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The Global Facial Recognition Market Value Is Projected To Reach Around USD 12.4 Bn By 2028, Witnessing A CAGR Of 16.4% From 2019-2028.
The demand for facial recognition is stimulated due to advancements in technological adoption by corporate companies in various industries. Furthermore, its unique security and marketing applications across the industries is driving the demand across the globe. Corporate organizations are adopting this technology in order to boost their authenticity and deliver prominent offerings to the end-users. It is equipped with advanced method of surveillance that could detect the people along with their demographic features and other information.
Thus, there is a significant rise in sales of facial recognition offerings across the globe. Furthermore, the advancements in technologies that could act as supportive factors for facial recognition offerings. Such supportive factors including 3d cameras are also about to boost the market share of global facial recognition. Due to advents in technological adoption across the organizations especially retailers are able to limit their checkout lines and increase customer flow with the help of facial recognition technology.
The facial recognition market has a significant market stand because of its contribution to law enforcement and non-law enforcement activities. Facial recognition offerings are about to surpass the market for other biometric solutions such as fingerprint, skin texture and voice recognition, etc. by the end of the forecast period there would be a drop of other biometric methods and an increase in facial recognitions market share. The technology has also played a significant role in event management that secures the event by recognizing uninvited guests and avoiding the risk associated with it thus there is a plunge in the market share.
Advancements in facial recognition are increasing by the investments of companies to cater to the various needs of customers globally. Yet facial analysis technology is improving in its latest fashion enabling the individuals to gain much more insights through this technology that is boosting its market share slowly. In the recent years, terrorist attacks are increased in government organizations demand the need for this technology to eliminate such activities and protect the law. Due to such factors, there is a high demand for facial recognition technology worldwide with advanced technology.
The growth of facial recognition market might be hindered due to increased sensitivity in confidential data and less accuracy and the cost involved is high in this technological implementation. But this hindrance may be overcome by the introduction of advancement in facial recognition technologies integration with mobile, drones and other devices.
Facial Recognition For Analysis to be the Dominant Segment In the Global Market:
Advancements in facial recognition technology have contributed to the rise of demand in facial recognition analysis among developed nations. This technology recognizes blacklisted persons entering the business area as well as capable of providing demographic features and numerical results, those are essential to analyse and enable businesses to perform at a favourable pace. Such features of facial recognition are in high demand among the big companies encouraging them to meet their policy compliance while performing business activities. The technology enables businesses to collect information about the personals without gathering in-person identification data easing their businesses.
Plunge in facial recognition analysis technology is also because of its application in achieving marketing tactics and increasing the productivity of businesses. This technology has a significant contribution in the identification of missing persons globally and many other civil activities thus surge in the market share of facial recognition. Facial recognition technology also predicts various activities including commercial activities across different industries and civil purposes. Hence the market is looking out for such a sophisticated technology that could satisfy the need of various industries and increasing their civil, environmental and economic purposes.
North America to Hold Significant Share in Global Facial Recognition Market:
The region is well known for its technological advancements and investments for new offerings to prospective customers across the world. Thus facial recognition is also predicted to have substantial growth potential in this market share because of its lucrative opportunities and huge investments. It is because of the technological benefits when implemented for various purposes and enhancing the commercial activities. The technology contributes to security systems and investigating the criminals’ activities of criminals across the globe.
This region accounted for the highest usage of facial recognition systems majorly by FBI and government agencies which have average searches of 4,060 in order to identify the facial information. The region has a high amount of data breach accounted on an average of 1500 per month, majorly of financial institutions and government agencies which is further stimulating the market share of facial recognition. Companies are taking advantage of facial recognition systems in conducting events in this region for securing the events and their business operations. Such factors in this region are contributing to the growth of market share in the North America region.
The market for facial recognition has no much rivalry forces due to the presence of a few large players encouraging this market for new entrants and take opportunities in this technology. This market is being stimulated by a number of new entrants in recent times due to the importance this technology has in various fields across the globe.
Prominent players of facial recognition are listed as follows: Panasonic Corporation, NEC Corporation, Thales Group, Aware Inc., Animetrics Inc. FRS Labs, Images Technology, Cognitec, NoahFace, Dahua Technology, Hikvision, Face++, SenseTime
Key segments in the facial recognition market:
- Emotion Recognition
- Attendance Tracking and Monitoring
- Access Control
- Law Enforcement
- Others (Robotics and eLearning)
- North America
- Latin America
- Asia Pacific
- Middle East & Africa