Facial Recognition Market worth $13.4 billion by 2028, growing at a CAGR of 16.3%: Report by MarketsandMarketsâ„¢
Chicago, April 03, 2024 (GLOBE NEWSWIRE) -- The global Facial Recognition Market is estimated to be worth USD 6.3 billion in 2023 and is projected to reach USD 13.4 billion by 2028, at a CAGR of 16.3% during the forecast period, according to a new report by MarketsandMarkets™
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Facial Recognition Market Dynamics:
Drivers:
- Growth in security concerns and rise in need for robust surveillance systems.
- Advancements in facial recognition algorithms, ML, and AI
- Rise in contactless technologies post-COVID-19
Restraints:
- Privacy concerns
- Rise in false positives and negatives
Opportunities:
- Emerging use cases/applications in various sectors
- Integration of facial recognition in mobile devices for authentication and security
List of Key Players in Facial Recognition Market
- NEC (Japan)
- Microsoft (US)
- Thales (France)
- AWS (US)
- IDEMIA (France)
- Aware (US)
- Daon (Ireland)
- Megvii (China)
- Facephi (Spain)
- Herta Security (Spain)
- OneSpan (US)
- Q3 Technologies (US)
- Neurotechnology (Lithuania)
- Cognitec Systems (Germany)
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The growing need for cybersecurity to strengthen security and surveillance and aid law enforcement in crime prevention and suspect identification contributes to widespread facial recognition adoption across various sectors, from law enforcement to everyday technology use.
Facial recognition has become a prominent feature in smartphones and other personal devices as technology advances. The convenience of unlocking devices with just a glance has made facial recognition popular for user authentication. This technology enhances the overall user experience by eliminating the need for traditional methods like PINs or passwords and also adds an extra layer of security through biometric authentication. Beyond device unlocking, facial recognition is employed for personalization, allowing systems to tailor user experiences based on individual facial features. From customized settings on smartphones to targeted advertising, the integration of facial recognition in consumer electronics showcases its versatility and appeal in creating seamless and personalized interactions between users and their devices, driving the adoption of facial recognition.
The facial recognition market in the Asia Pacific region is positioned for accelerated growth, driven by several key factors. It is caused by technological advancements, increasing urbanization, and a proactive approach to innovation. Governments in countries such as China, Japan, and India have been at the forefront of deploying facial recognition for various purposes, ranging from public security to efficient public services. In China, facial recognition is used extensively for surveillance, public safety, and everyday transactions, such as making payments or accessing public transportation. The region's emphasis on smart cities and advanced technology integration has fueled the deployment of facial recognition in diverse sectors, including finance, healthcare, and education. While technology brings about efficiency and convenience, there is an increasing concern about privacy and surveillance practices and ethical implications, leading to ongoing efforts to balance innovation with regulatory safeguards in the Asia Pacific region.
The software solutions segment of the facial recognition market is anticipated to experience a notably higher growth rate. Facial recognition software solutions have experienced a surge in popularity driven by technological advancements, increased computing power, and a growing need for seamless identity verification across various industries. There is an ongoing trend of integrating AI and ML algorithms into facial recognition software. These technologies enhance the accuracy and efficiency of facial recognition by enabling systems to learn and adapt to diverse facial features and environmental conditions, increasing their demand. Companies providing facial recognition software solutions include NEC, Thales, Aware, Daon, AWS, and Facephii.
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These players not only have a comprehensive and diverse product portfolio but also have a strong geographic presence. The dynamic interplay of escalating digital demands, complex application architectures, and the need for security propels companies to invest in and adopt facial recognition in an increasingly interconnected landscape. These companies offer several product offerings and have operations worldwide. They rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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