Global Facial Recognition Market Size, Status and Forecast 2021-2025
The Facial Recognition Market report provides a unique tool for evaluating the market, highlighting opportunities, and supporting strategic and tactical decision-making. This report recognizes that in this rapidly-evolving and competitive environment, up-to-date Marketing information is essential to monitor performance and make critical decisions for growth and profitability. It provides information on trends and developments and focuses on market capacities and on the changing structure of the Facial Recognition.
The facial recognition market was valued at USD 5.07 billion in 2019 and is expected to reach a value of USD 10.19 billion by 2025, at a CAGR of 12.5%, for the forecast period (2020-2025).
– Increasing Demand for Surveillance systems to enhance safety and security are increasing the adoption of Facial Recognition Systems
– Government initiatives are expected to contribute to the double-digit growth of such technologies. For instance, the US government has plans to reshape airport security through facial recognition, to register and identify the visitors.
– Though, interest on multi-factor authentication has been increasing, owing to increasing cyber-attacks, terror attacks and identity theft, the need to incorporate better security systems is encouraging organizations to implement safe multi-factor authentication solutions, like finger print sensors and facial recognition technology.
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Top Leading Companies of Global Facial Recognition Market are Panasonic Corporation, Thales Group (Gemalto NV), NEC Corporation, Cognitec Systems GmH, Aware, Inc., FacePhi Biometric SA, Animetrics Inc., Ayonix Corporation, Face First Inc., Idemia France SAS, Daon Inc. and others.
Industry News and Updates:
-Caxia Bank introduced the first of its kind face recognition for withdrawal of money from the ATM. This was done by Caxia in partnership with Fijitsu and Facephi in 2019.
-In July 2018, Cognitec Systems, the face recognition company, launched an extensive research and development efforts to greatly advance the accuracy and speed of its face matching algorithm. The high-performance algorithm has been integrated into Cognitec’s FaceVACS engine and is now available in new releases of all market-focused Cognitec products.
Key Market Trends:
3D Facial Recognition is Expected to Hold a Highest Market Share
– Presently, around 94% of smartphones features fingerprint sensors, but this is expected to drop to 90% by 2023, with technologies like 3D facial recognition becoming a standard approach to user authentication, growing technological advancement is expected to increase its penetration rate.
– The development in 3D cameras market is also expected to bring advancement and new applications for 3D facial recognition technology especially healthcare IT solutions, payments and commerce sector
– For instance, in June 2018, SensibleVision, a Florida-based firm launched its 3DWALLET technology, designed to let retailers replace cash and card payments and eliminate the need for checkout lines through a 3D facial recognition platform that identifies customers automatically and charges them for their purchases.
North America is expected to hold the Highest Market Share
– The region offers lucrative opportunities for market growth, exhibiting a massive demand for facial recognition technology for homeland security and criminal investigation.
– The biggest facial recognition surveillance system in the region is operated by the FBI. The FBI’s ID system maintains a facial recognition database with images of more than 117 million Americans. The FBI conducts, on an average, 4,055 searches every month to identify individuals with facial recognition systems.
– The United States alone witnessed a total of 1,579 data breaches in 2017, of which, 8% of data breaches were accounted by banking institutes. Although this number is small, the amount of sensitive data available in the banking industry is very high, making it a prime target for hackers. These factors are further expected to provide significant opportunities to the facial recognition market.
– Canadian companies are also taking advantage of this facial recognition technology. For instance, Mexia One used facial recognition systems to provide secure event access at the popular industry event, Mobile World Congress 2018.
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Highlights of the Facial Recognition Market Report:
– Detailed overview of Facial Recognition Market
– Changing the Facial Recognition market dynamics of the industry
– In-depth market segmentation by Type, Application, etc.
– Historical, current and projected Facial Recognition market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Facial Recognition Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.
The research includes historic data from 2016 to 2021 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales, and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.
Finally, the Facial Recognition Market report is the believable source for gaining the market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and market development rate and figure, and so on. Facial Recognition industry report additionally Presents a new task SWOT examination, speculation attainability investigation, and venture return investigation.
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