Facial recognition Market Development and Future Demand Analysis Report
According to our latest market study on “Facial Recognition Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Application, and Vertical,” the market was valued at US$ 5,012.71 million in 2021 and is projected to reach US$ 12,670.22 million by 2028; it is expected to grow at a CAGR of 14.2% from 2021 to 2028.
Facial recognition is a biometric technique that compares face traits from an image to a database of stored facial information to authenticate and identify people. Due to its expanding use in both law enforcement and non-law enforcement applications, it is predicted to increase rapidly during the forecast period.
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Based on component, the facial recognition market is segmented into software, hardware, and services. In 2020, the software segment led the market and accounted for the largest share. The facial recognition software is one of major biometric technologies used in today’s era for personnel identification and security application. The software generates a biometric template by measuring and detecting various features or characteristics points of persons’ faces, including location of the nose, eyebrows, chin, eyes, mouth, and ears. The two templates are compared, and match score is derived, which indicates the likelihood that the two images belong to the same person. With the increasing emphasis on securing the integrity of assets and safety of personnel operating in facilities, the deployment of advanced biometric technology including facial recognition software have gained major traction that is driving the growth the facial recognition market.
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IDEMIA, Leidos, NEC Corporation, Thales Group and Cognitec are some of the key market players operating in the global facial recognitions market. The listing of key players is derived by considering multiple factors such as overall revenue, current facial recognition product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities. In addition to these players, there are several other important players operating in the facial recognition ecosystems which were studies analyzed during the course of this market research study, such as, Tech5, Aware Inc., Ayonix Corporation, Onfido, and Face PHI.
Most of the market initiatives were observed in Europe and APAC region, which have a high potential of market-related products, solutions, and services.
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