Facial Recognition Market to Witness Huge Growth by 2029 -Aware, NEC, Ayonix, Cognitec Systems, Keylemon, Nviso, Herta Security, Neurotechnology, Daon, Animetrics, Gemalto

The global facial recognition market size is expected to grow from USD 5.3 billion in 2021 to USD 53.235 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period.

The major factors driving the growth of the facial recognition market are the growing importance of the surveillance industry, increasing investment in facial recognition technologies by the government and defense sector, and increasing technological advancement across industry verticals. However, facial occlusion and face detection error, and lack of knowledge and awareness are some of the major challenges hindering the growth of the facial recognition market.

Major Key players profiled in the report include:
Aware, NEC, Ayonix, Cognitec Systems, Keylemon, Nviso, Herta Security, Neurotechnology, Daon, Animetrics, Gemalto

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Segmental Analysis:
The report has classified the global Facial Recognition market into segments including product type and application. Every segment is evaluated based on share and growth rate. Besides, the analysts have studied the potential regions that may prove rewarding for the Facial Recognition manufcaturers in the coming years. The regional analysis includes reliable predictions on value and volume, there by helping market players to gain deep insights into the overall Facial Recognition industry.

Market split by Type, can be divided into:
2D Facial Recognition, 3D Facial Recognition, Thermal Face Recognition.

Market split by Application, can be divided into:
Emotion Recognition, Attendance Tracking And Monitoring, Access Control, Law Enforcement, Others

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Market Dynamics
Driver: Increasing investments in facial recognition technologies by government and defense sectors
Governments across the world have been investing a significant amount of their resources in the adoption of facial recognition technologies, among which the US and China can be considered as the leading adopters. China is considered as one of the major adopters and exporters of facial recognition tools

Restraint: Difficulty in countering legal risks and eDiscovery
Facial recognition technology is used across industry verticals ranging from healthcare and retail to government and defense. Federal and police departments also use facial recognition technologies to catch suspected criminals in different cases. Even though the federal and police departments use this technology, the possibility of false matches poses a major problem in the implementation of facial recognition technologies.

Opportunity: Adoption of the cloud-based facial recognition technology
The adoption of IoT is witnessing exponential growth also proves to be a prerequisite for facial recognition technologies, such as facial recognition, middleware, modeling and restructuring, and analytics. The growing cloud storage, which is expected to reach USD 65.41 billion by 2020, has provided a robust cloud-based storage platform, enabling the captured data to be stored and accessed easily from mobile devices and platforms.

Challenge: Lack of knowledge and awareness leading to technical challenges
Facial recognition is cutting-edge technology and has several advantages in different sectors. The technical challenges faced needing immediate attention to make the facial imaging approach robust for out-of-the-lab applications. According to the Neurodata Lab, the lack of effective data to train the algorithms is expected to impact the market growth negatively.

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