Global Facial Recognition Market will Reach USD 8.5 billion by 2027

Facial Recognition Market

Qualiket Research

Facial Recognition Market size is predicted to grow from USD 3.8 billion in 2021 to USD 8.5 billion by 2027, at a CAGR of 17.2% during the forecast period.

PUNE, MAHARASHTRA, INDIA, October 18, 2021 / — Facial recognition could be a methodology of confirming or characteristic a human character utilizing their face. Automatic face recognition system is often used to differentiate people in images, recordings, or in period. automatic face recognition could be a classification of biometric security. Various kinds of biometric software package incorporate fingerprint recognition, voice recognition, and eye tissue layer or iris recognition. The innovation is mostly used for security Associate in Nursing law authorization; but there’s an increasing interest in numerous areas of utilization.

List of Key Players of Facial recognition market

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

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Factors which can influence the market growth by creating the demand for the market are Increasing importance of the surveillance industry, growing investment in facial recognition technologies by the government and defense sector and rising technological advancements across business verticals. In COVID-19 pandemic, increasing concern for sanitation the bulk of the organizations is switch toward identity verification system as a sterile option to management the unfold of infection. the mix of computer science (AI), then again, is providing a successful resolution by connexion each identity verification innovations aboard temperature detection.

Cloud-based solutions cut back numerous direct prices and eliminate considerations associated with the upkeep of servers. Hence, cloud-based solutions is best-suited for little and Medium Enterprises (SMEs) and organizations that notice on-premises solutions expensive. For instance, in March ninth, 2020; Hanwang Technology developed a face recognition system which will acknowledge people sporting masks. Face recognition systems for police work and instalments are seriously obstructed by the mask that has gotten universally worn as assurance against the Covid burst in China.

Key Insights & Findings:

• By technology, the 3D segment led the market for almost half of the larger revenue.

• Based on 2D segment, 3d segment is more favourable over this segment.

• By application, the access control segment account for the largest contributor in the market.

• The security and surveillance segment is anticipated to document significant CAGR over forecast period owing to the rising adoption of facial recognition technology in the segment.

• Asia Pacific to grow with fastest growing CAGR during the forecast period. APAC includes big and developing economies, such as China, Japan, India, Singapore, and South Korea.

• North America region dominated the market in 2020, accounting for larger share of the global revenue

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Qualiket Research has segmented the global Facial recognition market based on Application segment and Power Rating segment, and region

Technology Segment
• 2D
• 3D
• Facial Analytics

Application Segment
• Access Control
• Security & Surveillance

By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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Vishal Thakur
Qualiket Research
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