Market Insights:
The Facial Recognition Market was valued at USD 3.9 Bn in 2021, at CAGR of 17.3% during the forecast period (2022-2030), and the Market is projected to be worth USD 16.4 Bn by 2030.
Driver:
The increased adoption of Facial Recognition in the Electronic Security industry is due to high workability, Stability of structure, good quality, and Demand for making things better. The demand for Facial Recognition also has other significant aspects, such as analysis, purchasing volume, costs, pricing analysis, and regulatory framework. Additionally, the increased demand of Facial Recognition in many sectors also boosts the market growth during the forecast period.
Facial recognition is a technology-based method of recognising a human face. A face detection system maps facial traits from an image or video using biometrics. To locate a match, it compares information to a database of recognised faces. Furthermore, the accuracy of facial recognition systems has significantly increased over the previous decade.
Facial Recognition Market Research Report” was just released by Market Research Community. It is divided into several categories, including Technology (2D, 3D, Facial Analytics), application (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Security & Surveillance, Others), End-use (Retail & E-commerce, Media & Entertainment, BFSI, Automobile & Transportation, Telecom & IT, Government, Healthcare), and companies (Aware, Inc.; FacePhi.; NEC Corporation; IDEMIA; TECH5 SA; Onfido; Ayonix Corporation; Gemalto NV; Cognitec Systems GmbH; Fujitsu), According to the analysis of Market Research Community, The market is projected to grow at a significant pace reaching a CAGR of approximately 17.3%, over the forecast period of 2022–2030.
Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2018-2030 |
| Market Size in 2030 (USD Billion) | 16.4 Billion |
| CAGR (2022-2030) | 17.3% |
| By Technology | 2D, 3D, Facial Analytics |
| By Application | Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Security & Surveillance, Others |
| By End-use | Retail & E-commerce, Media & Entertainment, BFSI, Automobile & Transportation, Telecom & IT, Government, Healthcare |
| By Geography | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Key Players | Aware, Inc.; FacePhi.; NEC Corporation; IDEMIA; TECH5 SA; Onfido; Ayonix Corporation; Gemalto NV; Cognitec Systems GmbH; Fujitsu |
Covid-19 Impact:
The COVID-19 pandemic has had a substantial negative influence on the Facial Recognition market in many different regions of the world. The factors such as limited availability of raw materials, transportation restrictions, the shutdown of manufacturing facilities, and economic slowdown are the major impacts of COVID-19 which hampered the market growth. Shipments were impacted during the initial lockdown due to halted automotive productions and stringent government rules. The overall impact of COVID-19 on the industry is estimated to be minimal because the situation has stabilised. Post covid-19, there was a positive impact on the market growth due to the increased industrial manufacturing processes and rising demand for environment-friendly alternatives.
Industry Competitive Landscape:
The research includes comprehensive profiles of the key players in the market and an analysis of the competitive landscape. The market for sample preparation has grown more quickly as a result of the spike in research and development (R&D), product innovation, different business strategies, and application releases. Key players in the market include-
Aware, Inc.; FacePhi.; NEC Corporation; IDEMIA; TECH5 SA; Onfido; Ayonix Corporation; Gemalto NV; Cognitec Systems GmbH; Fujitsu
Market Segment Analysis:
By Technology
- 2D
- 3D
- Facial Analytics
By Application
- Emotion Recognition
- Attendance Tracking and Monitoring
- Access Control
- Security & Surveillance
- Others
By End-use
- Retail & E-commerce
- Media & Entertainment
- BFSI
- Automobile & Transportation
- Telecom & IT
- Government
- Healthcare
Region
The regional segment includes Asia Pacific, Europe, North America, the Middle East, and Africa, Latin America. In 2021, some of these regions expected to contribute the largest share during the forecast period.
The factors such as the large and easy availability of basic things, rising purchasing power among the population, and favorable government policies and industrial facilities are estimated to accelerate the industry growth in the region. The growing rate of industrialization is anticipated to boost the presence of Facial Recognition industries in the region.
Key Facial Recognition Market Trends
– Based on type, sub-type, technology utilised, applications, end-users, and geographies, the research identifies, defines, and predicts the Global Facial Recognition Market segments.
– Largest Market Share Held by Industry to Industry for Facial Recognition
– Based on their expected growth, development patterns and prospects for the future, and contributions to the overall market, it analyses the micro markets.
– Demand from the geographical area is estimated to boost growth.
– Growing Market Segment Adoption in the Facial Recognition Industry
– Over the forecast period, higher growth rates are anticipated in in some regions
Why Purchase the Industry Report by MRC
There is a huge amount of information in the report, including market trends and business opportunities for the forecast period.
Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) statistics.
Data at the regional, sub-regional, and national levels also includes information on the market’s supply and demand dynamics.
The competitive landscape includes the proportions of important players, recent innovations, and strategy.
Comprehensive product offerings, important financial data, latest advancements, SWOT analysis, and key player tactics.
Table of Content
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