Facial Recognition Market Detailed Insights on Current and Future Trends 2023-2032 | Key Players Thales, FaceFirst
WILMINGTON, DE, UNITED STATES, May 31, 2024 /EINPresswire.com/ — 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 America, Europe, Asia-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.
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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.
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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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.
Leading Market Players-
NEC Corporation
Aware, Inc.
COGNITEC SYSTEMS GMBH.
Thales
Fujitsu
FacePhi
NVISO
Onfido
Daon, Inc.
FaceFirst
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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.
Table of Content
Chapter 1 : INTRODUCTION
Chapter 2 : EXECUTIVE SUMMARY
Chapter 3 : MARKET OVERVIEW
Chapter 4 : NEAR FIELD COMMUNICATION MARKET, BY PRODUCT TYPE
Chapter 5 : NEAR FIELD COMMUNICATION MARKET, BY OPERATING MODE
Chapter 6 : NEAR FIELD COMMUNICATION MARKET, BY END USER
Chapter 7 : NEAR FIELD COMMUNICATION MARKET, BY REGION
Chapter 8 : COMPETITIVE LANDSCAPE
Chapter 9 : COMPANY PROFILE
LIST OF TABLES
LIST OF FIGURES
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