Coronavirus Impact: Facial Recognition Market Expected to Grow at 4.5 Billion In Revenue by 2021

According to Market Study Report, Facial Recognition Market provides a comprehensive analysis of the Facial Recognition Market segments, including their dynamics, size, growth, regulatory requirements, competitive landscape and emerging opportunities of global industry. This report also provides market landscape and market share information in the Facial Recognition Market.

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The Global Facial Recognition Market size to grow from USD 3.8 Billion in 2020 to USD 4.5 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.

Table Of Contents:
• Introduction
• Research Methodology
• Executive Summary
• Impact On The Ecosystem And Extended Ecosystem
• Business Implications Of Covid-19 On The Facial Recognition Market
• Covid-19 Impact On Major Verticals With Use Cases And How Clients Are Responding To The Current Situation
• Covid-19 Impact On Regions
• Covid-19 Focused Profiles Of Key Vendors
• Appendix

“Cloud facial recognition expected to attain substantial growth during the forecast period”
The demand for services is on a surge during the pandemic due to a rise in the tailored demands of customers. The requirement of innovative cloud-based facial recognition solutions, which are effectively coupled with big data, AI, security, and network connectivity, is on a surge in different verticals.

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“Government and defense segment projected to exhibit the highest CAGR during the forecast period”
Governments across the world are using facial recognition solutions and other surveillance technology for contact tracing to limit the spread of coronavirus. Countries such as Singapore, Taiwan, South Korea, and even some parts of India used contact tracing across digital and physical space. When an individual is admitted with COVID-19 symptoms, the government retrieves the data spanning 14 days before his/her travel history, purchases, people who came in contact.

“Asia Pacific projected to grow at the highest CAGR during the forecast period”
The wide spread of COVID-19 has changed the dynamic of many countries and their working cultures. Countries such as South Korea and Singapore have done better than Spain and Italy. Asian countries have used technologies, which can resist the pandemic. However, questions have been raised about violations of citizen’s privacy in these countries.

Breakdown of primary participants’ profile:
• By Company: Tier I: 23%, Tier II: 33%, and Tier III: 44%
• By Designation: C-Level Executives: 26%, Directors: 32%, and Others: 42%
• By Region: North America: 33%, Europe: 35%, Asia Pacific: 11%, ROW: 21%

Reason to access this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall facial recognition market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies

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This release was published on openPR.