Facial Recognition Market Anticipated to Progress at US$ 18.3 Billion By 2028 | CAGR of 18.3%

According to IMARC Group latest report titled “Facial Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on global facial recognition market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global facial recognition market size reached US$ 6.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 18.3 Billion by 2028, exhibiting a growth rate (CAGR) of 18.3% during 2023-2028.

What are facial recognition?

Facial recognition technology analyzes and identifies individuals based on their unique facial features. It utilizes algorithms and pattern recognition techniques to capture, process, and compare facial data. It has diverse applications, from security and surveillance to user authentication and personalization. Law enforcement uses it to identify suspects, enhance border control, and maintain public safety. Facial recognition enables secure access control, personalized marketing experiences, and customer verification in commercial settings.

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What are the growth prospects and trends in the facial recognition industry?

The global market is majorly driven by the increasing concern for public safety and the need for robust security measures. In line with this, the rapid product adoption in airports, government buildings, and critical infrastructure to enhance security and identify potential threats is significantly contributing to the market. Furthermore, the rising advancements in facial recognition algorithms, machine learning, and artificial intelligence are improving the accuracy and reliability of facial recognition systems. This is accelerating the trust and adoption of the technology across various industries. Apart from this, the growing facial recognition demand in applications such as unlocking smartphones, authorizing digital payments, and accessing secure facilities is positively influencing the market. Moreover, the escalating utilization in retail and marketing to analyze customer behavior, demographics, and preferences is catalyzing the market. Besides, facial recognition finds extensive applications in healthcare for patient identification, monitoring, and diagnosis. It assists in identifying individuals with medical conditions, tracking vital signs, and enhancing telemedicine solutions. This, in turn, is creating a positive outlook for the market. Additionally, the increasing deployment of facial recognition in smart city projects for traffic management, public safety, and urban planning is providing a boost to the market.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 3M Company
• Animetrics Inc.
• Aware Inc.
• Ayonix Corp­oration
• Cognitec Systems GmbH
• Daon Inc.
• FaceFirst Inc.
• FacePhi Biometria
• IDEMIA (Advent International)
• NEC Corporation
• Safran Group
• Thales Group

Facial Recognition Market Segmentation:

Our report has categorized the market based on region, component, technology, application and end use industry.

Breakup by Component:

• Software
• Services

Breakup by Technology:

• 2D Facial Recognition
• 3D Facial Recognition
• Facial Analytics

Breakup by Application:

• Emotion Recognition
• Attendance Tracking and Monitoring
• Access Control
• Security and Surveillance
• Others

Breakup by End Use Industry:

• Retail and E-commerce
• BFSI
• Government and Defense
• Automotive and Transportation
• Media and Entertainment
• Healthcare
• Telecom and IT
• Others

Breakup 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, Other)

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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