Facial Recognition Market Current Scenario and Growth Prospects to 2023-2028

According to IMARC Group latest report titled "Facial Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", 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 size reached US$ 6.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.3 Billion by 2028, exhibiting a growth rate (CAGR) of 18.3% during 2023-2028.

What is Facial Recognition?

Facial recognition refers to a biometric software application capable of uniquely identifying or verifying a person by comparing and analyzing patterns based on an individual's facial contours. It is a form of technology that works by scanning an image or video footage of a face to create a map of key features such as the distance between the eyes or the shape of the cheekbones. These unique measurements, known as a facial signature, are then converted into a mathematical formula and compared with a database of known faces. This sophisticated and efficient method of identification and authentication has found various applications across several sectors including security, retail, and healthcare.

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What are the growth prospects and trends in the facial recognition industry?

The global market is primarily driven by the emergence of cutting-edge applications for identification and verification purposes in security-intensive industries. Moreover, the increased utilization in the retail sector for personalized advertising and customer analytics is also fostering market growth. Additionally, the rising importance of efficient, contactless identification methods in the health sector due to recent global health concerns has augmented its use in patient tracking and monitoring, thereby creating a positive market outlook. In line with this, the integration of artificial intelligence (AI) and machine learning technologies into facial recognition systems resulting in improved accuracy is fueling the product demand. Furthermore, the augmenting consciousness regarding individual privacy rights along with the development of privacy-centric solutions in response are also positively impacting the market. Some of the other factors contributing to the market include proliferation of smart devices, rapid urbanization, and extensive research and development (R&D) activities.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 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

Explore Top Companies Blog by IMARC Group: https://www.imarcgroup.com/top-facial-recognition-companies

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 (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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