Facial Recognition Market Trends, Applications, Growth, Future Scope, Technology and Forecast 2021 to 2026
October 14, 2021
The global facial recognition market reached a value of US$ 3.80 Billion in 2020. IMARC Group expects the market to grow at a CAGR of 17.2% during 2021-2026.SHERIDAN, WYOMING, UNITED STATES, October 13, 2021 /EINPresswire.com/ -- According to IMARC Group latest report titled” Facial Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market reached a value of US$ 3.80 Billion in 2020. Looking forward, IMARC Group expects the global facial recognition market to grow at a CAGR of 17.2% during 2021-2026. Facial recognition stands for biometric technology used for verifying the identity of an individual. This technology uses extensive learning algorithms to capture, examine and compare live captures/digital images and patterns with the stored faceprint repository for identification. Facial recognition eliminates the need for physical contact for verification, can be integrated with existing security infrastructure. It also offers an improved security level, enhanced data processing and facilitates automated authentication. As a result, facial recognition finds widespread applications for homeland security, identity management, criminal investigations, intelligent signage, and photo indexing and sorting.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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The global facial recognition market is primarily driven by growing incidences of cyberattacks, terrorist activities, and identity thefts. Furthermore, the increasing adoption of facial recognition across the corporate and commercial sectors to facilitate accurate identification of individuals is also bolstering the market growth. These systems are also utilized in the healthcare sector to replace passwords and provide healthcare providers quick access to their medical records. Additionally, with the sudden outbreak of the coronavirus infection, there is a rapid shift from fingerprint-based biometrics towards facial recognition systems to mitigate the risk of disease transmission. In the coming years, the rising integration of facial recognition solutions with drones, cloud-based surveillance systems, and mobile security devices is further expected to drive the global market.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Cognitec Systems GmbH
IDEMIA (Advent International)
Facial Recognition Market Segmentation:
Our report has categorized the market based on region, component, technology, application and end use industry.
Market Breakup by Component:
Market Breakup by Technology:
2D Facial Recognition
3D Facial Recognition
Market Breakup by Application:
Attendance Tracking and Monitoring
Security and Surveillance
Market Breakup by End Use Industry:
Retail and E-commerce
Government and Defense
Automotive and Transportation
Media and Entertainment
Telecom and IT
Market Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
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