Facial Recognition Market Growth to Hit 14.2% CAGR, Globally, by 2028 – Exclusive Report by The Insight Partners
The global facial recognition market share worth $12.67 billion by 2028, at a growing CAGR of 14.2% from 2021 to 2028.
Pune, India., Nov. 01, 2023 (GLOBE NEWSWIRE) — According to a new report on “Facial Recognition Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component (Software, Hardware, and Services), Application (Security & Surveillance, Access Control, and Others), Vertical (BFSI, Retail & Ecommerce, Government, Healthcare, Education, Automotive & Transportation, and Others), and Geography” the market in terms of revenue was estimated to be worth $5.01 billion in 2021 and is poised to reach $12.67 billion by 2028, growing at a CAGR of 14.2% from 2021 to 2028.
The growth of the facial recognition market is driven by burgeoning adoption of AI-based facial recognition systems and increasing demand from government and defense sectors. However, 3D face recognition systems is emerging as a future trend in the industry.
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Global Facial Recognition Market Scope:
|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|
|Segments covered||Component, Application, Vertical, and Geography.|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends|
The “fourth industrial revolution,” in the world, Industry 4.0, is characterized by rapid and converging advancements in multiple next-generation technologies, including artificial intelligence (AI). The newly developed facial recognition systems use advanced artificial intelligence features, IP cameras, machine learning algorithms, and cognitive technology to verify a person from a video source or a digital image. While traditional facial recognition systems have loopholes, advanced AI-based facial recognition systems deliver far superior accuracy. Moreover, many companies are eliminating traditional fingerprinting scanners from their security systems, which is paving the way for the adoption of AI-based facial recognition systems, thereby driving the facial recognition market growth.
Facial recognition is a biometric technique that compares face traits from an image to a database of stored facial information to authenticate and identify people. Due to its expanding use in both law enforcement and non-law enforcement applications, it is predicted to increase rapidly during the forecast period. Furthermore, due to its non-contact procedure and ease of deployment, facial recognition is often preferred over other biometric technologies such as voice recognition, skin texture recognition, iris identification, and fingerprint scanning. Furthermore, the use of facial recognition has expanded due to rising applications in physical security and intelligent signage, as well as technological improvements such as cloud-based services and 3D-based recognition systems. However, in some places, rising sensitivity to shared personal data, a lack of accuracy, and a high implementation cost stymie industry progress. Face recognition systems that are technologically advanced and have applications in mobile security and drones are anticipated to provide more opportunities in the future.
The facial recognition demand was increased for monitoring and tracking people’s movement, verification identification, security measures, and patient identification due to the pandemic, which positively influenced the growth of the facial recognition market. In addition, the large scale deployment of facial recognition systems in various applications such as biometric sign-in, public security, travel security, authorized healthcare services, and eLearning platforms is expected to drive the facial recognition market growth in the coming years. These contactless verification technologies have become important amid the pandemic. Moreover, two companies in China have developed AI-based coronavirus diagnostic software to detect lung problems using CT scans. At least 34 Chinese hospitals used this technology to screen 32,000 suspected cases in February 2020. Hence, the overall impact of COVID-19 pandemic on the APAC facial recognition market is low to moderate.
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Global Facial Recognition Market: Segmental Overview
Based on application, the facial recognition market is segmented into security & surveillance, access control, and others. In 2020, the security & surveillance segment led the market and accounted for the largest market share. The facial recognition offers enhanced level of search automation and efficiency to the investigation workflow and thus saves significant amount of time and manual efforts. Moreover, advanced facial recognition tools used by security and surveillance agencies can analysis several faces in real-time for security and surveillance application. Thus, with the growing use of advance screening and security system by security and surveillance agencies owing to rising emphasis on homeland security and increasing allocation of funds for domestic security, the facial recognition market players are projected to witness significant traction during the forecast period.
Global Facial Recognition Market: Competitive Landscape
Tech5, IDEMIA, Aware Inc., Cognitec Systems GmbH, Ayonix Corporation, Fujitsu Limited, Onfido, NEC Corporation, Thales Group, and Face PHI are among the key players profiled during the facial recognition market study. The listing of key players is derived by considering multiple factors such as overall revenue, current facial recognition product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the facial recognition ecosystems which were studies analyzed during the course of this market research study
- In 2022: BAXE and Haventec partnered with IDEMIA to launch the first blockchain ecosystem using a facial authentication solution for identification. The solution will ensure user data, digital assets and communications are protected and secure.
- In 2021: Onfido’s announced partnership with FaceTec to offers the company’s flagship biometric identity verification to authentication. The user can access the existing account in a second.
- In 2022: Tech5 partnership with NIDP Ethiopia Partners in the field if biometric and digital ID Technologies.
- In 2021: Fujitsu Limited announced that its facial recognition tool is able to analyze face even if personnel is wearing mask.
Go through further research published by The Insight Partners:
3D Facial Recognition Market – Global Analysis and Forecast to 2030
Image Recognition Market – Global Analysis and Forecast to 2030
Emotion Detection and Recognition Market – Global Analysis and Forecast to 2030
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