Reports And Data

Face Recognition Systems Market Size – USD 3,766.4 Million in 2020, Market Growth – at a CAGR of 16.8%, Market Trend – Rise in defense budget

NEW YORK, NY, UNITED STATES, April 25, 2022 /EINPresswire.com/ -- Increasing government expenditure on face recognition systems for enhancing border security and adoption of live surveillance technology in various countries are driving market revenue growth

The global face recognition systems market size is expected to reach USD 13.09 Billion in 2028 and register a revenue CAGR of 16.8% over the forecast period, according to latest report by Reports and Data. Face recognition systems market revenue growth can be attributed to rising awareness regarding benefits offered such as authentication, access control, monitoring, indexing, and surveillance maintenance.

Face recognition systems use computer algorithms to pick out specific and distinctive details about a person’s face. These details, such as distance between the eyes or shape of the chin, are converted into mathematical representation, which is then compared to data on other faces collected in face recognition database.

Companies operating in the defense sector are making substantial investments in facial recognition systems to enhance border security by keeping a check on illegal migrants/refugees and terrorists, as well as strengthen security in public areas to prevent any malpractices or riot. Advancements in financial technologies and growing demand for enhanced security by customers of financial institutions are driving market revenue growth. Recently, biometric online banking via facial recognition has gained significant traction in financial institutions. Using facial recognition, security of mobile payment applications or internet banking can be considerably enhanced.

This can be attributed to presence of an authorization identification system that could not be compromised by hackers unlike security based on pin or password.

Companies profiled in the market report include NEC Corporation, Cognitec Systems GmbH, Nuance Communications, Daon Inc., Dell Technologies, Microsoft Corporation, Google LLC, 3M Company, Animetrics Inc, Aware Inc., and Gemalto.

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Some Key Highlights from the Report

• Face recognition systems are widely preferred over other biometric technologies, such as voice recognition, skin texture recognition, iris recognition, and fingerprint scanning, due to their contactless process and ease of deployment using a camera and existing monitoring devices. Demand for facial recognition systems is increasing due to growing advancement in technologies, such as cloud-based services and 3D-based recognition systems.
• By application, the access control segment accounted for largest market revenue share in 2020. In the field of physical and information security, access control is the selective restriction of access to a place or other resources. Facial recognition technology is finding its application in access control to enhance identity verification and security checks and prevent any unauthorized access attempt.
• The face recognition systems market in North America accounted for largest revenue share in 2020 due to the presence of robust digital infrastructure in the region, growing focus by the US government to enhance homeland security, and growth of end-use industry verticals. Additionally, various strategic initiatives adopted by leading market players, such as Microsoft Corporation and Nuance Communications in North America, are supporting market revenue growth.
• In December 2021, Japan’s NEC Corporation announced that it would start full-scale introduction of a vaccination certification system for COVID-19 based on facial recognition, thereby eliminating use of smartphone applications or documents. The company expects the system to be used at tourist sites and event venues and help alleviate congestion while reducing labor costs.

To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/face-recognition-systems-market

For this report, Reports and Data has segmented the global face recognition systems market based on component, end-use, application, and region:

Component Outlook (Revenue, USD Million; 2018–2028)

• Software
• Hardware
• Services

End-Use Outlook (Revenue, USD Million; 2018–2028)

• Security and Law Enforcement
• Healthcare
• Retail & E-commerce
• BFSI
• Automobile and Transportation
• Telecom and IT
• Other End Uses

Application Outlook (Revenue, USD Million; 2018–2028)

• Access Control
• Emotion Recognition
• Attendance Tracking and Monitoring
• Web Application
• Business Intelligence
• Photo Indexing and Sorting
• Others

Regional Outlook (Revenue, USD Million; 2018–2028)

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Key Advantages of Face Recognition Systems Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Face Recognition Systems industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Face Recognition Systems market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

Tushar Rajput
Reports and Data
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