According to IMARC Group latest report titled “Facial Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on . The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global facial recognition market reached a value of US$ 5.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 15.6 Billion by 2027, exhibiting at a CAGR of 21.2% during 2022-2027.
Facial recognition is a way of identifying a human face through technology. It is a categorization of biometric software that uses deep learning algorithms to contrast an image to the stored faceprint to verify an individual’s identity. The system uses biometrics to map facial features from a photograph or video. It is a biometrics technology that compares facial features from an image with the stored facial database. Customarily used for safety and security purposes, the advent of facial recognition technology has improved the effectiveness and efficiency of safety systems.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Trends:
The global market is majorly driven by the increasing penetration of smartphones and other electronic gadgets. In line with this, the rising integration of the internet of things is positively influencing the market. Furthermore, the growth and expansion of the surveillance industry are offering lucrative growth opportunities for the facial recognition market. Apart from this, facial recognition technology is very versatile and is rapidly being used by various end-users. Moreover, the growing adoption of the technology by the law enforcement sector is substantially contributing the market growth. Besides this, escalating demand for facial recognition solutions in data analytics, fraud detection, cybersecurity, and database systems is strengthening the market. Additionally, the advent of advanced technologies, such as cloud-based solutions and facial analytics, is providing a boost to the market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 3M Company
- Animetrics Inc.
- Aware Inc.
- Ayonix Corporation
- Cognitec Systems GmbH
- Daon Inc.
- FaceFirst Inc.
- FacePhi Biometria
- IDEMIA (Advent International)
- NEC Corporation
- Safran Group
- Thales Group
Facial Recognition Market Segmentation:
Our report has categorized the market based on region, component, technology, application and end use industry.
Market Breakup by Component:
- Software
- Services
Market Breakup by Technology:
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics
Market Breakup by Application:
- Emotion Recognition
- Attendance Tracking and Monitoring
- Access Control
- Security and Surveillance
- Others
Market Breakup by End Use Industry:
- Retail and E-commerce
- BFSI
- Government and Defense
- Automotive and Transportation
- Media and Entertainment
- Healthcare
- Telecom and IT
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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