DUBLIN--(BUSINESS WIRE)--The "Facial Recognition Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Application, and Vertical" report has been added to ResearchAndMarkets.com's offering.
The Facial Recognition market is projected to reach US$ 12,670.22 million by 2028 from US$ 5,012.71 million in 2021; it is expected to grow at a CAGR of 14.2% from 2021 to 2028.
The use of facial recognition in law enforcement and non-law enforcement applications is predicted to increase rapidly during the forecast period. Furthermore, facial recognition is often preferred over other biometric technologies, such as voice recognition, skin texture recognition, iris identification, and fingerprint scanning, due to its contactless procedure and easy deployment.
In addition, the "fourth industrial revolution," in the world, Industry 4.0, is characterized by rapid and converging advancements in multiple next-generation technologies, including artificial intelligence (AI). The newly developed facial recognition systems use advanced AI features, IP cameras, machine learning algorithms, and cognitive technology to verify a person from a video source or a digital image.
While traditional facial recognition systems have loopholes, advanced AI-based facial recognition systems deliver far superior accuracy. Moreover, many companies are eliminating traditional fingerprinting scanners from their security systems, which is paving the way for the adoption of AI-based facial recognition systems.
Moreover, increasing government initiatives and investments in promoting AI-based facial recognition technologies are propelling the facial recognition market growth. In 2020, the Defense Advanced Research Projects Agency (DARPA) of the US Department of Defense (DoD) allocated more than US$ 2 billion to fund AI-related research and development over the next five years.
The primary beneficiaries of this investment to Chinese government are increasing AI startups, most for facial recognition. Thus, AI-powered facial recognition technology is bolstering the facial recognition market growth.
The impact of COVID-19 pandemic differed from region to region across the world. The facial recognition attendance software is a real-time and contactless attendance tracking software useful in the current pandemic. Businesses are resuming their on-premises operations to ensure continuous business operation and under such health crisis, employee health and safety are of paramount importance.
Organizations seek ways to provide a safe workspace to employees, and a contactless check-in is the first step towards it. For instance, CyberLink, a world leader in facial recognition and tracking technologies, has been working with a number of physical stores in the US to provide biometric facial recognition with its FaceMe.
Moreover, two companies in China have developed AI-based coronavirus diagnostic software to detect lung problems using CT scans. At least 34 Chinese hospitals used this technology to screen 32,000 suspected cases in February 2020. Hence, the overall impact of COVID-19 pandemic on the market is low to moderate.
Tech5, IDEMIA, Aware Inc., Cognitec Systems GmbH, Ayonix Corporation, Fujitsu Limited, Onfido, NEC Corporation, Thales Group, and Face PHI are among the key players operating in the global facial recognition market and profiled in the market study.
Report Highlights
- In 2021, the software segment led the facial recognition market with the largest share.
- In 2021, the security & surveillance segment led the market and accounted for the largest market share.
- In 2021, the government segment held the largest share of the market.
- In 2021, APAC accounted for a significant share in the market.
Key Industry Dynamics
Market Drivers
- Increasing Demand from Government and Defense Sectors
- Burgeoning Adoption of AI-Based Facial Recognition Systems
Market Restraints
- Restricted Adoption due to Technical Drawbacks
Market Opportunities
- Adoption of Cloud-Based Facial Recognition Technology
Future Trends
- 3D Face Recognition Systems
Company Profiles
- Tech5
- IDEMIA
- Aware Inc.
- Cognitec Systems GmbH
- Ayonix Corporation
- Fujitsu Limited
- Onfido
- NEC Corporation
- Thales Group
- Face PHI
For more information about this report visit https://www.researchandmarkets.com/r/u3tsxp
