How Facial Recognition Market will Grow at Highest CAGR

The global facial recognition market growth in the forecast period is premised on the rising incidents of identity theft. According to a study conducted by a California-based private research firm, Javelin Strategy, in 2017, 16.7 million Americans fell victim to identity theft crimes. Further, 1 million children in the US in 2017 were victims of identity crimes. Identity thefts are a common type of cybercrime as breaching user data available on the system is easy. However, when private data is protected through biometrics, particularly, facial recognition, privacy infringement becomes difficult. Growing concerns for personal data protection will expand the global facial recognition market size till 2026.

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Fortune Business Insights, in its report, titled “Facial Recognition Market Size, Share and Global Trend By Component, By Applications, By Vertical and Geography Forecast till 2026”, provides an in-depth analysis of the market and the trends, factors, and regional and competitive dynamics that will influence it during the forecast period.

Facial recognition refers to a type of biometric technology wherein an individual’s facial features are mapped using complex algorithms and the data is stored in the form of a print. The technology uses a basket of nodal points on the face such as the jawline and width of the eye sockets and captures a face-print.

Some of the important players in the global facial recognition market include:

Amazon
IBM
Gemalto
Herta Security
Synectics plc
Cognitec Systems
IDEMIA
AnyVision
Ayonix Face Technologies

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“Increasing Adoption of Facial Recognition Tools by Governments to Drive the Market”

Facial recognition technology carries multiple advantages and is, therefore, becoming increasingly popular for observation and surveillance purposes, especially at the government level. The adoption rate of these tools is going up in various countries, which is expected to fuel the global facial recognition market revenue. For example, Japan is fully utilizing facial recognition for the 2020 Tokyo Olympics. The authorities will screen and register around 350,000 people through their face print, eschewing the need for identity cards that can be easily duplicated or forged. Singapore is also heavily investing in facial recognition. It's Changi Airport uses facial recognition at its T4 terminal that facilities easy check-in, immigration, and boarding for passengers. The UAE is adopting Artificial Intelligence (AI) to regulate border entry into their country. At its Dubai Airport, a virtual aquarium has been fitted with 80 facial recognition cameras that allow authorities to thoroughly screen tourists and immigrants. The global facial recognition market stands to benefit as facial recognition technologies gain more popularity across the world.

High Government Demand for Facial Recognition Solutions to Boost the Market in North America

North America is anticipated to hold a major chunk in the global facial recognition market share owing to the increasing requirement from law enforcement authorities, such as the FBI, for surveillance and data protection. Asia-Pacific is projected to grow at an exceptional CAGR on account of rising public sector investment in surveillance technologies in countries such as India and China. The market in Europe is expected to expand considerably as a result of the growing number of innovations in the UK, France, and Germany.

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Growing Need to Detect Criminals to Present Growth Opportunities to Competitors

The global facial recognition market competition is set to intensify as key players develop novel products, especially for the detection of criminals. For example, in 2018, a Spanish facial recognition company, Herta Security, launched a facial recognition software to identify criminals and other suspicious persons among large crowds. Some companies are developing even more advanced technologies. For instance, Rekognition, a cloud-based facial recognition software on the Amazon Web Services platform, can not only perform facial analysis but can also read and interpret a person’s sentiments.

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