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Facial Recognition Market Set For Significant Expansion, Exceed to US$16.5 Billion By 2030 Projects Reports Insights Study

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New York, March 16, 2023 (GLOBE NEWSWIRE) — According to the research report titled Facial Recognition Market released by Reports Insights, the market value for facial recognition technology was estimated to be USD 5.79 Billion in 2022. The market is projected to expand at a significant CAGR of 16.13% and is expected to exceed USD 16.5 Billion by 2030. The report attributes this growth to the increasing demand for advanced security systems, especially in the public infrastructure sector, and the supportive initiatives taken by various governments. This growth is expected to provide lucrative opportunities for the facial recognition market’s participants, including technology providers, hardware manufacturers, and software developers.

Facial Recognition Market Size, Share & Trends Analysis, By Technology (Facial Analytics, 3D Facial Recognition, 2D Facial Recognition, and Others), Application (Access Control, Security and Surveillance, and Other Applications), Vertical (BFSI, Automotive & Transportation, Healthcare, Government & Defense, IT and Telecom, Retail and E-commerce, Others), By Region and Segment, Forecast Period 2023 – 2030.

ReportsInsights Consulting Pvt. Ltd. has released an extensive research report that delves into several facets of the facial recognition market. The report explores market trends, size, value, and supply chain, as well as the regulatory environment. The report analyzes the latest advancements and growth prospects across significant segments such as technology, application, vertical, and region. This information is particularly valuable for market players seeking to enhance their competitiveness by leveraging strategic partnerships, mergers and acquisitions, and innovative product launches to stay abreast of technological developments and maintain their market position. 

Apply For Free Sample Report @ https://www.reportsinsights.com/sample/673841

Competitive Key Landscape

As per the research, the key players in the facial recognition market include NEC Corporation, Cognitec Systems GmbH, FaceFirst, and Amazon Web Services, Inc. The facial recognition market is highly competitive due to the presence of several key players striving for market share across a range of industries and applications. The market is also expected to continue to grow rapidly in the coming years due to increasing demand for security and surveillance solutions, as well as the adoption of facial recognition technology in new industries and applications.

The increased sophistication of artificial intelligence and machine learning algorithms will push the demand for facial recognition technology as more organizations look to leverage these technologies to improve their security and authentication solutions.

The scope of improvements in facial recognition such as accuracy, speed, and reliability is expected to lead to the development of more refined facial recognition systems that find a wide range of applications in various sectors such as healthcare, retail and e-commerce, and banking.

Increased adoption of biometrics without physical contact in various commercial infrastructures will push the demand for such technology, especially after the latest COVID-19 pandemic.

Facial Recognition Market Growth Drivers:

  • The rising need for advanced security and surveillance systems in civil and government institutions due to the increasing criminal activity and growing concerns about safety and supervision drives the market demand to improve safety and security measures.
  • Favorable adoptions by e-commerce platforms to improve the customer experience, streamline the checkout process, and prevent fraud also boost the market growth.
  • Increased dependence on smartphones to carry out data-sensitive financial activities such as e-banking fuels the demand for facial recognition as a safety and authentication measure.

Restraints

  • The expensive implementation of facial recognition as compared to fingerprint or other biometric solutions majorly hampers the market growth.
  • The lack of standards increases the risks of privacy concerns which restricts the demand for facial recognition, especially among the population in public areas with no consent to such data collection.

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Facial Recognition Market Scope :-

Report Attributes Report Details
Market Size By 2030  USD 16.5 Billion
Forecast Period 2023-2030
CAGR (2023-2030) 16.13%
Base Year 2022
Study Timeline 2017-2030
Key Players NEC Corporation, Thales, Softweb Solutions Inc. (An Avnet Company), Cognitec Systems GmbH (Germany), Aware, Inc., Daon, Inc., FaceFirst, Inc., Face++, Fulcrum Biometrics, Inc., Amazon Web Services, Inc., Google Developers
By Technology 2D Facial Recognition, 3D Facial Recognition, Facial Analytics, and Others
By Application Access Control, Security and Surveillance, and Other Applications
By Vertical BFSI, Automotive & Transportation, Healthcare, Government & Defense, IT and Telecom, Retail and E-commerce, Others
Report Coverage Company Ranking and Market Share, Regional Competitive Landscape, Growth Factors, Total Revenue Forecast, Business Strategies, and more.
By Geography North America [United States, Canada, Mexico]

Asia-Pacific [China, Japan, India, Southeast Asia, Korea, Western Asia]

South America [Brazil, Argentina, Columbia, Chile, Peru]

Europe [Germany, UK, Turkey, Spain, France, Italy, Russia, Netherlands, Switzerland]

Middle East & Africa [GCC, North Africa, South Africa]

Facial recognition technology is expected to become an increasingly prevalent aspect of our future due to the widespread deployment ranging from social media and mobile technology applications to security measures at airports, law enforcement, and targeted marketing campaigns.

The scope of adoption in developing countries, especially in Singapore, will create favorable opportunities for market growth as Singaporean citizens are able to use their facial features for accessing a range of government services. This is made possible by Singapore’s SingPass digital identity program, which permits the use of facial recognition technology as a means of logging into user accounts.

The rise in popularity of cloud-based technology and the Internet of Things (IoT) presents a favorable prospect for the expansion of facial recognition vendors.

Key Market Takeaways

  • The global facial recognition market size is expected to reach over USD 16.5 billion by 2030 with a staggering CAGR of 16.13% during the forecast period (2023-2030).
  • Based on technology, the 3D segment accounted for the highest shares contribution over 43.5% to the market growth in 2022.
  • By application, the access control segment contributed the largest shares to the market growth in 2022.
  • In the context of vertical, the retail and e-commerce segment accounted for the highest shares contribution to the growth of facial recognition market in 2022.
  • North America will create favorable circumstances for the facial recognition market in terms of value and volume. Increased public and private investments to improve overall safety and security from suspicious activities is will lead to the growth of market statistics in the North American region.
  • With increased adoption of technology advancements among businesses in Asia Pacific, the demand for facial recognition is expected to gain a pace for security and authentication purposes.

Browse Full Report with Table of Content (TOC) @ https://www.reportsinsights.com/industry-forecast/global-facial-recognition-market-statistical-analysis-673841

Recent Developments:

In September 2021, Aware Inc. launched the latest product named Nexa|Face™ which offers reliable and configurable APIs for multistage facial recognition and identification, or fast and high-volume face authentication. The algorithms used in Nexa|Face™ are high-performing, and the technical support provided by Aware, to further improve the ease of use and reliability of their biometric software.

In January 2023, Cognitec released the latest version of FaceVACS-Entry technology, which not only captures biometric photos but also enables their comparison with facial images obtained from databases or ID documents. The technology also involves presentation attack detection to ensure that a real person is interacting with the device.

List of Major Facial Recognition Market Players

• NEC Corporation

• Thales

• Softweb Solutions Inc. (An Avnet Company)

• Cognitec Systems GmbH (Germany)

• Aware, Inc.

• Daon, Inc.

• FaceFirst, Inc.

• Face++

• Fulcrum Biometrics, Inc.

• Amazon Web Services, Inc.

• Google Developers

Global Facial Recognition Market Segmentation: 

  • By Technology
    • 2D Facial Recognition
    • 3D Facial Recognition
    • Facial Analytics
    • Others
  • By Application
    • Access Control  
    • Security and Surveillance  
    • Other Applications
  • By Vertical
    • BFSI
    • Automotive & Transportation
    • Healthcare
    • Government & Defense
    • IT and Telecom
    • Retail and E-commerce
    • Others

Key Questions Covered in the Facial Recognition Market Report

What is the estimated market size of the facial recognition market currently?

What is the projected Compound Annual Growth Rate (CAGR) of the global facial recognition market between 2023 and 2030?

What are the primary drivers of the facial recognition market growth, both in the latest market circumstances and in the near future?

Which geographic region is expected to drive the most significant growth of the facial recognition market in terms of value and volume?

Who are some of the leading companies currently operating in the facial recognition market, and what are their key strategies for success?

 Our Others Research Reports here:-

Facial Recognition Door Access Solutions Market Size, Growth, By Regions (North America, Europe, Asia Pacific, South America, Middle East And Africa), Analysis, Trend and Forecast (2022-2028)

Facial Recognition Market Size, Regional Trends, Growth, By Regions (North America, Europe, Asia Pacific, South America, Middle East And Africa), Segment Analysis, Key Technology Landscape, Market Dynamics, and Forecast (2022-2030)

Facial Recognition Platform Market Size, Regional Trends, Growth, By Regions (North America, Europe, Asia Pacific, South America, Middle East And Africa), Segment Analysis, Key Technology Landscape, Market Dynamics, and Forecast (2023-2028)

3D Facial Recognition Systems Market Analysis By Regions (North America, Europe, Asia Pacific, South America, Middle East And Africa), Size, Growth, Trend and Forecast with Impact Analysis of COVID-19 (2022-2028)

Facial Recognition Biometrics in Consumer Electronics Market Size By Regional (North America, Europe, South America, Asia Pacific, Middle East And Africa), COVID-19 Impact Analysis, Price Trend, Competitive Share, Market Statistics and Forecasts (2021 – 2028)


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Gilbarco Veeder-Root champions fuel efficiency, clean fuels and diesel rebate solutions in mining

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JOHANNESBURG, March 28, 2024 /PRNewswire/ — Global leader in technology solutions OEM Gilbarco Veeder-Root (GVR) is dedicated to enhancing operational performance by delivering comprehensive end-to-end wetstock, industrial, mining, and business-to-business solutions, all tailored to meet the specific needs of the customer.

 
 
By encompassing every aspect of mining operations, GVR commercial and industrial Middle East and Africa director Westtar Kapito says, “the company is setting new benchmarks for fuel efficiency, safety and sustainability within the mining industry”.
As part of a holistic approach to mining excellence, Kapito explains that Gilbarco’s integrated fuel and fleet management technology solutions are designed to address the multifaceted challenges of the mining industry.
Some of these facets include wetstock control, equipment maintenance and management, fleet management and automation, compliance monitoring and environmental sustainability, as well as driving productivity and profitability through innovation.
In addition, the introduction of Gilbarco’s clean fuel solution exemplifies the company’s commitment to maintaining equipment integrity and performance.
This technology, GVR says, monitors in real-time the status of up to 16 “clean fuels” key performance matrices, thereby ensuring that dirty fuel is flagged and not transferred into mining equipment which would affect engines and injectors and thus lower productivity.
Gilbarco’s comprehensive site automation solutions empower mining companies with critical data analytic insights, facilitating efficient monitoring and management of fleet and fuel inventory. Gilbarco’s dataFLEX360 platform plays a pivotal role, offering near real-time reporting and analytics to drive informed decision-making and operational agility.
dataFLEX360 is a Web-based, cloud-hosted strategic operational insights platform. The system ensures accurate, reliable and relevant reporting of all fuel, fleet and asset transactions, and provides for proactive corrective measures to reduce complex reporting and gives a consolidated and comprehensive view across all sites and assets.
With reconciliations at its core, dataFLEX360 provides solution accuracy on operational data.
Integral to the company’s solutions is compliance with Global Industry Standards and environmental stewardship, from leak detection to vapour recovery and clean fuel technologies. Gilbarco’s products are designed to ensure compliance and minimise the carbon footprint of mining operations.
Additionally, through the company’s innovative telematics technology and the data generated, it can systematically and seamlessly generate South African Revenue Services- (SARS-) compliant fuel rebate reports for any selected tax period.  
GVR’s technology provides a full audit trail required for eligibility for SARS rebates, and its reporting platform simplifies logbook and data gathering required, enabling successful rebate claims and return on investment.
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Invoca Wins CX Today Award for Best Conversational Intelligence Solution of 2024; Launches European Data Centre and Adds UK Sales Leader

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CX Today recognises Invoca as the foremost visionary in the Conversational Intelligence category. Additionally, expands its European presence with a new Data Centre and the appointment of Duncan MacPherson as UK Director of Sales.
LONDON, March 28, 2024 /PRNewswire/ — Invoca, the leading revenue execution platform for revenue teams, has won the CX Today Award for ‘Best Conversational Intelligence Solution’ of 2024. CX Today, the leading international news publication honouring excellence in CX technology, hosted the CX Awards to honour excellence in CX leadership, technology innovation, and industry success.

“Invoca’s exceptional work in conversational intelligence has helped push the category forward, and we are thrilled to see their accomplishments acknowledged at CX Awards 2024,” said Charlie Mitchell, Senior Editor at CX Today and host of the awards.
The award recognises Invoca’s strength in empowering revenue teams across marketing, contact centre sales, and customer experience to enhance buying experiences, increase high-value leads, and boost revenue. For businesses that acquire customers over the phone, Invoca enables these digital marketing and contact centre teams to collaborate to drive revenue growth. Invoca stands out for capturing deep insights from consumer calls and digital interactions and ingesting revenue driven by calls and other metadata from CRM and contact centre solutions, making Invoca the source of truth for consumer engagements.
“We’re thrilled to be named the Best Conversational Intelligence Solution of 2024 by CX Today as we highlight our longstanding vision to help brands acquire customers and grow their revenue,” said Gregg Johnson, CEO of Invoca. “As AI pioneers in this space, having first introduced our broad base of patented AI technologies in 2015, artificial intelligence and machine learning are core to helping companies improve the customer experience and connect the buyer journey.”
The CX Awards’ judging panel, including Dan Miller, Lead Analyst at Opus Research, reviewed hundreds of applications for their organisation’s ability to improve overall customer experience through innovation and high-impact features.
“Invoca continues to demonstrate that they are a clear leader in conversational intelligence AI. We recognised Invoca for their ability to employ a sophisticated blend of AI technologies — including patented machine learning, generative AI, voice biometrics, and deep learning neural networks, to drive revenue,” said Dan Miller, CX Awards judge and Lead Analyst at Opus Research.
Invoca Launches New European Platform and Data Centre Amid U.K. Sales Leadership Expansion
Invoca continues to reinforce its commitment to maintaining data excellence with unwavering reliability and strict adherence to security standards. Protecting customer data privacy remains a top priority, particularly given the heightened concerns surrounding security and privacy. Invoca’s new European platform and localised data centres support its growing customer base by ensuring all customers can adhere to the highest level of enterprise-grade data privacy, and GDPR compliance standards. Invoca’s powerful EU-based infrastructure enables its customers to recreate the same Invoca experience using the full feature suite while maintaining the highest standards of quality.
Invoca has also welcomed Duncan MacPherson as UK Director of Sales. MacPherson brings extensive experience with large companies and start-ups selling customer engagement solutions. This is part of an overall expansion in the UK market, which includes hiring a localised sales and customer success team, sales development, and marketing support.
More Information:
See the results you can get with Invoca’s award-winning conversation intelligence: https://www.invoca.com/customersInvoca’s GDPR Compliance: Everything You Need to Know: https://www.invoca.com/blog/invocas-gdpr-compliance-everything-you-need-to-knowWatch the CX Today Awards winners revealed on demand: www.cxtoday.com/cxawardsJoin Invoca’s talented team today: https://www.invoca.com/company/careersAbout InvocaInvoca is a revenue execution platform that connects marketing and sales teams to help them track and optimise the buying journey to drive more revenue. By using a comprehensive revenue execution platform with deep integrations with leading technology platforms, revenue teams can better connect their paid media investments directly to revenue, improve digital engagement, and deliver the best buyer experiences to drive more sales. With Invoca, top consumer brands, including AutoNation, DIRECTV, Mayo Clinic, Mutual of Omaha, and Verizon, experience unbelievable results powered by undeniable data. Invoca has raised $184M from leading venture capitalists, including Upfront Ventures, Accel, Silver Lake Waterman, H.I.G. Growth Partners, and Salesforce Ventures. For more information, visit www.invoca.com.
About CX AwardsHosted by CX Today, the awards ceremony has become the beacon of recognition for companies and professionals pushing the envelope in the CX technology sphere.
The CX Awards 2024 is here for its fourth year and is bigger and better than ever before! Winners of the 2023 awards included Vonage, Calabrio, and UJET and more. Then, the ceremony included exclusive streams from our people winners, Jay Patel from Webex and Kimberley Wood from Ultimate. Yet, this year’s event featured many more CX leaders who shared their unique takes on the space.
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ASC Achieves Certification for Webex Calling

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ASC announces compliance recording and AI-driven analytics tool for Webex Calling
HÖSBACH, Germany, March 28, 2024 /PRNewswire/ — ASC Technologies, a leading provider of comprehensive recording and analytics tools, announces its successful certification for Webex Calling with Webex by Cisco, a leading provider of collaboration technologies powering hybrid work and customer experience. This certification distinguishes ASC as one of the few global vendors who are authorized to provide record capabilities for Webex Calling communications. This capability is essential for organizations in regulated industries that must adhere to strict compliance standards.

A key benefit of the ASC solution is the simple and fast configuration in the Webex Control Hub, which ensures a high level of user-friendliness. In addition, ASC enables the migration of on-premise solutions to the cloud by seamlessly transferring recordings to the cloud environment. This step enables organizations to accelerate their digital transformation and take advantage of cloud-based services. In addition, AI-driven analytics, powered by ASC’s solutions, help organizations gain a comprehensive view of their communications, enrich customer relationships, and streamline compliance and risk management processes.
“As a stable company that has been established in the market for 60 years, we see the certification for Webex Calling not only as a confirmation of our technological expertise, but also as a promise to our customers and partners,” says Dr. Gerald Kromer, CEO of ASC. “We are committed to providing innovative and reliable solutions that meet the demands of today’s communications technologies while ensuring our customers’ compliance requirements.”
This certification is a further milestone in ASC’s successful partnership with Cisco, which has already existed for 20 years. ASC will be exhibiting at Enterprise Connect in Gaylord Palms, and Cisco Live in Las Vegas, showcasing its innovative recording and analytics solutions and demonstrating the results of its collaboration with Cisco. These events offer a glimpse into how ASC’s solutions drive efficiency and insight.
About ASC
ASC is a worldwide leading provider of software and cloud solutions in the field of omni-channel recording, quality management, and analytics. Among our target groups are all companies that record their communications, especially financial service providers, contact centers, and public safety organizations. We offer solutions for recording as well as AI-based analysis and evaluation of all communications – with full flexibility as a cloud service, on-premise or as a hybrid solution. Headquartered in Germany with subsidiaries in 14 countries and experienced system integration partners in over 60 countries, ASC is the #1 Europe-based player in its industry.
About Webex by Cisco
Webex is a leading provider of cloud-based collaboration solutions which includes video meetings, calling, messaging, events, customer experience solutions like contact center and purpose-built collaboration devices. At Webex, we start with people and their experiences first. This focus on delivering inclusive collaboration experiences fuels our innovation, which leverages AI and Machine Learning, to remove the barriers of geography, language, personality, and familiarity with technology. Our solutions are underpinned with security and privacy by design. We work with the world’s leading business and productivity apps – delivered through a single application and interface. Learn more at webex.com.
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