Facial Recognition Market Size to Reach USD 13.87 Billion in 2028 | Rising Need for Biometric Identity by Governments in Developing Countries is Key Factor Driving Industry Growth, says Emergen Research

Vancouver, British Columbia, April 27, 2021 (GLOBE NEWSWIRE) -- 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 latest analysis by Emergen Research. This steady market revenue growth can be attributed to increasing demand for biometric identity based on cloud technology and continuous adoption of intelligent signage technologies. Rising investments by market leaders in technology to launch facial expression, emotion to identify users, and development of more user-friendly technologies are other key factors boosting facial recognition market growth.

Rising need for advanced security and surveillance in commercial and banking, financial services, and insurance sectors is another key factor contributing to global market growth. Rising concerns regarding rapid increase in number of terrorist attacks on institutional, industrial, and governmental organizations in recent years is also boosting need for deployment of facial recognition solutions.

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Key Highlights From the Report  

• In January 2021, Aware Inc., which is a global provider of biometrics software products, announced launch of an Automated Biometric Identification System (ABIS), used for large-scale biometric identification and DE duplication. ABIS is a modular identity management framework that supports fingerprint, face, and iris modalities, and is designed to serve between 1 and 30 million identities. It has a modular architecture that allows security teams to configure and customize the system for civil or criminal applications.
• Software segment accounted for largest revenue share in the facial recognition market in 2020. Increasing cloud-based biometric technology, identification of user, and increasing accuracy in face detection tools are other factor boosting facial recognition market growth.
• 3D facial recognition segment revenue growth rate is projected to incline rapidly during the forecast period. Increasing concerns regarding physical security and use of AI in biometric information are some other factors driving market growth segment.
• Government accounted for largest revenue share in the facial recognition market in 2020. Increase prevalence of infectious diseases resulting in rapid adoption of face recognition technology in healthcare sectors is expected to boost market growth during the forecast period.
• Asia Pacific revenue is expected to expand at a rapid CAGR during the forecast period. Rising need for video surveillance technology, increasing AI-based technology such as face identification, biometric recognition of persons in various sectors in developing economies are other factors expected to contribute to growth of the facial recognition market in the region during the forecast period.
• Key players in the market include NEC Corporation, Cognitec Systems, Aware Inc., FaceFirst Inc., Safran SA, Panasonic Corporation, Gemalto NV, Key Lemon Ltd., Ayonix Corporation, and Face++.

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Emergen Research has segmented the global facial recognition market on the basis of component, technology, application, end use, and region:

•  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
• End use Outlook (Revenue, USD Billion; 2018–2028)
  • BFSI
  • IT & Telecommunication
  • Healthcare
  • Government

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• Regional Outlook (Revenue, USD Billion; 2018–2028)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. BENELUX
    5. Switzerland
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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