Pune, India, July 13, 2023 (GLOBE NEWSWIRE) -- The Insight Partners latest study on "Facial Recognition Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, and Vertical,” the market size is projected to reach $12.67 billion by 2028 from $5.01 billion in 2021; it is expected to grow at a CAGR of 14.2% from 2021 to 2028, driven by increasing demand from government and defense sectors and burgeoning adoption of ai-based facial recognition systems.
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Global Facial Recognition Market Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | USD 5.01 Billion in 2021 |
| Market Size Value by | USD 12.67 Billion 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 |
Global Facial Recognition Market Analysis: Competitive Landscape and Key Developments
Tech5, IDEMIA, Aware Inc., Cognitec Systems GmbH, Ayonix Corporation, Fujitsu Limited, Onfido, NEC Corporation, Thales Group, and Face PHI are a few of the key companies operating in the facial recognition market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In September 2022: CyberLink Corporation, an AI and facial recognition technology, integrated its AI facial recognition engine, FaceMe, into MediaTek’s new AIoT platform, Genio. With the recent MediaTek’s Genio 1200 integration, FaceMe further provides IoT/AIoT developers and system integrators precise facial recognition capabilities for flexible deployment across various industries and use cases, including security, access control, public safety, smart banking, and smart retail.
In March 2022: Salto Group announced the acquisition of Cognitec Systems to build face biometrics into the access control portfolio. The acquisition is expected to enhance Cognitec’s research and development efforts and market reach for its product portfolio as it collaborates with Salto on new technologies for expanding biometric markets.
In January 2020, NEC Corporation, an electronics and information technology company, announced that the company would offer facial recognition technology to the Mitsui Fudosan Co., Ltd, a Japan-based real-estate company.
Browse key market insights spread across 165 pages with 77 list of tables & 89 list of figures from the report, "Facial Recognition Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software, Hardware, and Services), Application (Security & Surveillance, Access Control, and Others), and Vertical (BFSI, Retail & Ecommerce, Government, Healthcare, Education, Automotive & Transportation, and Others)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/facial-recognition-market
Adopting Cloud - Based Facial Recognition Technology Provides Lucrative Opportunities for Global Facial Recognition Market:
The adoption of cloud-based facial recognition technology presents a significant opportunity in the market and plays a crucial role in driving its growth. Cloud-based solutions offer several advantages over traditional on-premises deployments, providing businesses with scalable, cost-effective, and flexible facial recognition capabilities. One key opportunity that arises from cloud-based facial recognition is the ability to leverage the power of cloud computing resources. Facial recognition algorithms require substantial computational power to process and analyze large amounts of data. By utilizing cloud infrastructure, businesses can access unlimited computing resources, enabling faster and more accurate facial recognition performance. This scalability empowers organizations to handle growing workloads and accommodate fluctuations in demand without significant hardware investments.
Moreover, cloud-based facial recognition technology offers enhanced accessibility and ease of deployment. Unlike on-premises solutions that require dedicated hardware and extensive setup, cloud-based systems can be easily integrated into existing infrastructures through APIs or software development kits (SDKs). This ease of deployment enables businesses of all sizes to adopt facial recognition technology, regardless of their IT infrastructure or technical expertise. Cloud-based solutions also facilitate real-time data processing and analysis, enabling businesses to make informed and timely decisions. By leveraging cloud resources, facial recognition systems can process and match facial data in real time, enabling immediate responses and actions. This capability is particularly valuable in scenarios such as security monitoring, where quick identification and response are critical. Another advantage of cloud-based facial recognition is the ability to securely store and analyze vast amounts of facial data. Cloud service providers offer robust security measures, including encryption and access control, to protect sensitive data. This ensures that facial data is stored and managed securely and competently, addressing privacy and data protection concerns. Cloud-based facial recognition technology also contributes to market growth by reducing upfront costs and improving affordability. Traditional on-premises solutions require significant hardware, software licenses, and maintenance investments. In contrast, cloud-based solutions operate on a subscription or pay-as-you-go model, eliminating the need for upfront capital expenditure. This cost-effectiveness makes facial recognition technology more accessible to a broader range of businesses, promoting its widespread adoption and market growth.
China has emerged as a prevailing player in the facial recognition market within the Asia-Pacific region. The country's dominance can be attributed to several key factors that have propelled its market leadership. Firstly, China has invested heavily in developing and deploying facial recognition technology. The Chinese government has actively supported and promoted the use of facial recognition across various sectors, including public security, transportation, and finance. This proactive approach has created a favorable environment for the widespread adoption of facial recognition technology in the country. Secondly, China benefits from its large population and the massive scale of its market. With over 1.4 billion people, there is a significant demand for enhanced security and surveillance systems. Facial recognition technology provides a viable solution for managing security challenges, such as crime prevention, identity verification, and access control, on a large scale. Moreover, China boasts a thriving technology industry and a highly innovative ecosystem. Chinese companies have been at the forefront of developing advanced facial recognition algorithms and systems, leveraging artificial intelligence and deep learning techniques. This technological prowess has enabled Chinese firms to offer highly accurate and efficient facial recognition solutions that fulfill the needs of various industries and sectors. Additionally, the Chinese government's support for facial recognition technology has facilitated integration into various aspects of daily life. Facial recognition has become ubiquitous in China, from public transportation systems to building access control. The government's initiatives, such as the Social Credit System and facial recognition for public security, have further driven the adoption of facial recognition technology across different applications. Furthermore, Chinese companies have actively pursued partnerships and collaborations with international organizations, expanding their market presence beyond China's borders. This has helped them gain a strong foothold in the global facial recognition market, further reinforcing China's dominance. In conclusion, China's dominance in the facial recognition market within the Asia-Pacific region can be attributed to its significant investments in technology development, government support, a large population that drives demand, a thriving technology industry, and the proactive integration of facial recognition into various sectors. These factors have positioned China as a global leader in facial recognition technology.
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Global Facial Recognition Market: Segmental Overview
Based on component, the facial recognition market is segmented into software, hardware, and services. The software segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on application, is segmented into security & surveillance, access control, and others. The security & surveillance segment held the largest share of the facial recognition market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. Based on vertical, the facial recognition market is segmented into BFSI, retail & ecommerce, government, healthcare, education, automotive & transportation, and others. The government segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period.
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