Facial Recognition Market Size Poised for Rapid Growth: Increasing Applications and Technological Advancements Drive Market Expansion | 2030
The global facial recognition market, valued at USD 3925.1 million in 2021, is set to experience significant growth with a projected Compound Annual Growth Rate (CAGR) of 15.2 percent during the forecast period. The widespread adoption of facial recognition technology across various industries and its growing applications are driving the market’s expansion.
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Key Report Findings
- Diverse Applications: Facial recognition technology is being rapidly adopted across diverse sectors. For instance, real estate firms are using facial recognition for secure hotel stays, while law enforcement agencies are employing it for identifying suspects and enhancing border control.
- Pandemic Boost: The COVID-19 pandemic has accelerated the use of facial recognition technology. Thermal camera inspections and facial recognition-based systems have been integrated into healthcare and security systems worldwide to monitor people’s movements, verify identities, and ensure patient safety.
Facial Recognition Market: Drivers
- Government Investment: Governments, particularly in the US and China, are investing heavily in facial recognition technology. China, in particular, is a major adopter and exporter of this technology, driving its adoption and growth.
- Work from Home Model: The shift to remote work due to the COVID-19 pandemic has led to increased internet usage and a need for advanced networking infrastructure, which is driving the adoption of facial recognition and related technologies.
Facial Recognition Market: Restraints
- False Matches: Despite its wide use, the possibility of false matches remains a significant challenge in the implementation of facial recognition technology. This can lead to arrests of innocent individuals and potential legal risks.
Facial Recognition Market: Segment Overview
- 3D Dominates: The 3D segment holds the largest market share, accounting for more than 36% of global revenue. 3D facial recognition’s accuracy and ability to detect altered traits make it preferred in various applications, including education, retail, healthcare, and law enforcement.
- Access Control Leads: The access control segment leads with over 37% of global sales. Businesses are focusing on improving access control systems, and the integration of facial recognition enhances these systems.
Facial Recognition Market: Regional Landscape
- North America Dominates: North America dominated the market in 2021, with over 37% of global revenue. The adoption of facial recognition technology in security and surveillance systems contributes to the region’s growth.
- APAC Growth: Asia Pacific is projected to have the highest CAGR. Initiatives like the e-KTP project in Indonesia and the UIDAI project in India are creating new opportunities for market penetration in the region.
Global Facial Recognition Market: Competitive Landscape
Partnerships and collaborations are driving advancements in the facial recognition market. For example, PopID teamed up with Visa to launch its facial payment system, PopPay, and SAFR and Convergint Technologies collaborated to provide customers with a facial recognition platform for live video intelligence.
Prominent players in the facial recognition market include 3M, Cognitec Systems GmbH, Animetrics Inc., Crossmatch, Daon Inc., FaceFirst, Inc., IBM Corporation, Microsoft Corporation, NEC Corporation, and Nuance Communications Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/facial-recognition-market
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