According to a recent study done by FMI, the Facial Recognition Market is expected to reach US$ 22.5 billion by 2032, up from US$ 5.2 billion in 2022, expanding at a high CAGR of 15.7%. This study explains that increase in government investments in emerging technologies of CCTV cameras in most public places to minimize criminal activities and terrorist attacks and to enhance public safety boosts the facial recognition market growth.
Factors such as the rise in demand for face detection systems to enhance safety and security, and increase in applications in physical security and intelligent signage are expected to propel the growth of the global facial recognition market during the forecast period. Further, the report opines that the technological advancements such as 3D recognition systems and cloud-based solutions are anticipated to augment the market growth in the coming years.
Request a Sample of this Report @
Further, post the COVID-19 pandemic, there is a gradual rise in the number of use cases of facial recognition, which is one of the factors that has boded well for the Facial Recognition's market demand. Moreover, the application of thermal camera checks through these systems and are being adopted by healthcare systems globally.
Key Takeaways from the Market Study
- Global Facial Recognition market to be valued at US$ 5.2 Bn by 2022-end
- By Component, Software Tools Segment expanded at a CAGR of 16.8% until 2021
- Law Enforcement application ruled the Facial Recognition market with a CAGR of 16.7% until 2021.
- China to account for the highest value share of US$ 1.6 Bn of global market demand for Facial Recognition market in 2032
Increasing mobile transactions for banking in countries, such as India and China, coupled with their governments' initiatives, are expected to be the major drivers for the facial recognition market in the region, remarks a FMI analyst.
Get More Information on this Report @
Players in the global Facial Recognition market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In March 2022, Aware, a biometrics software and services company, partnered with MIRACL to expand its cloud-based biometric authentication technology. The partnership is a through mutual reseller arrangement whereby each company can both sell each other's products and integrate them within their own product lines, quickly bringing to market password-free login paradigms delivering superior security and simplicity for users.
- In March 2022, SALTO's acquisition of Cognitec Systems initiates strong partnership of business synergy and innovation. This acquisition is expected to meet market requests for adding face recognition and artificial intelligence technologies to the company's renowned electronic access control and ticketing solutions. In addition, both companies appreciate a similar innovative work environment and corporate culture.
More Insights on the Facial Recognition Market
Future Market Insights offers an unbiased analysis of the global facial recognition market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the facial recognition market, the market is segmented on the basis of component type, application, and vertical across five major regions.
Request for Customization @
Key Segments Covered in the Facial Recognition Industry Report
Facial Recognition by Component
- Facial Recognition Software Tools
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics
- Facial Recognition Services
- Training and Consulting
- Cloud Based Facial Recognition
Facial Recognition by Vertical
- Facial Recognition in Banking
- Facial Recognition in Retail & E-Commerce
- Facial Recognition in Automotive
- Facial Recognition in Healthcare
- Facial Recognition in Government & Defence
- Facial Recognition for Other Verticals
Facial Recognition by Application
- Facial Recognition for Law Enforcement
- Facial Recognition for Access Control
- Facial Recognition for Emotion Recognition
- Facial Recognition for Attendance Tracking and Monitoring
- Facial Recognition for Other Applications
Explore Other Related Reports Links From Technology Market
Flexible Electronics Market Demand - The global flexible electronics market is growing with a modest pace to record a CAGR of 8.5% from 2022 to 2032.
Web Conferencing Market Outlook - The global web conferencing market is anticipated to record a CAGR of 14.2% during the 2022-2032. Web conferencing market has seen extensive growth due to its various features mentioned above, and it has become a generic platform for the key application, such as meetings, presentations, lectures, training events.
Clinical Workflow Solutions Market Value - The global market for clinical workflow solutions, which was anticipated to be worth US$ 9 Bn in 2022, is expected to rise to US$ 41.7 Bn by 2032, at a CAGR of 16.7% throughout the analysis period.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Future Market Insights,
Unit No: 1602-006,
Jumeirah Bay 2,
Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers,
United Arab Emirates
For Sales Enquiries: firstname.lastname@example.org
Browse All Reports: https://www.futuremarketinsights.com/reports
The post Facial Recognition Market is set to register a stupendous CAGR of over 15.7% and cross a humungous revenue during forecast period of 2022-32 | Get analytical report by FMI appeared first on Future Market Insights.
Original Source of the original story >> Facial Recognition Market is set to register a stupendous CAGR of over 15.7% and cross a humungous revenue during forecast period of 2022-32 | Get analytical report by FMI
This content is published on behalf of the above source. Please contact them directly for any concern related to the above.
This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.