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Global Facial Recognition Market Analysis by Recent Developments and Business Outlook 2022-2030

09-20-2022 08:31 AM CET | Fashion, Lifestyle, Trends

Press release from: Inkwood Research

FACIAL RECOGNITION MARKET

FACIAL RECOGNITION MARKET

According to Inkwood Research, the Global Facial Recognition Market is projected to register a CAGR of 14.41% in terms of revenue during the forecasting years of 2019-2028
"Browse 31 Market Data Tables and 49 Figures spread over 152 Pages, along with an in-depth TOC on the Global Facial Recognition Market Forecast 2019-2028."

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Facial recognition is characterized by a biometrics software technology, used for authenticating and identifying individuals. The identity verification process entails corroborating an individual's facial features extracted from an image with those stored in a database.

Technical Developments within Recognition Systems Augment Market Growth
Owing to innovations in technology, several facial recognition systems integrated with cloud computing are currently being initiated in the market. Manufacturers have also developed improved technologies such as, 'a spin-off from terotechnology,' providing a cloud-based face recognition and detection service. Moreover, developments in facial recognition like SDK have upgraded its accuracy, especially while identifying facial characteristics. Thus, the improved quality of products has increased awareness among users, subsequently leading to the surging implementation of facial biometrics, across the world.
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Facial Analytics is the Prominent Technology in the Market
Facial analytics primarily analyses the individual's face, in terms of sex, age-group, and expression, among others. Its application is increasingly significant in the retail division, and is anticipated to depict swift growth, across the forecast period. The technology helps generate detailed information about customers in a store or patients in a hospital. It can be used to track multiple people, simultaneously.
Moreover, it also analyzes the demographical profiles of converted customers, in addition to shoppers. As a result of such advantages, the majority of global tech giants, namely, IBM Watson, Amazon (AWS), and Microsoft Azure, are investing in this technology. Additionally, facial analytics and emotion detection within the automotive sector are anticipated to gain prominence over the upcoming years, by analyzing the driver's and passengers' state of mind.

Asia Pacific is evaluated to dominate the Global Market by 2028
The growing need for surveillance systems to ensure public safety and security, and establishing an economy based on facial recognition systems in avenues ranging from banking and shopping, to boarding airplanes, are primarily attributed to the region's market growth. The rising adoption of artificial intelligence (AI), in emerging countries like Indonesia and Thailand also plays a significant role in augmenting the facial recognition market growth, in the Asia Pacific.
The market comprises established players, ever-present in the network infrastructure and hardware business. Moreover, market vendors are projected to concentrate significantly on acquiring local firms, functional in several regions. The acquisitions would result in an augmented regional presence, while also gaining access to dataset generated on regional biological characteristics. Key companies operating in the market include, Cognitec Systems GmbH, Crossmatch, FaceFirst Inc, NEC Corporation, 3M, etc.

Related Reports:
GLOBAL VIDEO ANALYTICS MARKET
GLOBAL IMAGE RECOGNITION MARKET
GLOBAL BIOMETRICS MARKET

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