According to the latest IMARC group report titled ” Facial Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2021-2026», The market reached a worth US $ 3.80 billion in 2020. For the future, the IMARC Group expects the Facial Recognition Market Report grow up to one CAGR of 17.2% in 2021-2026. Facial recognition is a biometric technology used to verify the identity of an individual. This technology uses extensive learning algorithms to capture, review and compare digital captures / images and live models with the stored facial print repository for identification. Facial recognition eliminates the need for physical contact for verification, can be integrated into existing security infrastructure. It also offers an improved level of security, improved data processing and facilitates automated authentication. As a result, facial recognition finds many applications for homeland security, identity management, criminal investigations, smart signage, and photo indexing and sorting.
Like the new coronavirus (COVID-19[female[feminine) the crisis is taking hold of the world, we are constantly monitoring changes in the markets, as well as the purchasing behavior of consumers around the world and our estimations on the latest market trends and forecasts are made after considering the impact of this pandemic.
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The global facial recognition market is primarily driven by the growing incidence of cyber attacks, terrorist activity, and identity theft. In addition, the increasing adoption of facial recognition in the business and commerce sectors to facilitate the precise identification of individuals is also boosting the growth of the market. These systems are also used in the healthcare industry to replace passwords and provide healthcare providers with quick access to their medical records. Additionally, with the sudden outbreak of coronavirus infection, there is a rapid shift from fingerprint-based biometrics to facial recognition systems to mitigate the risk of disease transmission. In the coming years, the increasing integration of facial recognition solutions with drones, cloud-based surveillance systems, and mobile security devices is also expected to drive the global market.
See the full report with table of contents and list of figures: https://bit.ly/3vBsJ22
Competitive landscape with key players:
The report also analyzed the competitive landscape of the market with some of the major players being.
- 3M Company
- Animetrics Inc.
- Conscious Inc.
- Ayonix Company
- Cognitec Systems GmbH
- Daon Inc.
- FaceFirst Inc.
- FacePhi Biometria
- IDEMIA (Avent International)
- NEC Company
- Safran Group
- Thales Group
Facial recognition market segmentation:
Our report has categorized the market on the basis of region, component, technology, application, and end-use industry.
Market breakdown by component:
Market breakdown by technology:
- 2D facial recognition
- 3D facial recognition
- Facial analysis
Market breakdown by application:
- Recognition of emotions
- Attendance monitoring and surveillance
- Access control
- Security and surveillance
Market breakdown by end-use sector:
- Retail and e-commerce
- Government and Defense
- Automotive and Transportation
- Media and entertainment
- Health care
- Telecom and IT
Market breakdown 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, others)
Highlights of the report:
- Market performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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