Rapid deployment of biometric technology, video surveillance, and advancements in technology such as cloud-based systems are some major factors driving market growth

The latest study conducted by Emergen Research, titled ‘Global Facial Recognition Market,’ delves into the core of the global Facial Recognition market. The report delineates the pivotal aspects of this market, shedding light on the most prominent market growth possibilities and challenges.

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

The extensive overview of the market is also inclusive of an in-depth summary of the competitive landscape of the market on both regional and global levels. Thus, the Global Facial Recognition Market report’s sample copy includes a brief analysis of the Facial Recognition industry, list of tables and figures, table of contents, competitive landscape, geographical segmentation, innovations, and future developments based on various research methodologies.

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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.

Increasingly stringent government regulations regarding biometric identity and proof of citizenship and rising deployment of video surveillance to monitor criminal activities are factor increasing investments by governments in facial recognition solutions and systems.

Key players in the market include NEC Corporation, Cognitec Systems, Aware Inc., FaceFirst Inc., Safran SA, Panasonic Corporation, Gemalto NV, Key Lemon Ltd., Ayonix Corporation, and Face++.

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Some 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.

Emergen Research has segmented the global facial recognition market on the basis of component, technology, application, end use, and region:

• 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
• End use Outlook (Revenue, USD Billion; 2018–2028)
  • BFSI
  • IT Telecommunication
  • Healthcare
  • Government

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Geographical Backdrop:

The global Facial Recognition market has been categorized into several important geographical regions, including North America, Europe, Asia Pacific, Latin America, and Middle East Africa. In this section, authors of the report have studied the presence of the global Facial Recognition market across major geographies.

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.

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