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Facial Recognition Market to reach $24.3 Billion, Globally, by 2032 at 16.4% CAGR: Allied Market Research

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Allied Market Research published a report, titled, “Facial Recognition Market by Technology  (3D, 2D, and Facial Analytics), Application (Access Control, Attendance Tracking and Monitoring, Emotion Recognition, Security and Surveillance, and Others), End User (Retail and E-commerce, Media and Entertainment, BFSI, Automobile and Transportation, IT and Telecom, Government, Healthcare, and Others), and Region (North AmericaEuropeAsia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global facial recognition industry generated $5.5 billion in 2022 and is estimated to reach $24.3 billion by 2032, witnessing a CAGR of 16.4% from 2023 to 2032.

Drivers, Restraints, and Opportunities- 

The global facial recognition market is experiencing growth due to several factors, including the increasing need for effective video surveillance systems, and rising government and military investments in facial recognition. However, concern over privacy and data security hampers market growth to some extent. Moreover, IoT and smart device adoption that works seamlessly is expected to provide lucrative opportunities for market growth during the forecast period

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Report Coverage & Details: 

Report Coverage 

Details 

Forecast Period 

2023–2032 

Base Year 

2022

Market Size in 2022 

$5.5 Billion 

Market Size in 2032 

$24.3 Billion 

CAGR 

16.4 %

No. of Pages in Report 

278

Segments Covered 

Technology, Application, End User, and Region 

Drivers  

Increasing need for effective video surveillance systems.

 

Rising government and military investments on facial recognition.

Opportunities 

IoT and smart device adoption that works seamlessly 

Restraints 

Concern over privacy and data security 

COVID-19 Scenario- 

  • The popularity of facial recognition systems in many industries was fueled by the growing emphasis on contactless technology and the necessity for touchless identification techniques.
  • Facial recognition offers a practical and hygienic substitute for conventional authentication techniques like fingerprint scanning or PIN entry because it avoids physical contact.
  • Facial recognition technology is now more in demand in sectors like healthcare, banking, retail, and transportation. Additionally, the outbreak created interest in facial recognition as a substitute authentication technique by driving demand for touchless and contactless technologies.
  • Due to this, new approaches have been developed and implemented into operation that aim to increase the accuracy of facial recognition in situations where people are wearing masks, such as algorithms that can evaluate additional facial traits or blend facial recognition with other biometric modalities.

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The 3D segment to rule the roost by 2022- 

By technology, the 3D segment held the major share in 2022, garnering more than two-fifths of the global facial recognition market revenue. This is due to a facial identification system that is more reliable and accurate than conventional 2D facial recognition, which depends on flat photographs. On the other hand, the 2D segment is projected to rule the roost during the forecast period. Furthermore, the facial analytics segment would showcase the fastest CAGR of 19.2% from 2023 to 2032. Owing to examine customer demographics, emotions, and engagement levels in-store using facial analytics technologies. This information can be utilized to target advertising and marketing campaigns, improve store layouts, and enhance consumer interactions.

The access control segment to maintain the leadership status throughout the forecast period- 

By application, the access control segment held the major share in 2022, garnering more than one-third of the global facial recognition market revenue, and is expected to maintain the leadership status throughout the forecast period. This is due to secure areas, buildings, rooms, or facilities. Only individuals with authorized facial biometrics are granted entry. However, the security and surveillance segment would display the fastest CAGR of 20.3% from 2023 to 2032. owing to real-time identification and alerts, making surveillance more proactive. Furthermore, the rising concern over security threats, terrorism, and public safety issues is a significant driver for the adoption of facial recognition technology in surveillance.

The retail and e-commerce segment to maintain the lead position during the forecast period- 

By end user, the retail and e-commerce segment accounted for nearly one-fourth of the global facial recognition market revenue in 2022, and is expected to maintain its lead position during the forecast period. Owing to authentic security for customers to access their online accounts and make transactions on e-commerce platforms. On the other hand, the healthcare segment would portray the fastest CAGR of 23.7% throughout the forecast period. Owing to accurately and quickly identify patients upon admission to hospitals and healthcare facilities. This helps ensure that patients receive the correct treatments and medications.

North America garnered the major share in 2022- 

By region, North America garnered the highest share in 2022, holding nearly two-fifths of the global facial recognition market revenue. owing to the growing adoption of advanced technological solutions such as AR (Augmented Reality) and VR (Virtual Reality) solutions across end-user industries, such as media & entertainment, retail, and financial sectors, contributing toward a major trend in the North America region. However, the Asia-Pacific region is expected to maintain dominance by 2032. The same region would also exhibit the fastest CAGR of 20.0% during the forecast period. This is due to the rise in the use of automated systems from unlocking mobile phones to checking in for flights to making payments with the use of AI to match live images of a person for verification against a database of photographs.

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Leading Market Players- 

  • NEC Corporation
  • Aware, Inc.
  • COGNITEC SYSTEMS GMBH.
  • Thales
  • Fujitsu
  • FacePhi
  • NVISO
  • Onfido
  • Daon, Inc.
  • FaceFirst

The report analyzes these key players in the global facial recognition market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

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Artificial Intelligence

Zetrix and Beitou Launch Digital ID & Driver’s Licence Services on Blockchain

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Service is the first global W3C-compliant Verifiable Credential implementation and will be initially used by China domestic users travelling abroad
KUALA LUMPUR, Malaysia, Dec. 10, 2023 /PRNewswire/ — Zetrix, a layer 1 public blockchain platform, today announced the launch of its groundbreaking Digital Credentials platform, ushering in a new era of secure, convenient, and interoperable credentials verification. This innovative solution addresses the challenges of traditional paper-based credentials, offering a range of benefits that will transform the way individuals, organisations, and governments interact in the digital realm.

The launch marks the commercialisation of the collaboration announced on 18th September 2023 between Malaysia’s MY E.G. Services Berhad and China’s state-owned Guangxi Beitou IT Innovation Technology Investment Group Co Ltd (“Beitou”), the IT arm of Guangxi Beibu Gulf Investment Group listed as one of China’s Top 500 enterprises.
The launch was held on 9th December 2023 at Ritz-Carlton Hotel Kuala Lumpur and officiated by Malaysia’s Deputy Prime Minister, Datuk Seri Dr Ahmad Zahid Hamidi.
The service initially will be offered to domestic China nationals who can choose to digitise their National ID or driving licence as a Verifiable Credential (“VC”) on Xinghuo International, the international gateway for China’s national Public Blockchain. Through Zetrix, which is integrated with Xinghuo, the National ID or driving licence VC can then be presented abroad to be authenticated by any verifier wishing to verify the relevant identity or driving licence data according to their needs.
Beitou IT’s integration to China’s nationwide police and transport department databases ensures seamless authentication and digitisation of the documents into VCs.
Furthermore, in view of the immutability of blockchain, verifiers will have the assurance of knowing that the VCs and all data contained in the document are true and genuine.
It is foreseen that besides IDs and driving licences, other important credential documents held by individuals or businesses would also be digitised as VCs in the near future. 
Enhancing Security and Combating Breach of Data
The use of digital credentials, with the initial pilot of driving licences based on blockchain technology will significantly enhance security and combat counterfeiting of electronic licences. By leveraging on the Self Sovereign Identity (“SSI”) framework, Zetrix’s Digital Credentials platform enables the real time verification of documents digitised as Verifiable Credentials, providing a robust defence against fraud and forgery.
“In addition to ensuring authenticity, documents digitised as Verifiable Credentials offer the ability for selective disclosure or confirmation of data. For instance, document holders can have their age or their home location verified without actually having to provide their date of birth or full address. This is extremely useful as it protects raw user data from being shared unless absolutely necessary, thus reducing the possibilities of cyber attacks,” explained TS Wong, founder of Zetrix.
Lai Shuiping, Chairman of the Board of Guangxi Beitou IT Innovation Investment Group Co.,Ltd, Lai Shuiping, said: “The China-ASEAN digital driving license cross-border verification platform is jointly developed by Beitou IT and MYEG. The platform will continue to expand into providing more convenient services for communication between citizens of China and ASEAN countries, and promote economic development across the entire region.”
“In future, Beitou IT will further strengthen cooperation with Malaysian enterprises in the field of transportation digitalisation, and promote continuous improvement of intelligent transportation in ASEAN countries,” Lai added.
Multi-Chain e-Wallet for International Travelers
Zetrix’s Digital Credentials platform also leverages a multi-chain e-wallet that is able to store Zetrix’s native tokens as well as VCs from Xinghuo International and Ethereum. This feature facilitates seamless cross chain transactions and simplifies identity and document verification across multiple scenarios, enhancing the experience for travelling individuals.
The digital credentials service exemplifies the World Wide Web Consortium (W3C) standards of Verifiable Credentials and Decentralised Identifiers as Self-Sovereign Identity. This will be a key catalyst to enable a greater interoperability across blockchains and decentralised applications.
About Zetrix
Zetrix is a layer-1 public blockchain that facilitates smart contracts and delivers privacy, security and scalability. Zetrix’s cryptographic infrastructure can be introduced to multiple industries to connect governments, businesses and their citizens to a global blockchain-based economy. Developed by MY E.G. Services Bhd, the cross-border and cross-chain integration with China enables Zetrix to serve as a blockchain gateway that facilitates global trade by deploying critical building blocks for Web3 services such as Blockchain-based Identifiers (BID) and Verifiable Credentials (VC).
About Guangxi Beitou IT Innovation Technology Investment Group Co Ltd 
Guangxi Beitou IT Innovation Investment Group Co. (Beitou IT) stands as a wholly owned subsidiary of Beibu Gulf Investment Group (Beitou Group), boasting total assets exceeding 300 billion RMB. Established in October 2020 with a registered capital of 1 billion RMB, Beitou IT has emerged as the foremost digital company in Southwest China. Beitou IT strategically concentrates on four primary business domains: ITAI project implementation and operation, IT product R&D, integration and sales, and the development of New Infrastructure. Over the past three years, Beitou IT has successfully undertaken numerous government and enterprise-level projects encompassing digital government, digital transportation, digital port, smart court, and enterprise digitalization.
With a workforce exceeding 400 employees, Beitou IT houses a team of hardware and software engineers, where over 50% hold master’s degrees from esteemed universities. The team includes 2 State Council-subsidized experts, numerous district industrial authorized experts, and a Fin-Tech expert from the ‘Hong Kong, Macao, and Taiwan Talent Project.’ This robust talent pool positions Beitou IT as one of the rare state-owned digital companies capable of independent R&D.
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Artificial Intelligence

Sustainability Empowerment, Brand Upgrade VIVOTEK among Taiwan’s Best Global Brands

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TAIPEI, Dec. 10, 2023 /PRNewswire/ — VIVOTEK (3454TW), the global leading IP surveillance solution provider, has been selected to the Best Taiwan Global Brands, and consistently earned market recognition. The three development engines of operational excellence, comprehensive brand management, and active promotion of sustainable actions, have elevated the brand above competition to display outstanding brand value.

Best Taiwan Global Brands is organized by the Industrial Development Bureau, MOEA, and valuation is carried out by Interbrand, a global authority on brand valuation; this year, ESG was also included as key standards of valuation. In 2022, VIVOTEK set a record high in revenue with annual consolidated revenue reaching USD $332 million, achieving a growth rate of 82% compared to the same period in 2021. In addition to displaying operational strengths, VIVOTEK also advocated several sustainable actions, while also encouraging its employees to practice environmental protection both at work and in daily life, further earning the approval of the organizer.
“Being selected to Taiwan’s Best Global Brands is a recognition of the company’s strengths,” pointed out Allen Hsieh, VIVOTEK Spokesperson and Director of Global Marketing Division. “Brand power is not just manifested through the technical aspect of products, but also through the CSR aspect. By embedding ESG into our brand’s DNA, we not only adopt sustainable thinking, but also create a differentiated brand image. In the future, VIVOTEK will continue to empower our brand through ESG, while also constantly promoting smart and green innovations of security and protection technology, steering the brand towards greater value of sustainable development.”
Evolution of the brand is the firm starting point of VIVOTEK’s brand management. Through redefining identity and slogan, “We Get The Picture,” VIVOTEK breaks the limitations of the industry to redefine its brand value, establishing its unique status within the security and protection industry. By grasping the opportunity of technical innovation, VIVOTEK combines its hardware advantage and software capability to expand its deployment of security and protection solutions, becoming a leading solution provider, while also actively exploring the market of AI security and protection, such as: successfully launching innovative VORTEX smart cloud surveillance service that focuses on customer needs and accumulating many successful cases around the world. Recently, VIVOTEK was ranked number 12 among a&s Security 50, reaching the highest spot ever, and this is the very manifestation of the brand’s continued improvement of brand competitiveness.
VIVOTEK is a leading surveillance brand that strives for sustainability and began deploying ESG strategy many years ago. Key measures include voluntary publication of sustainability report for six consecutive years, participation in the RE100 global corporate renewable energy initiative, and promotion of renewable energy applications. More recently, VIVOTEK has incorporated the principle of sustainability into its product box design, reutilizing packaging of its products to create eco-friendly smartphone holders. This marks the first time the brand’s innovative sustainability principle has been extended through its products. VIVOTEK also plans to launch a product carbon footprint project in 2024 to facilitate formulation of comprehensive carbon reduction strategy, further strengthening brand development and upgrading sustainable operations.
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Artificial Intelligence

Belgian Commitment to Partnership Supports a New Frontier of Europe-US Space Research

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BRUSSELS, Dec. 10, 2023 /PRNewswire/ — Belgian Prime Minister Alexander De Croo has travelled to Houston, United States, to meet Raphaël Liégeois, the Belgian career astronaut selected as part of the European Space Agency (ESA) astronaut class of 2022. De Croo’s visit coincides with the ESA cohort’s familiarisation trip to NASA’s Johnson Space Centre, which is the precursor to a further two years of training, delivered in Houston, to prepare the astronauts for their respective missions on the International Space Station. The visit signals a new phase of the long-standing collaboration between Europe and the United States on space research and exemplifies Belgium’s commitment to partnerships in facing global challenges.

Belgium’s expertise in aerospace, and in science more generally, is internationally recognised – in terms of both training and industry. Belgium is a founding member of the ESA and its fifth-largest funder. The country’s support of the ESA shows its commitment to shaping the development of Europe’s space capability and ensuring that investment in space continues to deliver benefits to the citizens of Europe and the world.
“For Belgians, the sky isn’t the limit, the universe is,” said De Croo. “Today, we are very proud to see Raphaël take this important step in his career as an astronaut. He will be an important role model for many generations of STEM students to come. Space research and innovation hold particular importance for Belgium; they are powerful economic drivers which foster the growth of high-tech industries and create jobs – as evidenced by the number of Belgian companies on the cutting edge of aeronautics.” 
The 17 members of the ESA astronaut class of 2022 were selected from a pool of over 23,000 applicants. The process, designed to bring together the finest scientific minds that Europe has to offer, took place over a period lasting 18 months.
The selection of Raphaël Liégeois is testament to Belgium’s focus on embracing openness, driven by innovation, partnerships, and diversity, to create solutions that drive progress for all.
About Belgium
Located in the heart of Europe, Belgium is one of the most open economies in the world, counting 11.5 million people with a reputation for innovation, hard work, partnership, and multilingualism. Strategically located between Germany, the Netherlands, France, and Luxembourg, and only a stone’s throw from the UK, it lies at the centre of the richest and most densely populated area in Europe. A member of the European Union, Belgium enjoys full access to the world’s most advanced single market and customs zone which ensures extensive frictionless trade.
Belgium boasts a highly developed transport infrastructure, including the second largest seaport in Europe (Antwerp). Belgium is home to world-leading research and innovation facilities, multinational corporations, and artisanal businesses supported by the investor-centric approach of public services.
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