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. 

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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 :-

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?

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