Facial Recognition Market: Current Analysis and Forecast (2022-2028)

The global Facial Recognition Market is expected to grow at a growth rate of around 16% during the forecast period. The facial recognition market is uplifting on account of the increasing investment in facial recognition technologies by the government and defense industries and the growing importance of surveillance in industries. Facial recognition is the process of identifying or verifying an individual's identity based on their face. It captures, analyzes, and compares patterns based on human facial details. The facial recognition process is a key step in detecting and locating human faces in images and videos.

Many people are familiar with FaceID facial recognition technology used to unlock iPhones. Instead of typically relying on a huge database of photos to determine an individual's identity, facial recognition simply identifies and recognizes the individual as the sole owner of the device, limiting access to other users. Moreover, factors such as the increasing technological advancement across industry verticals, enhanced security provided by facial recognition, and the rising adoption of the technology by the law enforcement sector are also influencing the growth of the facial recognition market. For instance, In August 2021, GAO reported its findings on facial recognition technology (FRT) activity which found that 18 out of 24 agencies reported using FRT for one or more purposes. The list of agencies consists of agencies like the Department of Defense and Department of Homeland Security (DHS) that keep in-residence systems, along with smaller companies that use the machine to govern get admission to high-safety locations.

Some of the major players operating in the market include: Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, Facephi Biometria SA, Fujitsu Limited, Thales Group, Advent International, NEC Corporation, AnyVision Interactive Technologies Ltd., and TECH5 SA. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst technology, 3D facial recognition segment to witness robust CAGR during the forecast period"

Based on technology, the market is segmented into 3D facial recognition, 2D facial recognition, and facial analytics. The 3D facial recognition segment catered to a significant share of the facial recognition market in 2020. The emergence of advanced technologies such as cloud-based solutions and facial analysis is expected to boost the growth of the market. Facial analytics capabilities in facial recognition software allow users to understand where faces reside in a video or image along with their facial attributes.

"Amongst application, the access control segment to hold a significant share in the market in 2020"

On the basis of application, the market is divided into access control, emotion recognition, law enforcement, and others. The access control segment is expected to grow at a strong CAGR during the forecast period. This is because more and more companies are focusing on improving their access control systems. Access control is a safety degree this is installed region to alter the people that may view, use, or have to get admission to a confined environment.

"North America captured a significant share of the market in 2020"

North America captured a notable share of the market in 2020. The wide implementation of facial recognition technology in security and surveillance systems is the major factor contributing to regional growth. Moreover, the increasing adoption of facial recognition technology in various federal agencies in the United States is fueling the growth of the market in the region. For instance, the FBI makes use of facial recognition to look at probe images for matching candidate images. Facial recognition technology offers a specific and specialized value to the FBI's challenge to combat crime and terrorism. In many instances, facial recognition results in statistics that are not available with another investigative method.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

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