Press release
Market shares for facial recognition, historical trends, and projections until 2032
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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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
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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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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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.
The post Facial Recognition Market is Reach a Valuation of US$ 22.5 Bn by 2032 appeared first on Future Market Insights.
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Future Market Insights (ESOMAR certified 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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