Global Facial Recognition Market size was valued at US$ 4.47 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 17.8% through 2022 to 2029, reaching nearly US$ 16.59 Bn.
Facial Recognition Market Overview:
The Facial Recognition market report offers a thorough analysis of the opposition, together with information on market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Facial Recognition Market as well as the factors influencing regional variations in the growth of the sector.
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Market Scope:
After market engineering, which involved market statistics calculations, market size predictions, market projections, market breakdown, and data triangulation, was complete, extensive primary research was carried out to collect data and check and validate important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the overall market segments and sub-segments outlined in this research. In order to provide vital information throughout the study, all data collected during the market engineering process is submitted to extensive qualitative and quantitative analysis.
Drivers:
Technology develops, expands, and changes quickly. Many different biometric technologies are used to increase security, including biometrics. These are used in applications such as access control, attendance tracking, security and surveillance, and others. Since biometrics are universal, distinctive, and measurable, they can be used to develop security solutions. Other biometrics include speech recognition, iris recognition, face recognition, and fingerprint recognition. An image recognition software category that has gained popularity over time is facial recognition technology. This method quantifies the attributes of a captured image and compares them to templates stored in the database to find faces in captured images using a linked or digital camera.
Segmentation:
The market is divided into Access Control, Emotion Recognition, Law Enforcement, Attendance Tracking and Monitoring, and Others depending on the Use Case. By 2029, the access Control market segment is anticipated to have the largest market share. This is due to the fact that an increasing number of companies are focusing on enhancing their access control systems. A producer of authentication products, Precise Biometrics, for instance, announced a new product upgrade in November 2021. The company claims that face recognition-based physical access control systems now include liveness detection capabilities. These developments have increased the adoption of technology for access control systems, which has raised sales.
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Key Players:
To identify the market’s leaders and predict market revenue, both primary and secondary research are performed. CEOs, marketing executives, and seasoned front-line employees are just a few of the significant thought leaders and subject matter experts that are included in the primary study’s in-depth interviews. As part of the primary research, extensive interviews with important thought leaders and business professionals, such as CEOs, marketing executives, and seasoned front-line staff, were conducted. As part of the secondary research, a review of the annual and financial reports of the major manufacturers was also done. Secondary data is employed to calculate percentage splits, market shares, growth rates, and global market breakdowns. The results of these calculations are then compared to primary data. The Facial Recognition market is dominated by the following businesses:
• NEC
• Aware
• Ayonix
• Keylemon
• Cognitec Systems
• Herta Security
• Nviso
• Techno Brain
• Neurotechnology
• 3M Company
• Daon
• Gemalto
• Animetrics
• Idemia
• Others
Regional Analysis:
The regional market research analysis for Facial Recognition also covers particular market driving forces and changes in market laws affecting current and future market trends. Current and upcoming trends are studied in order to evaluate the potential market as a whole and find profitable patterns to establish a better foundation. The appraisal of the geographic market is built on the basis of the current environment and expected tendencies.
COVID-19 Impact Analysis on Facial Recognition Market:
Due to a halt in operations, the growth of end-user industries using Facial Recognition decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the market for Facial Recognition manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the market’s expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Facial Recognition has been severely decreased.
Key Questions Answered in the Facial Recognition Market Report are:
- Which market segment accounted for the most percentage of Facial Recognition in 2021?
- How competitive is the market environment?
- What are the primary factors influencing the Facial Recognition market’s growth?
- Which region dominates the Facial Recognition market in terms of market share?
- What will be the market’s expected CAGR from 2022 to 2029?
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