Facial Recognition Market is forecasted to reach US$ 22.5 Bn by 2032 from US$ 5.2 Bn in 2022 and exhibiting a remarkable 15.7% CAGR during the forecast period.
Factors such as the rise in demand for face detection systems to enhance safety and security, and increase in applications in physical security and intelligent signage are expected to propel the growth of the global facial recognition market during the forecast period. Further, the report opines that the technological advancements such as 3D recognition systems and cloud-based solutions are anticipated to augment the market growth in the coming years.
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Further, post the COVID-19 pandemic, there is a gradual rise in the number of use cases of facial recognition, which is one of the factors that has boded well for the Facial Recognition’s market demand. Moreover, the application of thermal camera checks through these systems and are being adopted by healthcare systems globally.
Key Takeaways from the Market Study
- Global Facial Recognition market to be valued at US$ 5.2 Bn by 2022-end
- By Component, Software Tools Segment expanded at a CAGR of 16.8% until 2021
- Law Enforcement application ruled the Facial Recognition market with a CAGR of 16.7% until 2021.
- China to account for the highest value share of US$ 1.6 Bn of global market demand for Facial Recognition market in 2032
Increasing mobile transactions for banking in countries, such as India and China, coupled with their governments’ initiatives, are expected to be the major drivers for the facial recognition market in the region, remarks a FMI analyst.
Competitive Landscape
Players in the global Facial Recognition market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In March 2022, Aware, a biometrics software and services company, partnered with MIRACL to expand its cloud-based biometric authentication technology. The partnership is a through mutual reseller arrangement whereby each company can both sell each other’s products and integrate them within their own product lines, quickly bringing to market password-free login paradigms delivering superior security and simplicity for users.
- In March 2022, SALTO’s acquisition of Cognitec Systems initiates strong partnership of business synergy and innovation. This acquisition is expected to meet market requests for adding face recognition and artificial intelligence technologies to the company’s renowned electronic access control and ticketing solutions. In addition, both companies appreciate a similar innovative work environment and corporate culture.
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More Insights on the Facial Recognition Market
Future Market Insights offers an unbiased analysis of the global facial recognition market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the facial recognition market, the market is segmented on the basis of component type, application, and vertical across five major regions.
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