Facial Recognition Market is Expanding at a High CAGR of 15.7% from 2022 to 2032 | FMI

According to a recent study done by FMI, the Facial Recognition Market is expected to reach US$ 22.5 billion by 2032, up from US$ 5.2 billion in 2022, expanding at a high CAGR of 15.7%. This study explains that increase in government investments in emerging technologies of CCTV cameras in most public places to minimize criminal activities and terrorist attacks and to enhance public safety boosts the facial recognition market growth.

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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Further, post the COVID-19 pandemic, there is a gradual rise in the number of use cases of facial recognition, which is one of the factors that has boded well for the Facial Recognition's market demand. Moreover, the application of thermal camera checks through these systems and are being adopted by healthcare systems globally.

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

Increasing mobile transactions for banking in countries, such as India and China, coupled with their governments' initiatives, are expected to be the major drivers for the facial recognition market in the region, remarks a FMI analyst. 

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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.

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.

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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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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.

This release was published on openPR.