Facial Recognition Market Trends Evaluation, Geographical Segmentation, Business Challenges, and Investment Opportunities Analysis till 2028

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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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
NEC Corporation
Thales Group
Face PHI

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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)

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.

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