Global Facial Recognition Market Forecast to 2028

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 the latest analysis by Emergen Research. This steady market revenue growth can be attributed to the rising need for physical security, the increasing deployment and use of biometric devices, and the rising deployment of 5G technology. Rising demand for electronic devices such as mobile phones, wearable devices, and smart devices and increase in technology adoption such as cloud-based technology and IoT are expected to continue to fuel growth of the global facial recognition market going forward.

The market for Facial Recognition is thoroughly examined in the Global Facial Recognition Market Research Report and Forecast to 2028, which also includes market size and share, current and future trends, and the most recent technological developments. The research provides a complete forecast through 2028 as well as insight into the regional and global competitive landscape of the Facial Recognition market. The new study offers up-to-date details on the COVID-19 pandemic's effects on the market for Facial Recognition. It examines how the outbreak changed the political climate and judicial system in each location. Along with providing a present and future, it also examines the economic instability and supply chain disruptions brought on by the disease.

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Competitive Terrain:

The global Facial Recognition industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.

The leading market contenders listed in the report are:

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

Research Report on the Facial Recognition Market Addresses the Following Key Questions:

Who are the dominant players of the Facial Recognition market?

Which regional market is anticipated to have a high growth rate over the projected period?

What consumer trends and demands are expected to influence the operations of the market players in the Facial Recognition market?

What are the key growth drivers and restraining factors of the Facial Recognition market?

What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?

What is the overall impact of the COVID-19 pandemic on the Facial Recognition market and its key segments?

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 Landscape section of the Facial Recognition report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

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)

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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.

The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Facial Recognition market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.

Key Points of the Geographical Analysis:

Data and information related to the consumption rate in each region

Estimated increase in the consumption rate

Proposed growth of the market share of each region

Geographical contribution to market revenue

Expected growth rate of the regional markets

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