Global Facial Recognition Market Forecast to 2028
The report on the global Facial Recognition market looks at both past and present data and does a complete analysis of market dynamics. The study also discusses the main market growth stimulating and inhibiting variables that are anticipated to have an impact on market growth during the forecast period. In order to predict industry growth for the years 2021 to 2028, the Global Facial Recognition Market conducts market scenario research. The study focuses on potential growth opportunities and limitations that market leaders in the industry might experience over the course of the projection period. The research focuses specifically on developing business components, specialist industries, product launches, and brand promotions that are occurring in the
According to Emergen Research's most recent analysis, the size of the worldwide facial recognition market is anticipated to reach USD 13.87 billion in 2028 at a consistent CAGR of 15.7%. The growing demand for physical security, expanding use of biometric devices, and expanding adoption of 5G technology are all factors contributing to this consistent market revenue development. Future expansion of the global face recognition market is anticipated to be driven by increasing demand for electronic devices like mobile phones, wearables, and smart gadgets as well as increased acceptance of technologies like cloud computing and the Internet of Things.
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The global Facial Recognition industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.
The leading market contenders listed in the report are:
NEC Corporation, Cognitec Systems, Aware Inc., FaceFirst Inc., Safran SA, Panasonic Corporation, Gemalto NV, Key Lemon Ltd., Ayonix Corporation, Face++
Research Report on the Facial Recognition Market Addresses the Following Key Questions:
- Who are the dominant players of the Facial Recognition market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Facial Recognition market?
- What are the key growth drivers and restraining factors of the Facial Recognition market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Facial Recognition market and its key segments?
The report bifurcates the Facial Recognition market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Segments Covered in this report are:
- Component Outlook (Revenue, USD Billion; 2018–2028)
- Technology Outlook (Revenue, USD Billion; 2018–2028)
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Physical Security
- ID Management
- Criminal Investigation
- Business Intelligence
- Photo Indexing and Sorting
Regional Landscape section of the Facial Recognition report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Highlights From the Report
- In March 2021, NEC Corporation, which is a market leader in the integration of IT and network technologies, announced commence trial for Face Express, which is a new boarding procedure for international departure flights using facial recognition technology at Narita International Airport (NRT), Narita International Airport Corporation (NAA), Tokyo International Airport (Haneda Airport, HND), and Tokyo International Air Terminal Corporation (TIAT). Utilization of facial recognition consist of advanced biometric authentication technologies, Bio-Idiom.
- Software segment accounted for largest revenue share in the facial recognition market in 2020, which is projected to incline rapidly during the forecast period. Rising need of technology development such as cloud-based technology, Artificial Intelligence systems, and Internet of connectivity technology is boosting global facial recognition market growth.
- 3D facial recognition segment revenue growth rate is projected to incline rapidly during the forecast period. Rising demand for new and more innovative technologies to obtain more precise and accurate matches of biometrics to identify users are factors driving revenue growth of this segment.
- Identity management segment revenue growth rate is projected to incline rapidly during the forecast period. Increasing concerns regarding safety of home-based systems and rising number of cases of cyber-criminal activity are factor boosting market growth.
- Government segment accounted for largest revenue share in the facial recognition market in 2020, Increasing deployment of biometrics to establish identity of citizens and increasing digitalization of documents are factors further supporting market growth.
- North America accounted for largest revenue share contribution to the global facial recognition market in 2020. Technological advancements in user engagement, user security, and human identification in various sectors such as BFSI, healthcare, telecommunications, mobile phones, and defense is expected to boost growth of the facial recognition market to a significant extent. Increasing investments by major players in face recognition technologies for deployment at airports and large enterprises is expected to further support market growth.
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Facial Recognition market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Points of the Geographical Analysis:
- Data and information related to the consumption rate in each region
- Estimated increase in the consumption rate
- Proposed growth of the market share of each region
- Geographical contribution to market revenue
- Expected growth rate of the regional markets
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