According to a recent study done by FMI, the Facial Recognition Market is expected to reach US$ 22.5 billion by 2032, up from US$ 5.2 billion in 2022, expanding at a high CAGR of 15.7%. This study explains that increase in government investments in emerging technologies of CCTV cameras in most public places to minimize criminal activities and terrorist attacks and to enhance public safety boosts the facial recognition market growth.
Factors such as the rise in demand for face detection systems to enhance safety and security, and increase in applications in physical security and intelligent signage are expected to propel the growth of the global facial recognition market during the forecast period. Further, the report opines that the technological advancements such as 3D recognition systems and cloud-based solutions are anticipated to augment the market growth in the coming years.
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Key Takeaways from the Market Study
Global Facial Recognition market to be valued at US$ 5.2 Bn by 2022-end By Component, Software Tools Segment expanded at a CAGR of 16.8% until 2021 Law Enforcement application ruled the Facial Recognition market with a CAGR of 16.7% until 2021. China to account for the highest value share of US$ 1.6 Bn of global market demand for Facial Recognition market in 2032
Players in the global Facial Recognition market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
In March 2022, Aware, a biometrics software and services company, partnered with MIRACL to expand its cloud-based biometric authentication technology. The partnership is a through mutual reseller arrangement whereby each company can both sell each other’s products and integrate them within their own product lines, quickly bringing to market password-free login paradigms delivering superior security and simplicity for users. In March 2022, SALTO’s acquisition of Cognitec Systems initiates strong partnership of business synergy and innovation. This acquisition is expected to meet market requests for adding face recognition and artificial intelligence technologies to the company’s renowned electronic access control and ticketing solutions. In addition, both companies appreciate a similar innovative work environment and corporate culture.
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More Insights on the Facial Recognition Market
Future Market Insights offers an unbiased analysis of the global facial recognition market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the facial recognition market, the market is segmented on the basis of component type, application, and vertical across five major regions.
The post Facial Recognition Market is Reach a Valuation of US$ 22.5 Bn by 2032 appeared first on Future Market Insights.
Facial recognition is indeed an area of biometrics where several technologies meet. The next generation of mobile networks, 5G, and edge technologies, are a few more that will make it more widespread than it already is. Many immediately think about things like airports and border checks, surveillance and similar applications when hearing about facial recognition, but facial recognition applications are also tested in retail facilities.
Another market that’s growing is that of facial recognition software tools and solutions. However, it’s clear that growth won’t be the same everywhere in the world and the vendors will differ too. Even with COVID-19 driving the market, facial recognition is perceived quite differently across the globe.
Given the ongoing threat of both physical and digital security breaches, the healthcare industry is investing in facial recognition technology to improve security and fraud prevention. Biometric technology is already being utilized in the health industry for anything from avoiding health insurance fraud to identifying illnesses.
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Key Segments Covered in the Facial Recognition Industry Report
Facial Recognition by Component
- Facial Recognition Software Tools
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics
- Facial Recognition Services
- Training and Consulting
- Cloud Based Facial Recognition
Facial Recognition by Vertical
- Facial Recognition in Banking
- Facial Recognition in Retail & E-Commerce
- Facial Recognition in Automotive
- Facial Recognition in Healthcare
- Facial Recognition in Government & Defence
- Facial Recognition for Other Verticals
Facial Recognition by Application
- Facial Recognition for Law Enforcement
- Facial Recognition for Access Control
- Facial Recognition for Emotion Recognition
- Facial Recognition for Attendance Tracking and Monitoring
- Facial Recognition for Other Applications
Explore FMI’s Other Extensive Reports of Technology:
Emotion Detection and Recognition Market Demand: Increasing adoption of wearable devices happens to be one of the primary reasons driving the market growth for emotion detection and recognition.
Image Recognition in Retail Market Size: The image recognition technology can be utilized for retail applications to process, analyze and understanding images.
Mobile Speech Recognition Software Market Forecast: The mobile speech recognition software market share is recorded to rise to the valuation of US$ 3.3 Billion in 2022 and estimated to reach US$ 25.4 Billion by 2032 with a CAGR of 22.5% during the forecast period from 2022 to 2032.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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