Facial Recognition Systems Market Size Expected to Reach USD 13.09 Billion at a CAGR of 16.8%, by 2028
Facial Recognition Systems Market Size – $ 3,766.4 Million in 2020, Market Growth – at a CAGR of 16.8%, Market Trend – Defense Budget Increase
NEW YORK, NY, USA, December 28, 2021 /EINPresswire.com/ – Facial recognition systems Increased public spending on facial recognition systems to strengthen border security and adopt live surveillance technology in various countries .
The facial recognition systems market is expected to reach $ 14.23 billion by 2028, according to a new report from Reports and Data. This can be mainly associated with the growing prevalence of terrorist attacks, coupled with the increasing demand for surveillance systems to improve safety and security, which are also notable factors in the growth of the industry. In addition, technological advancements as well as the implementation of smart phone technology are expected to become the most common growth factors in the world in the coming years.
The facial recognition system is the recognition of the registered facial database, through which the identification of individuals is carried out by analyzing their facial features from an image. This market will experience remarkable growth due to its expanded use for non-law enforcement and law enforcement purposes. Facial recognition is favored at scale due to its contactless process and accessible deployment features. It is gaining popularity among other biometric technologies, such as fingerprint scanning, skin texture recognition, voice recognition, and iris recognition. This technology is primarily used for marketing and security purposes. The facial recognition system involves software, readers, and an associated database for rendering efficiency as well as security. This technique is very effective in preventing security breaches compared to traditional methods such as passwords and signs, among others.
Due to the presence of key players, favorable reimbursement policies and the growing use of technology in the United States as well as several government-initiated initiatives, North America accounts for the largest share of 36 , 5% of the market in 2020. Technological improvements such as 3D recognition systems and cloud-based services are also expected to propel the overall market demand over the next two years.
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Other key findings from the report suggest
• Growing incidence of terrorist attacks and security concerns are expected to drive market growth.
• The application of facial recognition offers a high level of security in the private and public sectors.
• Currently, there has been an increase in terrorist attacks in government organizations. Thus, the demand for the market is increasing on a large scale.
• Technically advanced facial recognition systems with their applications in mobile security and drones will realize significant opportunities in the future.
• The government sector is making significant investments in facial recognition technologies to protect its citizens from criminal threats.
• The BFSI segment represents the largest share of 29.2% of the market in 2020.
• Facial recognition software and services find application primarily where the implementation, review and monitoring of facial detection law is required.
• The 3D facial recognition segment represents the largest 37.4% market share in 2020.
• Emerging technologies such as cloud-based solutions are further expected to support market growth.
• Law enforcement represents the largest 37.6% share of the market in 2020.
• Facial recognition software and services find application primarily where implementation, review and monitoring of facial detection law is required.
• Facial recognition technologies can recognize faces in real time using a webcam; age detection, providing specific information on gender, mood and other features as well as searching for faces in the stored database.
• Demand for the segment is expected to increase due to increasing data breaches and the growing need by businesses to save resources against illegal access.
• The development of innovative products and collaborative developments are crucial strategic initiatives taken by players in this industry to set themselves apart from the competition.
• Cognitec Systems, one of the facial recognition companies, launched an increased research and development effort to dramatically improve the accuracy and speed of its facial recognition algorithm in July 2020.
• The high performance algorithm has been combined with Cognitec’s FaceVACS engine and is now available in new versions of all Cognitec market-oriented products.
• Other regions such as APAC are expected to grow at the highest rate of 12.2% during the forecast period.
• The increase in this region is due to government action projects such as UIDAI in India and e-KTP project in Indonesia to generate electronic identity generation of individuals are also expected to provide new market opportunities in Asia. -Peaceful.
• Major participants include NEC Corporation, 3M Cogent, Safran Group, Aurora Computer Services Ltd., nViso, Aware Inc., Ayonix Inc., Precise Biometrics, FaceFirst, Nuance Communications, Keylemon, Cognitec Systems GmbH, Animetrics, Daon Inc., Ayonix
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The global facial recognition systems market is segmented as follows:
By Technology Outlook (Revenue, USD Million; 2020-2028)
• Analysis solutions
• Data base
• Modeling and restructuring
By Application Outlook (Revenue, USD Million; 2020-2028)
• Government and public services
• Home and security
Components Outlook (Revenue, USD Million; 2020-2028)
Services Outlook (Revenue, USD Million; 2020-2028)
• Law enforcement
• Recognition of emotions
• Attendance monitoring and surveillance
• Access control
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The report provides explicit market analysis with respect to growth driving factors, restraining factors, regulatory framework, threats and opportunities, financial hurdles to offer an in-depth view of the market. The report also covers value chain analysis, market share, market size, CAGR, sales and revenue, import / export, market scope, growth prospects and development. ‘other key factors. The report offers regional analysis that covers key geographies such as North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
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