 14.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 165 |
| No. of Tables | 77 |
| No. of Charts & Figures | 89 |
| Historical data available | Yes |
| Segments covered | Component, Application, and Vertical |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Russia, Italy, France, India, China, Japan, South Korea, Australia, UAE, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Increasing government initiatives to adopt digital technologies across public places significantly influences the global facial recognition market growth. For instance, in 2020, the Lyon Saint Exupéry airport, which VINCI Airports manage, used a facial recognition system to allow passengers to go through different airport checkpoints without physical contact. Similarly, in 2019, Air France and Aéroports de Paris (ADP) deployed a biometric boarding pilot which will use facial recognition to improve the travel experience and speed up processing times for boarding and baggage drop-off at French airports. Additionally, in 2019, the German Federal Police extended the use of EasyPASS for children. TheEasyPASS is a facial recognition software that checks whether the persons correspond to the photographs stored in the passports or not. Moreover, increasing facial recognition-based online payment platforms for convenient shopping experiences such as PayByFace. Thus, the demand for facial recognition is likely to grow during the forecast period due to the above factors.
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Facial recognition solutions can identify facial landmark localization, facial emotion recognition, face attribute prediction, and head pose estimation in real time. Owing to the features mentioned above, businesses are deploying facial analytics to boost customer engagement as these solutions can provide real-time insights such as customer’s demographic profile, interest, behavior, and emotions. Moreover, this solution is also getting utilized in various industries for digital signage and KYC application. These factors are further contributing to the growth of the global facial recognition market over the forecast period.
Global Facial Recognition Market: COVID-19 Overview
The COVID-19 outbreak considerably impacted the global economy and temporarily closed all economic activities in the first two quarters of 2020. However, from Q3 of 2020, several industries started to operate but under stringent regulations laid down by government bodies to combat the spread of the virus. SMEs and large enterprises shifted to adopting contactless solutions for lowering human touch and interaction across office premises. This increased the demand for facial recognition solutions globally. Thus, the COVID-19 pandemic positively impacted the global facial recognition market.
Global Facial Recognition Market: Application Overview
Based on application, the global facial recognition market share is segmented into security & surveillance, access control, and others. The access control segment accounted for a significant global market share in 2022. Access to the facility by an unauthorized person can not only compromise the assets but could also lead to the risk of human safety in the facility and affect or interrupt organizational operations. With the growing emphasis on safeguarding assets and intellectual property, organizations across the globe are investing in advanced security systems, including facial recognition systems. Also, unauthorized access to critical infrastructure control units such as power, lighting, servers, HVAC, and others in the building could affect impacts building management practices.
Moreover, according to United Nations, the global population is expected to reach 9.7 billion by 2050, and the urbanization rate will reach 68% by 2050. Furthermore, facial recognition used in access control is also used for tracking the attendance of personnel. Thus, the growing rate of urbanization would lead to an increase in commercial areas and dwellings, which propels the facial recognition market growth. Moreover, access control using facial recognition is widely used in consumer electronics, especially smartphones. Also access control using facial recognition is also getting adopted across smart homes and automobiles.
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Global Facial Recognition Market: Competitive Landscape and Key Developments
IDEMIA, Leidos, NEC Corporation, Thales Group, and Cognitec are among the leading facial recognition market players profiled in the study.
In 2023, Innovatrics announced the launch of its new edge facial recognition software. The solution is designed to deliver through a camera or other devices connected to it. It is designed with an integrated system-on-chip for real-time video analysis and facial recognition.
In 2023, Suprema announced the launch of its new facial recognition module called the Q-Face Pro. This is designed to meet the rising demand for contactless security demand across organizations.
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