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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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Artificial Intelligence

Elevate Your Virtual Reality Experience with KIWI design RGB Vertical Stand, Now Available on Meta’s Website

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LOS ANGELES, May 11, 2024 /PRNewswire/ — Top-tier VR accessories provider KIWI design has launched its latest product, the RGB Vertical Stand. This Meta-authorized accessory, designed to deepen users’ immersion in the metaverse, is now available on the official Meta website.

“KIWI design’s commitment to pushing the boundaries of virtual reality accessories takes another leap forward with the introduction of our new products,” said Ray,the CEO of KIWI design. “We are always dedicated to bringing innovative upgrades to VR device accessories, with the goal of enriching users’ virtual reality experiences.”
The newly launched RGB Vertical Stand features a user-friendly modular design with push-in assembly, making it easy to set up and use. It is compatible with Meta Quest 3, Quest 2, and Quest Pro, ensuring widespread usability. With a magnetic USB Type-C connector, it provides an effortless way to charge and display your headset. Users can also customize their display with 16 pre-set ambient multicolor RGB light options.
With VR technology constantly evolving, users are seeking more immersive experiences. As a leading manufacturer of VR accessories, KIWI design is committed to enhancing the user experience, through unique product designs. Since its establishment in 2015, KIWI design has acquired over 100 patents and has a diverse product lineup, including head straps, facial interfaces, VR stands, charging accessories, and controller grip covers.
KIWI design has also actively participated in the Made for Meta program, which is provided by Meta to strengthen its partnerships with leading brands to deliver accessories that enhance Meta products with more choice and a richer experience for everyone. KIWI design’s participation in this program validates its high-quality design standards.
The RGB Vertical Stand for Meta Quest 3, Quest 2, and Quest Pro and another specially designed authorized charging dock for the Meta  Oculus Quest 2 are now available for purchase on both KIWI design’s website and Amazon. For more information about our brand and products, please visit our website and follow KIWI design on Facebook, Instagram, X, YouTube and TikTok.
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https://www.instagram.com/kiwidesignins/

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WIO Taps Gracenote to Revolutionize Television Broadcast Reporting

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LOS ANGELES, May 11, 2024 /PRNewswire/ — WIO LLC, parent company of the global TV broadcast airings platform, WIOpro™, has announced a new strategic agreement with Gracenote, the global content data business unit of Nielsen, to address the longstanding challenge of accurately tracking and collecting music royalties generated by broadcast television and digital programming, With this agreement, WIO will integrate Gracenote TV program metadata and show airings into its WIOpro™ (“When’s It On – Professional”) platform enabling performance rights organizations, copyright management organizations and other entities to better monitor broadcast schedules and identify when royalties have been earned.

By integrating Gracenote historical program data into WIOpro’s new LookBack™ feature, WIO is enhancing its reporting capabilities and empowering Collection Societies, Rights Management Companies and the royalty-earning community to more easily monitor and export broadcast airings and better understand collections opportunities.
“At WIO, we are committed to empowering collection societies and copyright holders around the world with our platform tools and unprecedented access to the best and most accurate television broadcast and streaming data available,” said Shawn Pierce, Co-Founder and CEO of WIO LLC. “We have enjoyed an incredible relationship with Gracenote for 10 years. With the solidification of this agreement, we are able to deliver an unrivaled dataset to the royalty and residual community in a way that has not been offered before.” said Adam Shafron, Co-Founder and CTO of WIO LLC.
“WIO’s platform developed to solve the difficult matter of royalty tracking only becomes more powerful based on the integration of accurate, timely and comprehensive Gracenote metadata,” said Scott Monahan, Director, Strategic Partnerships, Gracenote. “We look forward to the combination of WIOpro’s technology and Gracenote’s program metadata delivering on the promise of transforming music royalty collection so that rights holders can be fairly compensated for use of their work.”
WIO and Gracenote will be at the MusicBiz 2024 conference in Nashville, TN May 13 – 16. Contact Dave Pelman, COO of WIO LLC at [email protected] for media queries or to book an appointment for a product demonstration.
About WIO:WIO is a technology company dedicated to providing broadcast television and digital programming data tailored specifically for the royalty and residual collection industry. Through its platform WIOpro (wiopro.com), users obtain access to real-time broadcast insights, reporting and curated data delivery.
About Gracenote:Gracenote is the content data business unit of Nielsen providing entertainment metadata, connected IDs and related offerings to the world’s leading creators, distributors and platforms. Gracenote enables advanced content navigation and discovery capabilities helping individuals easily connect to the TV shows, movies, music, podcasts and sports they love while delivering powerful content analytics making complex business decisions simpler.
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IDTechEx Explores Printed Electronics in Electrified and Autonomous Mobility

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BOSTON, May 10, 2024 /PRNewswire/ — Electrification, autonomy, and vehicle ownership saturation are causing a technological revolution in the automotive sector. These automotive meta-trends are driving drastic changes in electronic component requirements and present a high-volume opportunity for printed electronics to capitalize on.

Historically, printed electronics technologies have nurtured a close relationship with the automotive sector, with printed force sensors pioneering passenger safety through seat occupancy and seatbelt detection. As such, the automotive sector continues to represent the lion’s share of the global printed and flexible sensor market, which IDTechEx’s report on the topic evaluates as worth US$421M in 2024. However, if the automotive sector is to continue to be a reliable revenue stream, printed electronics technology providers must adapt to address the emerging technical challenges facing future mobility.
Augmenting autonomous vehicles with printed electronics
As vehicle autonomy levels advance, the increasing number and distribution of spatial mapping sensors required will need continuous performance improvements to ensure passenger safety. Emerging printed electronics technologies can augment these sensors, extending detection bandwidth and maximizing reliability during operation.
Transparent conductive films (TCFs) are being developed to heat and defog LiDAR sensor panels, ensuring the function is unperturbed by external environmental conditions. Properties such as high transparency and low haze are important for defogging. These properties can be easily tuned using the wide variety of material options available for TCFs, including carbon nanotubes and silver nanowires.
IDTechEx identifies printed heating as a leading application of transparent conductive films. This is attributed to diminishing growth prospects in capacitive touch sensing applications. Innovations in thin film coating techniques have enabled indium tin oxide (ITO) to dominate touch sensing applications, all but displacing TCFs completely.
Looking towards the future, printed electronics technologies could play a more active role in advanced autonomous driving. Emerging semiconductive materials, such as quantum dots, printed directly onto conventional silicon image sensor arrays can extend detection range and sensitivity deeper into the infrared region. Augmenting existing image sensor technology with enhanced spectral range could facilitate the competition of hybrid silicon sensors with established InGaAs detectors.
Printed sensors promise granularized battery health monitoring
Vehicle electrification is driving the sustained development and evolution of electronic management systems, particularly in the battery and electric drivetrain. A strong market pull exists for technologies that increase vehicle efficiency, range, and lifetime while reducing recharge times.
Printed pressure and temperature sensors measure battery cell swelling and thermal profiles, providing granularized physical data that can be used to optimize battery deployment and recharging. Moreover, hybrid printed sensors that combine integrated printed heating elements promise a solution to actively address battery temperature. IDTechEx estimates that printed sensor-enabled battery deployment and charging optimizations could be worth up to US$3000 in savings per vehicle.
There remains uncertainty about whether electrification trends will correspond to increased demand for physical sensors in electric vehicle batteries, owing to the utility of existing electronic readouts for managing deployment. Virtual sensors also pose a threat, where AI-enabled software models interpret data to predict and emulate physical sensor functions without the need for discreet components. However, emerging regulations regarding safety and sensor redundancy will likely favor measurable metrics and see automotive makers continue to adopt physical sensors. IDTechEx predicts that virtual sensors are unlikely to displace their physical counterparts – so long as low-cost sensors remain widely available.
Embedding printed electronics in the car of the future
IDTechEx predicts that global car sales will saturate over the next decade, with automakers increasingly looking for premium features and technical innovations to differentiate themselves from the competition. In-cabin technologies will be highly desirable – as the location where passengers reside and interact with the vehicle the most.
Lighting elements are emerging as a prominent differentiator, described as “the new chrome” by Volkswagen’s chief designer. The use of in-mold structural electronics (IMSE) enables the integration of embedded lighting elements using existing manufacturing processes. 3D electronics technologies are intrinsically attractive for automotive integration, as functional layers are conformable and lightweight while easily embedded within existing aesthetic elements.
Despite strong tailwinds, the adoption of in-mold electronics within automotive interiors has been sluggish. This is attributed to the challenges of meeting automotive qualification requirements, as well as stiff competition with less sophisticated alternatives such as applying functional films to thermoformed parts. Nevertheless, momentum is building, with technology providers like Tactotek partnering with Mercedes-Benz and Stallantis to progress the automotive validation of IMSE to TRL5.
Outlook for printed electronics in automotive applications
Just as printed force sensors heralded early passenger safety systems, printed electronics technology is poised to underpin next-generation innovations for the car of the future. But this time, the competition will be stiff. Critical cost requirements must be met, while desirable new functionality must address existing challenges faced by manufacturers. Printed electronics can play a role in supporting emerging electrified and autonomous mobility, such as augmenting LiDAR sensors or optimizing electric battery deployment. Demand for technologies that enhance passenger experience and vehicle aesthetics will continue to grow, and printed electronics can supply low-power, lightweight lighting solutions for these.
Sustained engagement from tier suppliers and manufacturers continues to make the automotive sector key to printed sensor market growth opportunities – a total market IDTechEx predicts will reach US$960M by 2034. Strong partnerships between material providers and printed electronics technology providers are complementary to those of the highly vertically integrated automotive value chains between tier suppliers and OEMs. Leveraging printing techniques to provide solutions that slot into existing manufacturing processes and designs will be crucial. In the medium term, the printed electronics technologies most likely to realize revenue potential are those that can adapt to service emerging challenges already known to the automotive industry.
For more information on IDTechEx’s research on this topic, please see their report, “Printed and Flexible Sensors 2024-2034: Technologies, Players, Markets”. Downloadable sample pages are available for this report.
For the full portfolio of printed and flexible electronics market research from IDTechEx, please visit www.IDTechEx.com/Research/PE.
About IDTechEx:
IDTechEx provides trusted independent research on emerging technologies and their markets. Since 1999, we have been helping our clients to understand new technologies, their supply chains, market requirements, opportunities and forecasts. For more information, contact [email protected] or visit www.IDTechEx.com. 
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