Facial Recognition Market Is Expected to Increase at A Whopping CAGR of 17% CAGR o Witness Tremendous Revenue Growth of USD 2.66 Billion by 2029 | Exactitude Consultancy

Facial Recognition Market analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading IoT platform market vendors that include FacePhi, Aware, NEC Corporation, TECH5, IDEMIA, Gemalto NV

Luton, Bedfordshire, United Kingdom, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Facial Recognition market.

Facial Recognition Market is expected to grow till USD 2.66 Billion by 2029, exhibiting a CAGR of 17% during the forecast period.

The rising demand for Facial Recognition Market by method of recognising a human face using technology is facial recognition. A facial detection system maps facial traits from a photo or video using biometrics. To locate a match, it compares data with a database of recognised faces. Additionally, over the past ten years, facial recognition algorithms' accuracy has significantly increased. For instance, the best face identification algorithm, according to tests conducted by the National Institute of Standards and Technology in April 2020, boasted an error rate of just 0.08%, a significant improvement over 2014, when the best algorithm had an error rate of 4.1%.

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Facial Recognition Market is expanding as a result of our growing reliance on digital technology and automation. Facial recognition access control solutions are also being more widely used as a result of the ongoing demand for better security and identity systems. The demand for Facial Recognition Market is also anticipated to increase quickly as businesses work to implement the best possible combination of technologies and regulations for security and dependability, which will further fuel the development of the Facial Recognition Market.

Key Developments in Facial Recognition Market

  • In April 2022, PopID, a Pasadena-based startup that uses facial recognition software for payments, partnered with Visa to deliver its facial payment solution PopPay to provide safe and innovative ways of payment for customers present in the Middle East region
  • In March 2021, SAFR from RealNetworks Inc. partnered with Convergint Technologies to offer a facial recognition platform for live video intelligence to customers and expand the product portfolio of Convergint by adding SAFR computer vision platform to its integrated security solutions
  • In January 2020, CyberLink Corp., an AI and facial recognition technology provider, entered into a partnership with VIVOTEK to accelerate and enhance video applications for users present across the globe.
Report Attribute/MetricDetails
  Market Size  USD 13 Billion
  CAGR  17%
  Base Year  2021
  Forecast Period  2022-2029
  Historical Data  2021
  Forecast Units  Value (USD Billion)
  Report Coverage  Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered  By Technology, By Hardware & Software
  Geographies Covered  North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors  Safran SA (France), NEC Corporation (Japan), Gemalto (Netherlands), Cognitec Systems (Germany), Aware Inc. (U.S), Daon Inc. (U.S.), FaceFirst Inc. (U.S.), Key Lemon Ltd. (Switzerland), Ayonix Corporation (Japan), Face++ (China)
  Key Market Opportunities  The growing importance of the surveillance industry, the investment in facial recognition technologies by the government and the defense sector, and rising technological advancement across industry verticals are key factors driving the growth of the facial recognition market.
  Key Market Drivers  The rising demand for surveillance has become one of the key factors driving the growth of the market for facial recognition.

Facial Recognition Market Players

The key technology vendors include FacePhi, Aware, NEC Corporation, TECH5, IDEMIA, Gemalto NV, Ayonix Corporation, and Cognitec Systems GmbH. Players in facial recognition technology market are focusing on R&D activities to bring technological advancements. Some of the key strategies adopted by market players include mergers and acquisitions, joint ventures, alliances and partnerships, collaborations and agreements, and new product launches/developments.

Browse complete Report Summary with TOC here: https://exactitudeconsultancy.com/reports/1391/facial-recognition-market

Key Market Segments: Facial Recognition Market

Facial Recognition Market by Technology Segment, 2019-2028

  • 3 D Facial Recognition
  • 2 D Facial Recognition
  • Facial Analytics

Facial Recognition Market by Application Segment, 2019-2028

  • Emotion Recognition
  • Attendance Tracking and Monitoring
  • Access Control
  • Security & Surveillance

Facial Recognition Market by End-Use Industry Segment, 2019-2028

  • Law Enforcement
  • Health Care
  • Retail
  • Other End Users

Regional Overview of Global Facial Recognition Market

In 2021, Europe and North America together accounted for the lion's share of the worldwide facial recognition market. These areas are anticipated to maintain their dominance during the forecast period, with a respective revenue share of 29.9% and 26.4% in 2022 for the worldwide facial recognition market. The surge in criminal and terrorist activity in North America and Europe can be linked to an increase in demand for facial identification systems in these regions.

The three biggest facial recognition marketplaces in Asia Pacific are China, India, and South Korea. These nations provide enormous opportunity for businesses who operate in the market. Increased use of facial recognition technology for border control and homeland security, as well as an increase in terrorist activity and continuously improving aviation industry are factors driving the market in the region. The market in Asia Pacific is projected to advance at a CAGR of 18.6% during the forecast period.

Rise in demand for surveillance systems to enhance safety and security

The necessity for sophisticated security and surveillance systems in civic and governmental organisations to promote safety and security is developing dramatically due to an increase in criminal activity and growing concerns for oversight and safety. Additionally, face search technologies are frequently employed in criminal investigations because to their accuracy and security. The expansion of the facial recognition market is further boosted by increased government investments in new CCTV camera technologies, which are installed in the majority of public spaces to reduce criminal activity and terrorist acts and to improve public safety. Facial recognition system adoption has increased due to other behaviours like theft, harassment, violence, and property damage to public spaces. Additionally, the system employs an intelligent face search based on parameters that enables it to recognise and track people of interest.

In-depth qualitative analyses include identification and investigation of the following aspects:
– Market Structure
– Growth Drivers
– Restraints and Challenges
– Emerging Product Trends & Market Opportunities
– Porter’s Fiver Forces

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