Facial Recognition Market
Market Overview
According to the facial recognition market Forecast, business chiefs suggest that the global market reach USD 17.35 Billion with a CAGR of 16.54% from 2016 to 2030.
Facial recognition technology is a biometric application used mainly for security and identification purposes in shopping malls and airports. Additionally, this technology is being used in smartphones for locking and unlocking features and signing in or paying with various mobile apps. It mainly works by capturing a picture of someone and applying face analytics combined with the available database.
As the outbreak of the covid-19 pandemic has impacted almost the entire world, the Facial Recognition Market is no exception. During the pandemic and its restrictions, the usage of this technology has been increased to address the consequences introduced by the covid-19. Law enforcement, followed by various other organizations, have opted for this technology solution to keep the spread in control. With healthcare systems worldwide, the system has also adopted the thermal camera check. The demand for facial recognition technology to track and monitor people's identity verification, security measures, movement, patient identification will be an increasing factor in many industries all across the globe.
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Market Segmentation:
The Facial Recognition Market Trends has been segmented based on the following:
By Component:
Based on the component segment of the market, it has-
- Software
- Hardware
- Integrated Devices
- Handheld Devices
- Scanners
- cameras
By Technology:
Based on technology, the market has-
- Facial analytics
- 2D Facial Recognition
- 3D Facial Recognition
By End-User Industry:
Based on end-user industry, the market has-
- Government
- Healthcare
- BFSI
- Security and Law Enforcement
- Retail and E-commerce
- Telecom and IT
- Automobile and transportation
- Media and Entertainment
- Others
By Application:
Based on application, the market has-
- Access control
- Emotion Recognition
- Security & Surveillance
- Attendance Tracking and Monitoring
- others
By Region:
Based on region, the market has-
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Regional Analysis:
Based on research, the APAC region is likely to see the ultimate Facial Recognition Market Growth during the forecast period, especially in China, Japan, India, Singapore, and South Korea, because of increasing public awareness. In this region, the criminal cases are increasing drastically. Therefore, the increasing number of investigations and security surveillance adopting the technology are driving the growth opportunity of the Facial Recognition market. For instance, the Narita International Airport in Japan has been using face recognition technology to board a flight instead of a passport since spring 2020.
Some of the prominent market players are as follows:
- NEC Corporation (Japan)
- Cognitech System GmbH (Cognitech Systems) (Germany)
- Aware, Inc (Aware) (US)
- Ayonix Corporation (Ayonix) (Japan)
- Neurotechnlogy (Lithuania)
- Animetrics (US)
- NVISO SA (nViso) (Switzerland)
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Industry News:
In April 2020, in the African region of Cape Town, the market giant Amazon expanded its business operations by setting up three availability zones. Developing the business operation in Africa is to increase cloud adoption in the African market.
In April 2020, Microsoft Azure had updated their facial recognition solution. The new version introduced can easily take customer feedback with its improved and simplified UI (User Interface). With the enhanced performance, the devices can collect faster the updated data.
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