Facial Recognition Market Report:

According to IMARC Group latest report titled “Facial Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on facial recognition market overview. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global facial recognition market reached a value of US$ 5.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 15.6 Billion by 2027, exhibiting at a CAGR of 21.2% during 2022-2027.

Facial recognition is a biometric technology that is used for identifying, recognizing, and authenticating a person by comparing and analyzing patterns based on the facial contours of the subject. This image recognition technology has gained wide acceptance over the years. It leverages a digital camera to detect faces in the captured images and then quantify the features of the image to match against the templates stored in the database.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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Market Trends:

The global market is primarily driven by the widespread adoption of facial recognition technology across various applications. In line with this, growing investments in facial recognition technologies by the governments of various countries are positively influencing the market. Furthermore, the augmenting demand for advanced security and video surveillance systems among end-users to enhance safety is catalyzing the market growth. Several manufacturers are also integrating facial recognition with modern technologies, such as the internet of things (IoT), artificial intelligence (AI) and machine learning, thus creating a positive outlook for the market. Moreover, the rising adoption of 3D face recognition technology to recognize objects across various view angles with high accuracy is propelling the market growth. Additionally, the increasing utilization of mobile security devices, drones and cloud-based surveillance systems is providing a boost to the market growth.

Competitive Landscape with Key players:

The report has also analysed the competitive landscape of the market with some of the key players being.

• 3M Company
• Animetrics Inc.
• Aware Inc.
• Ayonix Corp­oration
• Cognitec Systems GmbH
• Daon Inc.
• FaceFirst Inc.
• FacePhi Biometria
• IDEMIA (Advent International)
• NEC Corporation
• Safran Group
• Thales Group

Facial Recognition Market Segmentation:

Our report has categorized the market based on region, component, technology, application and end use industry.

Component:

• Software
• Services

Technology:

• 2D Facial Recognition
• 3D Facial Recognition
• Facial Analytics

Application:

• Emotion Recognition
• Attendance Tracking and Monitoring
• Access Control
• Security and Surveillance
• Others

End Use Industry:

• Retail and E-commerce
• BFSI
• Government and Defense
• Automotive and Transportation
• Media and Entertainment
• Healthcare
• Telecom and IT
• Others

Market Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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