Facial Recognition Market Analysis of Growth, Insights, Applications, Revenue, and Types to 2028

Global Facial Recognition Market Forecast to 2028

The Emergen Research Global Facial Recognition Market research study is a thorough compilation of analytical data regarding the Facial Recognition sector. The study contains a segmentation of the Facial Recognition market as well as a thorough analysis of the market's size in terms of volume and value. The analysis includes a comprehensive prognosis for the years 2021–2028 in addition to the existing Facial Recognition Market status. The Facial Recognition Market study carefully examines the historical, present, and projected revenue for each industry vertical, sector, end-use industry, application, and region.

The global facial recognition market size is expected to reach USD 13.87 Billion at a steady CAGR of 15.7% in 2028, according to latest analysis by Emergen Research. This steady market revenue growth can be attributed to rising need for physical security, increasing deployment and use of biometric devices, and rising deployment of 5G technology. Rising demand for electronic devices such as mobile phones, wearable devices, smart devices, and increase in technology adoption such as cloud-based technology and IoT is expected to continue to fuel growth of the global facial recognition market going ahead

Government investments in facial recognition systems and solutions are growing as a result of more strict rules requiring biometric identity and citizenship evidence as well as the expansion of video surveillance to monitor criminal activity. Other factors driving market expansion include ongoing technological advancements like artificial intelligence and the expanding use of drone surveillance. However, there are several obstacles that limit the growth of the facial recognition market to some extent, including high implementation costs and a lack of information and awareness about these solutions.

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Competitive Landscape:

Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.

Key Companies Profiled in the Report:

NEC Corporation, Cognitec Systems, Aware Inc., FaceFirst Inc., Safran SA, Panasonic Corporation, Gemalto NV, Key Lemon Ltd., Ayonix Corporation, Face++

Market Dynamics:

The report offers insightful information about the market dynamics of the Facial Recognition market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Facial Recognition market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Facial Recognition market.

Radical Highlights of the Facial Recognition Market Report:

Comprehensive overview of the Facial Recognition market along with analysis of the changing dynamics of the market
Growth Assessment of various market segments throughout the forecast period
Regional and global analysis of the market players, including their market share and global position
Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
Impact of the technological developments and RD advancements on the Facial Recognition market
Information about profit-making strategies and developmental strategies of major companies and manufacturers
Insightful information for the new entrants willing to enter the market
Details and insights about business expansion strategies, product launches, and other collaborations
The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis

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Key Highlights From the Report

In March 2021, NEC Corporation, which is a market leader in the integration of IT and network technologies, announced commence trial for Face Express, which is a new boarding procedure for international departure flights using facial recognition technology at Narita International Airport (NRT), Narita International Airport Corporation (NAA), Tokyo International Airport (Haneda Airport, HND), and Tokyo International Air Terminal Corporation (TIAT). Utilization of facial recognition consist of advanced biometric authentication technologies, Bio-Idiom.
Software segment accounted for largest revenue share in the facial recognition market in 2020, which is projected to incline rapidly during the forecast period. Rising need of technology development such as cloud-based technology, Artificial Intelligence systems, and Internet of connectivity technology is boosting global facial recognition market growth.
3D facial recognition segment revenue growth rate is projected to incline rapidly during the forecast period. Rising demand for new and more innovative technologies to obtain more precise and accurate matches of biometrics to identify users are factors driving revenue growth of this segment.
Identity management segment revenue growth rate is projected to incline rapidly during the forecast period. Increasing concerns regarding safety of home-based systems and rising number of cases of cyber-criminal activity are factor boosting market growth.
Government segment accounted for largest revenue share in the facial recognition market in 2020, Increasing deployment of biometrics to establish identity of citizens and increasing digitalization of documents are factors further supporting market growth.
North America accounted for largest revenue share contribution to the global facial recognition market in 2020. Technological advancements in user engagement, user security, and human identification in various sectors such as BFSI, healthcare, telecommunications, mobile phones, and defense is expected to boost growth of the facial recognition market to a significant extent. Increasing investments by major players in face recognition technologies for deployment at airports and large enterprises is expected to further support market growth.

Facial Recognition Market Segmentation:

Market Overview:

The report bifurcates the Facial Recognition market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Segments Covered in this report are:

Component Outlook (Revenue, USD Billion; 2018–2028)

Hardware
Software

Technology Outlook (Revenue, USD Billion; 2018–2028)

2D Facial Recognition
3D Facial Recognition
Facial Analytics

Application Outlook (Revenue, USD Billion; 2018–2028)

Physical Security
ID Management
Criminal Investigation
Business Intelligence
Photo Indexing and Sorting

Regional Segmentation;

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

In conclusion, the Facial Recognition Market report is an exhaustive database that will help readers formulate lucrative strategies. The Facial Recognition Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter’s Five Forces Analysis to study the leading companies.

How will this Report Benefit you?

A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Facial Recognition market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Facial Recognition with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.

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