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Elevating Significance of Surveillance Drives Expansion in Facial Recognition Market - Key Players Including Aware Inc., NEC Corporation, Thales, Fujitsu and Idemia
Facial Recognition Market
The Business Research Company's Facial Recognition Global Market Report 2023 the growing importance of the surveillance industry is the major driver for the facial recognition market's growth in the forecast period. The increasing incidences of cyberattacks, terrorist activities, and identity thefts across the globe have increased surveillance. Private and public organizations are using facial recognition to provide high-level security through accurate identification of individuals for access control. The utilization of smart surveillance systems using facial recognition is rising. For instance, in August 2021, the Singapore Minister for Home Affairs announced that it aims to double police cameras installation by 2030, from 90,000 to 200,000 police cameras across the island state
The global facial recognition market size grew from $5.43 billion in 2022 to $6.28 billion in 2023 at a compound annual growth rate (CAGR) of 15.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The facial recognition market size is expected to grow to $11.35 billion in 2027 at a CAGR of 16.0%.
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Major competitors in the facial recognition market are Aware Inc., Ayonix Corporation, Cognitec Systems GmbH, FacePhi, NEC Corporation, Nuance, Idemia, Thales, Fujitsu, Gemalto NV, Onfido, TECH5 SA, NVISO SA (nViso), Neurotechnology.
A key trend in the facial recognition market includes strategic partnership. Companies are partnering with facial recognition companies to expand into a new market and leverage each other resources. For instance, in May 2021, SAFR, a US-based company that provides touchless biometrics solutions, partnered with Convergint Technologies. Through this partnership, Convergint will add the SAFR computer vision technology to its portfolio of integrated security solutions to provide the industry's leading face recognition platform for live video intelligence to its clients in the United States. Convergint is a Schaumburg-based security and investigations company.
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The facial recognition market is segmented -
• By Technology: 2D, 3D, Facial Analytics
• By Application: Emotion Recognition, Attendance Tracking And Monitoring, Access Control, Security And Surveillance, Other Applications
• By End User: Retail And E-commerce, Media And Entertainment, Banking, Financial Services And Insurance (BFSI), Automobile And Transportation, Telecom And Information Technology (IT), Government, Healthcare, Other End-Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the facial recognition market.
The Business Research Company's "Global Facial Recognition Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Facial Recognition Market Include:
1. Executive Summary
2. Facial Recognition Market Characteristics
3. Facial Recognition Market Trends And Strategies
4. Facial Recognition Market - Macro Economic Scenario
5. Facial Recognition Market Size And Growth
……………
27. Facial Recognition Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Facial Recognition Market
29. Facial Recognition Market Future Outlook And Potential Analysis
30. Appendix
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