New York, April 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Facial Recognition Global Market Report 2023" - https://www.reportlinker.com/p06319890/?utm_source=GNW
The global facial recognition market 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 is expected to grow to $11.35 billion in 2027 at a CAGR of 16.0%.
The facial recognition market includes revenues earned by entities by providing solutions that assist in controlling access to personal devices, homes, cars, offices, and other locations.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Facial recognition refers to the method of recognizing someone or confirming their identification by looking at their face.It records patterns based on a person’s face characteristics, analyses them, and compares the results.
In order to identify and locate human faces in pictures and videos, the face detection method is a necessary first step.
North America was the largest region in the facial recognition market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the facial recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main technologies in facial recognition market are 2D, 3D and facial analytics. 2D face recognition technology utilizes a camera to take a picture of the subject, then stores it for later usage. Facial recognition is used for applications such as emotion recognition, attendance tracking and monitoring, access control, and security and surveillance. Facial recognition is mostly used by retail and e-commerce, media and entertainment, banking, financial services and insurance (BFSI), automobile and transportation, telecom and information technology (IT), government, healthcare and other sectors.
The growing importance of the surveillance industry is expected to drive the facial recognition market.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. Therefore, increasing the importance of the surveillance industry will lead to growth in the facial recognition market.
Strategic partnership is a key trend in the facial recognition market.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.Similarly, in February 2021, Honeywell, a US-based multinational conglomerate company that provides smart building solutions for aerospace, defense, manufacturing, and others, partnered with Idemia.
The partnership aims to create solutions that will enable occupants to have contactless engagement with a building easily and securely, from vehicle recognition in the parking garage to automatic elevator. IDEMIA is a France-based company that offers identity and security solutions.
In June 2021, Pangiam, a US-based company offering technology-based security and travel services announced the acquisition of Trueface, for an undisclosed amount.Through this deal, Pangiam aims to provide a faster, safer, and more personalized travel experience by offering identity management, biometrics and data labeling services.
Trueface is a US-based company offering computer vision focused on facial recognition.
The countries covered in the facial recognition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The facial recognition market research report is one of a series of new reports that provides facial recognition market statistics, including facial recognition industry global market size, regional shares, competitors with a facial recognition market share, detailed facial recognition market segments, market trends and opportunities, and any further data you may need to thrive in the facial recognition industry. This facial recognition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06319890/?utm_source=GNW
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