Facial Recognition Market 2022-2027: Latest Updates, New Technologies, Growth Strategies and Forecast

According to IMARC Group latest report titled "Facial Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on facial recognition market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global facial recognition market reached a value of US$ 5.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 15.6 Billion by 2027, exhibiting at a CAGR of 21.2% during 2022-2027.

Facial recognition represents a biometric technology for determining and verifying the identity of an individual. These software and systems use deep learning algorithms to capture, analyze, and compare live captures, patterns, or digital images to the stored faceprint repository to confirm the identity. Facial recognition can be integrated with existing security infrastructure, eliminates the need for physical contact for verification, and offers an improved level of protection. It also allows faster data processing and facilitates automated authentication. As a result, facial recognition finds widespread applications in criminal investigations, identity management, homeland security, intelligent signage, and photo indexing and sorting.

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Market Trends:

The escalating incidences of cyberattacks, terrorist activities, and identity thefts across the globe are among the primary factors driving the facial recognition market. Besides this, the extensive utilization of smart surveillance systems, such as multi-factor authentication systems, is further augmenting the market growth. Moreover, the escalating demand for facial recognition across the corporate sector and commercial spaces, as it provides high-level security to public and private organizations via accurate identification of individuals for access control, is also catalyzing the global market. Apart from this, the elevating requirement for these systems in the healthcare industry to replace passwords and provide quick access to the medical records of the patient is acting as another significant growth-inducing factor. In addition, various technological advancements, including the development of 3D solutions that can operate in the dark, determine faces from multiple viewing angles, and discriminate changes in facial characteristics, age, and gender, are acting as significant growth-inducing factors. Furthermore, the growing popularity of mobile security devices, drones, and cloud-based surveillance systems is anticipated to propel the facial recognition market over the forecasted period.

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Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.
• 3M Company
• Animetrics Inc.
• Aware Inc.
• Ayonix Corp­oration
• Cognitec Systems GmbH
• Daon Inc.
• FaceFirst Inc.
• FacePhi Biometria
• IDEMIA (Advent International)
• NEC Corporation
• Safran Group
• Thales Group

Facial Recognition Market Segmentation:
Our report has categorized the market based on region, component, technology, application and end use industry.

Breakup by Component:
• Software
• Services

Breakup by Technology:
• 2D Facial Recognition
• 3D Facial Recognition
• Facial Analytics

Breakup by Application:
• Emotion Recognition
• Attendance Tracking and Monitoring
• Access Control
• Security and Surveillance
• Others

Breakup by End Use Industry:
• Retail and E-commerce
• BFSI
• Government and Defense
• Automotive and Transportation
• Media and Entertainment
• Healthcare
• Telecom and IT
• Others

Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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This release was published on openPR.