The Facial Recognition Market is anticipated to grow at a rapid CAGR of 16.1% from US$ 5.7 billion in 2023 to US$ 25.4 billion by 2033, according to a recent analysis by FMI. According to this analysis, the expansion of the facial recognition market is boosted by rising government investments in new CCTV camera technologies installed in most public areas to reduce criminal activity and terrorist acts and to improve public safety.
During the forecast period, factors such as the rise in demand for face detection systems to improve safety and security, as well as the expansion of applications in physical security and intelligent signage, are anticipated to fuel the growth of the global facial recognition market. The report also predicts that technology developments like 3D recognition systems and cloud-based solutions will accelerate industry expansion in the years to come.
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Another reason that has been favourable for the market need for facial recognition is the gradual increase in the number of use cases after the COVID-19 epidemic. Furthermore, healthcare systems around the world are implementing thermal camera checks using these systems.
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 applications 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 the Facial Recognition market in 2032.
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 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 a 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.
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.
Key Segments Covered in the Facial Recognition Industry Report
Facial Recognition by Component
- Facial Recognition Software Tools
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics
- Facial Recognition Services
- Training and Consulting
- Cloud Based Facial Recognition
Facial Recognition by Vertical
- Facial Recognition in Banking
- Facial Recognition in Retail & E-Commerce
- Facial Recognition in Automotive
- Facial Recognition in Healthcare
- Facial Recognition in Government & Defence
- Facial Recognition for Other Verticals
Facial Recognition by Application
- Facial Recognition for Law Enforcement
- Facial Recognition for Access Control
- Facial Recognition for Emotion Recognition
- Facial Recognition for Attendance Tracking and Monitoring
- Facial Recognition for Other Applications
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.
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