Facial Recognition Market size worth $ 10.2 Billion, Globally, by 2028 at 15.92% CAGR: Verified Market Research®

JERSEY CITY, N.J., Oct. 14, 2021 /PRNewswire/ — Verified Market Research recently published a report, “Facial Recognition Market” By Software (2D Facial Recognition, 3D Facial Recognition, and Facial Analytics), By End User (Government and Defense, Healthcare, BFSI), and By Geography. According to Verified Market Research, the Global Facial Recognition Market size was valued at USD 3.78 Billion in 2020 and is projected to reach USD 10.2 Billion by 2028, growing at a CAGR of 15.92% from 2021 to 2028.

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Browse in-depth TOC onFacial Recognition Market

202 – Pages
126 – Tables
37 – Figures

Global Facial Recognition Market Overview

The rising adoption of a multi-factor authentication system which includes fingerprints, retina scans, and facial recognition has boosted the Facial Recognition Market. Also, the rising innovations in facial recognition systems for applications in various fields are expected to provide an upthrust to the market in the coming years. Furthermore, facial recognition is widely being employed for surveillance applications in the public sector. Facial recognition acts as a key tool to help detect and locate human faces in images and videos, therefore surging its demand in the market.

Facial analytics will show positive growth in the global facial recognition market by 2028 owing to increasing demand and consumer preferences for facial analytics. Facial analytics offers benefits such as high performance, high accuracy, affordable, independent platform, easy to integrate, analyze face in images, videos, and real-life environments, and detection efficiency driving the global facial recognition market. Thus, it is used in various sectors such as healthcare, police, education, and research, and retail, to estimate age, BMI, gender, diseases detection.

Asia Pacific region accounted for the significant market share in the global facial recognition market in 2019 owing to key players are adopting new growth strategies such as new product launches and new technology development in emerging economies such as China and India. For instance, in April 2020, Advantech launched its new platform AI Facial Recognition Edge SRP technology in China aimed at accurate facial recognition and highly flexible online and offline applications. This new technology is equipped with a complex deep learning algorithm to enable fast recognition and accurate performance.

Key Developments in Facial Recognition Market

  • For instance, in 2021, Nutanix collaborates with Microsoft to deliver hybrid cloud infrastructure to customers for a simpler, faster, and cost-effective path to the cloud.
  • In April 2020, Amazon open its first cloud data center in Africa in order to gain market share in the Africa business facial recognition to enable customers to run applications and store their content in data centers in South Africa.
  • In 2020, Internet Freedom Foundation (IFF) launched its first face recognition technology named project panoptic in India. This new technology will map the development and deployment of facial recognition technology projects across India.

The major players in the market are NEC Corporation, Aware, Cognitec Systems, Gemalto, Thales, Idemia, Leidos, Daon Inc.

Verified Market Research has segmented the Global Facial Recognition Market On the basis of Software, End User, and Geography.

  • Facial Recognition Market, By Software
    • 2D Facial Recognition
    • 3D Facial Recognition
    • Facial Analytics
  • Facial Recognition Market, By End User
    • Government and Defense
    • Healthcare
    • BFSI
    • Others
  • Facial Recognition Market by Geography
    • North America
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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