Rise in demand for face detection systems to improve the essential safety & security in enterprises and advent of intelligent signage solutions boost the growth of the global facial recognition market.
Allied Market Research published a research report on the global facial recognition market. The findings of the report state that the global market for facial recognition generated $3.83 billion in 2020, and is expected to garner $16.74 billion by 2030, witnessing a CAGR of 16.0% from 2021 to 2030.The report offers valuable information on evolving market trends, major segments, top investment pockets, and key competitors for market players, investors, shareholders, and new entrants.
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Pramod Borasi, the Senior Research Analyst at Allied Market Research, outlined, “The facial analytics segment is expected to witness highest growth in the upcoming years, owing to increase in usage of facial analytics software in various retail & e-commerce industry to deliver target messages to the audience and growing need of facial analytics for identification of criminals based on their changing facial expressions.”
The research offers an extensive analysis of drivers, restraints, and opportunities to enable market players to gain insights for strategizing and tapping on new opportunities. Rise in demand for face detection systems to improve the essential safety & security in enterprises, increase in applications in physical security, and advent of intelligent signage solutions boost the growth of the global facial recognition market. However, high implementation cost and lack of accuracy of facial recognition technology impede the market growth to some extent. On the contrary, rise in applications in mobile security and drones are anticipated to offer lucrative opportunities in the industry.
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The research offers an extensive scenario of Covid-19 along with outlining its impact on the facial recognition market across the world. The outbreak of Covid-19 impacted the global facial recognition market positively. The majority of law enforcement agencies’ adoption of facial recognition technology for detecting suspicious activities resulted in a significant increase in demand for facial recognition technology in the market. This trend is anticipated to continue in the post-pandemic era.
The report offers a detailed analysis of segments of the global facial recognition market based on technology, application, industry vertical, and region. This analysis offers insights for new entrants, investors, stakeholders, and market players to determine the largest revenue-generating and fastest-growing segments to devise strategies for the future.
Based on technology, the 3D segment contributed to the largest market share in 2020, accounting for nearly two-fifths of the global facial recognition market. This is due to the fact that it overcomes the drawbacks of 2D technology, such as varying angles and environmental conditions, by using high-definition and complex algorithms, resulting in more accurate recognition of facial images.
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Based on application, the access control segment dominated the global facial recognition market in terms of revenue in 2020, and is anticipated to continue its lead during the forecast period. This is due to continuous adoption of access control-as-a-service (ACaaS) and implementation of mobile-based access control. However, the security & surveillance segment is anticipated to grow with a significant CAGR, owing to the increasing investments of governments and companies in security networks.
Based on the region, North America dominated the market share in 2020 and is anticipated to continue its lead during the forecast period, owing to factors such as high expenditure on security systems by government agencies. However, region across Asia-Pacific is anticipated to witness significant growth during the forecast period, owing to increasing need for surveillance systems in civil and government agencies for enhancing safety and security.
Leading players of the global facial recognition market analyzed in the research include Animetrics Inc., 3M, Crossmatch, NEC Corporation, Cognitec Systems GmbH, Daon Inc., IBM Corporation, FaceFirst, Inc., Microsoft Corporation, and Nuance Communications Inc.
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