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Facial Recognition Market to Witness Exponential Growth To 2028 | Tech5, Aware Inc, IDEMIA, Ayonix Corporation

12-01-2022 08:10 AM CET | IT, New Media & Software

Press release from: The Insight Partners

/ PR Agency: The Insight Partners
The Insight Partners

The Insight Partners

According to our latest market study on "Facial Recognition Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Application, and Vertical," the market was valued at US$ 5,012.71 million in 2021 and is projected to reach US$ 12,670.22 million by 2028; it is expected to grow at a CAGR of 14.2% from 2021 to 2028.Facial recognition technologies have been deployed by federal and regional law enforcement departments, homeland security departments, and other security agencies across the world. These biometric systems help them solve different crime cases by facilitating the rapid identification of offenders, which is contributing to the growth of the facial recognition market. Furthermore, in the military sector, facial recognition systems are employed to identify individuals on the battlefield. The US military has spent more than US$ 4.5 million on the development of facial recognition technology that reads the heat patterns emitted by faces to identify specific people. In 2021, the US Army called for proposals to install a facial recognition security system at the entry points of all its bases. Thus, increasing deployment of facial recognition technology by governments drives the facial recognition market growth.

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Global Facial Recognition Market Insight:

Based on component, the facial recognition market is segmented into software, hardware, and services. In 2020, the software segment led the market and accounted for the largest share. The facial recognition software is one of major biometric technologies used in today's era for personnel identification and security application. The software generates a biometric template by measuring and detecting various features or characteristics points of persons' faces, including location of the nose, eyebrows, chin, eyes, mouth, and ears. The two templates are compared, and match score is derived, which indicates the likelihood that the two images belong to the same person. With the increasing emphasis on securing the integrity of assets and safety of personnel operating in facilities, the deployment of advanced biometric technology including facial recognition software have gained major traction that is driving the growth the facial recognition market.

The Key Players In The Global Market Are: Tech5, IDEMIA, Aware Inc., Cognitec Systems , GmbH, Ayonix Corporation, Fujitsu Limited, Onfido, EC Corporation, Thales Group, Face PHI

Facial recognition technologies have been deployed by federal and regional law enforcement departments, homeland security departments, and other security agencies across the world. These biometric systems help them solve different crime cases by facilitating the rapid identification of offenders, which is contributing to the growth of the facial recognition market. Furthermore, in the military sector, facial recognition systems are employed to identify individuals on the battlefield. The US military has spent more than US$ 4.5 million on the development of facial recognition technology that reads the heat patterns emitted by faces to identify specific people. In 2021, the US Army called for proposals to install a facial recognition security system at the entry points of all its bases. Thus, increasing deployment of facial recognition technology by governments drives the facial recognition market growth.

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Impact of COVID-19 Pandemic on Facial Recognition Market Growth

Due to rising concerns for hygiene, many companies are shifting toward facial recognition as an alternative to avoid the spread of novel coronavirus. In many countries, law enforcement and organization have moved from legacy systems to facial recognition solutions to reduce the overall spread of the virus infection. In addition, the integration of artificial intelligence (AI) offers a practical solution by combining both facial recognition technology and temperature detection. During the COVID-19 outbreak in China, authorities used facial recognition, combined with infrared cameras, to recognize infected people. Also, Chinese intelligent interaction company, Hanwang Technology, developed a facial recognition technology that can identify people wearing masks in the country. Also, the application of thermal camera checks through facial recognition systems is adopted by healthcare systems across the world. Adopting facial recognition technology by Q4 2021 will be a common phenomenon among various sectors worldwide.

The report segments the global Market as follows:

By Component (Software, Hardware, and Services),

By Application (Security & Surveillance, Access Control, and Others)

By Vertical (BFSI, Retail & Ecommerce, Government, Healthcare, Education, Automotive & Transportation, and Others)

Biometrics gained huge traction among intelligence agencies after the world witnessed several severe terrorist attacks in the past, e.g., the attack on World Trade Center on September 11, 2011, in the US. The data were collected worldwide through biometric, especially by military personnel in possibly high-threat nations. Governments of various countries, such as the US and China, are investing in the adoption of facial recognition technologies. China is one of the significant adopters and exporters of facial recognition tools. According to Comparitech, China has the most extensive public surveillance system as the number of CCTV cameras increased to 626 million in 2020. The country government reinforces these systems with the integration of facial recognition technologies. Furthermore, in the military sector, facial recognition systems are employed to identify individuals on the battlefield. The US military has spent more than US$ 4.5 million in the development of facial recognition technology that reads the heat patterns emitted by faces to identify specific people. Thus, the above metioned factors drive the facial recognition market growth.

Answers that the report acknowledges:

• Market size and growth rate during forecast period.
• Key factors driving the Market.
• Key market trends cracking up the growth of the Market
• Challenges to market growth.
• Key vendors of Facial Recognition Market
• Detailed SWOT analysis.
• Opportunities and threats faces by the existing vendors in Global Market>
• Trending factors influencing the market in the geographical regions.
• Strategic initiatives focusing the leading vendors.
• PEST analysis of the market in the five major region

Speak To Analyst @ https://www.theinsightpartners.com/speak-to-analyst/TIPRE00003385/?utm_source=OpenPR&utm_medium=10212

Contact Us:

If you have any queries pertaining to the report or would like further information, feel free to reach out to us at-
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

ABOUT US:

The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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