Facial Recognition Market Expected to Reach $13576.04 million by 2030| Business Intelligence Insights (BII)

Publisher Name : Business Intelligence Insights (BII) Publish Date : 2022-06-23  

     

As per Business Intelligence Insights (BII) study, the global Facial Recognition Market attained revenue growth of USD 3,919.50 million in 2021 and it is projected to reach around USD 13576.04 million by 2030, growing at a 16.80% CAGR.

The facial recognition innovation is exceptionally adaptable in its utilization and subsequently is quickly being by across industries. For instance, NEC Corporation, a gadgets and data innovation organization, declared that the organization would offer facial acknowledgment innovation to the Mitsui Fudosan Co., Ltd, a Japan-based land organization. The contribution by the organization incorporates smart cordiality administration, an answer utilizing facial recognition innovation. Additionally, the increased acceptance of facial recognition technology across different industry verticals is a main thrust for market development. The utilizing face recognition programming make rounds to check faces caught on the CCTV and track down the designated individual. The enhance adoption of facial recognition in consumer electronic products such as smartphones, tablets, laptops, and others is another key factor driving the growth of the market.

Moreover, the increased use of facial recognition technology by law enforcement agencies to scan people’s face captured on the CCTV and find the targeted person. The growing demand for cloud-based facial-recognition technology will further enhance the growth of the market. However, privacy concerns related to the enhanced adoption of facial recognition is presumed to hinder the growth of the market.

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Facial Recognition Market: Companies Mentioned

•  Aware, Inc.
•  FacePhi.
•  NEC Corporation 
•  IDEMIA
•  TECH5 SA
•  Onfido
•  Ayonix Corporation
•  Gemalto NV
•  Cognitec Systems GmbH
•  Fujitsu

Key Highlights of the Report

•    On End-use Outlook the market in 2021, the retail and e-commerce sector had a major share in the global market and had around more than 20% of the market revenue share. The increased adoption of facial recognition technology in retail industry to enhance the in-store experience as well as operational efficiency are some major factors estimated to drive the category growth during the forecast period. Previously, clients used to make pay through different installment strategies like money, card, or QR code. These installment strategies include assorted POS terminal frameworks and high staff contribution, and yet, the reception of facial acknowledgment innovation for installment techniques wipes out the requirement for different equipment. Customers can rapidly take care of the bill by filtering their countenances on shrewd gadgets or at stands, which brings about safer, quick, and easy to understand installment. It likewise offers a remarkable verification administration that distinguishes, and perceives faces from client data sets and, with progressions in PC vision-based AI calculations, can find the customer's face effectively from the whole data set.

•   In 2021, the security and surveillance section is projected to witness substantial growth during the forecast period. The growing adoption of facial recognition technology in these systems in the high security areas is the key factor for the category growth. Moreover, the increased deployment of facial recognition at airports and other travelling places are further estimated to enhance the market growth.

•   North America region dominated the market in 2021, as the major factor contributing to the regional growth is the wide implementation of facial recognition technology in security and surveillance systems. In addition, the rising adoption of facial recognition technology in various departments such as homeland security, justice, defense, amongst others across the U.S. is boosting the market growth.

•   The report contains qualitative and quantitative research on Facial Recognition Market as well as detailed insights and development strategies employed by the leading competitors. The report also provides in-depth analysis of the markets’ main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company’s global presence, competitors, service offers, and standards.

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Revenue-generating Segment Highlights

By Technology Outlook
•  2D 
•  3D 
•  Facial Analytics

By Application Outlook
•  Emotion Recognition 
•  Attendance Tracking and Monitoring 
•  Access Control 
•  Security & Surveillance
•  Others

By End-use Outlook
•  Retail & E-commerce 
•  Media & Entertainment 
•  BFSI 
•  Automobile & Transportation 
•  Telecom & IT 
•  Government 
•  Healthcare 
•  Others

By Region
•  North America
o  U.S.
o  Canada
•  Europe
o  Germany
o  U.K.
o  France
o  Italy
o  Spain
o  Rest of Europe
•  Asia Pacific
o  China
o  India
o  Japan
o  Rest of Asia Pacific
•  Latin America
o  Brazil
o  Mexico
o  Rest of Latin America
•  Middle East and Africa
o  UAE
o  South Africa
o  Rest of Middle East and Africa (MEA)

 

Ready to generate outstanding revenue opportunities with Business Intelligence Insights (BII)’ exclusive Facial Recognition market study. Highlights of the overall market will be included in the research, as well as frequently asked questions such as –

•  What are the historical and projected revenue figures, as well as the CAGR, for the forecast period?
•  What is the current trend taking place in the market space?
•  What are the business techniques that will influence competitive scenarios as well as the market's growth potential?
•  What market drivers, restraints, and challenges are influencing market demand and growth?
•  In the approaching years, which regions and segments will generate significant revenue and emerge as industry leaders?

The Facial Recognition Market report's competitive scenario examines, assesses, and positions firms based on a variety of performance characteristics. The financial performance of organizations over the last few years, growth plans, product innovations, new product launches, investments, market share growth, and so on are some of the elements analysed in this research. Don't wait any longer; take a comprehensive approach and achieve your business objectives with our Facial Recognition Market Forecast Report 2022- 2030 - Order Now!

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