Facial Recognition Market Size and Forecast
The Global Facial Recognition Market report provides a holistic evaluation of the market for the forecast period. The report comprises various segments as well as an analysis of the trends and factors that are playing a substantial role in the market. These factors; the market dynamics involve the drivers, restraints, opportunities, and challenges through which the impact of these factors in the market is outlined. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Facial Recognition Market study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.
Facial Recognition Market was valued at USD 3.04 Billion in 2019 and is projected to reach USD 9.95 Billion by 2027, growing at a CAGR of 15.87% from 2020 to 2027.
What is Facial Recognition?
Facial recognition refers to the method of identifying, recognizing, or verifying the identity of an individual using their face. A facial recognition system employs computer algorithms to select specific, distinctive details about an individual’s facial characteristics to store them as faceprints. Facial recognition can help in verifying a person’s identity by map facial features from a photograph or video and compares it further with the database of known faces.
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Global Facial Recognition Market Outlook
In the report, the market outlook section mainly encompasses fundamental dynamics of the market which include drivers, restraints, opportunities and challenges faced by the industry. Drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market.
The facial recognition system is increasingly being used to facilitate or control access by governments and law enforcement agencies to identify and authenticate a person for better security and safety of valuable assets and therefore fuelling its demand in the market. The rising adoption of a multi-factor authentication system which includes fingerprints, retina scans, and facial recognition has boosted the facial recognition market. Also, the rising innovations in facial recognition systems for applications in various fields are expected to provide an upthrust to the market in the coming years. Furthermore, facial recognition is widely being employed for surveillance applications in the public sector. Facial recognition acts as a key tool to help detect and locate human faces in images and videos, therefore surging its demand in the market.
Verified Market Research narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements which interests the client. The “Global Facial Recognition Market” is mainly bifurcated into sub-segments which can provide a classified data regarding latest trends in the market.
Global Facial Recognition Market Competitive Landscape
The “Global Facial Recognition Market” study report will provide a valuable insight with an emphasis on global market including some of the major players such as – NEC Corporation, Aware, Cognitec Systems, Gemalto, Thales, Idemia, Leidos, Daon Inc. Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
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Facial Recognition Market, By Software
• 2D Facial Recognition
• 3D Facial Recognition
• Facial Analytics
Facial Recognition Market, By End User
• Government and Defense
• Healthcare
• BFSI
• Others
Facial Recognition Market Geographic Scope
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Rest of Asia Pacific
• Rest of the World
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