Face Recognition Device Market Estimated to Experience a Hike in Growth By 2032

Facial recognition technology has transformed a wide range of businesses across the globe, including safety, surveillance, commercial, and AI-based applications. The increased adoption of this technology and the rise of novel security products have enhanced the operations of various industries. The Global Face Recognition Device Market Size was valued at $4.5 billion in 2023 and is projected to reach $16.5 billion by 2032, growing at a CAGR of 15.7% from 2024 to 2032.

What is facial recognition technology?

Facial recognition technology is cutting-edge software that employs algorithms to identify and verify individuals in real life, on camera, or in videos. Modern facial recognition systems incorporate AI to recognize people based on different criteria such as ethnic background, age, gender, and racial background. These advanced devices acknowledge people quickly and securely without making physical contact. They are useful in various applications such as monitoring employee attendance, preventing criminal activity, and many others. With the rapid incorporation of AI, the acceptance ratio of these systems has increased, providing rapid image processing speed and simplicity of setup.

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Face recognition technology is revolutionizing modern devices and security systems

Face recognition systems have gained huge popularity in the latest tech-based devices such as smartphones, computers, tablets, and even personal virtue assistants, widely used for both professional and personal use. In the past few years, several countries have come up with lie-detection programs that enable the face recognition process with enhanced capabilities. These programs help identify individuals through their expression. This modern technology allows investigators to determine whether a suspect is speaking the truth or not.

Moreover, the rapid incorporation of this technology has enhanced the ability of personal assistants such as Alexa, Siri, and Google Assistant. Apart from performing regular activities such as arranging scheduled meetings, delivering news, playing music, and texting, these devices have become a more feasible and viable replacement for current robotic incarnations. With this development, the systems can detect feelings and other reactionary social indications, making them communicate more effectively.

On the other hand, the growing usage of AI in facial recognition systems makes them ideal for a wide range of scenarios. AI-based systems enable access control faster, more flexibly, and smartly. They offer boosted face recognition technology with advanced features, including multi-factor authorization and video authorization to improve security and privacy. Such promising advancements have fueled the growth of the face recognition device market size. According to Allied Market Research, the industry is projected to rise at a CAGR of 15.7% from 2024 to 2032.

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BigBear.ai acquires Pangiam to drive innovation in Vision AI and biometrics

In November 2023, BigBear.ai, a leading provider of AI-enabled business intelligence solutions, acquired Pangiam Intermediate Holdings, LLC, a leader in Vision AI for the global travel and digital identity industries. Under this acquisition, the companies together aimed to create a comprehensive Vision AI portfolio by combining their expertise. The facial recognition and advanced biometrics platform of Pangiam and the computer vision capabilities of BigBear.ai have helped the firms expand their customer base and service offering, serving leading airlines, airports, and identity verification companies.

SALTO and TouchByte join forces to elevate face recognition access control

In April 2023, SALTO Systems, a leading provider of advanced smart access control solutions, announced its acquisition of TouchByte, a renowned UK-based technology innovator. With this investment, SALTO aimed to promote the development of top-end face recognition access control by implementing TouchByte's cutting-edge face recognition platform. Touchbyte solutions are powered by Cognitec, an emerging player in the face recognition arena. Through this agreement, SALTO envisioned providing its customers with a secure and frictionless way of accessing their buildings and facilities. Moreover, the company has also planned to bring a new range of capabilities to its product portfolio by enabling additional use cases in applications across several industries.

Facial recognition devices are increasingly penetrating various industries for notable applications including financial transactions, personal device authentication, and security and law enforcement. Moreover, the growing technological innovations such as deep learning algorithms, real-time processing, and multi-modal capabilities are expected to create wide opportunities for the industry in the coming years.

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