Facial Recognition Market: Current Analysis and Forecast (2022-2028)

Report Description

The global Facial Recognition Market is expected to grow at a growth rate of around 16% during the forecast period. The facial recognition market is uplifting on account of the increasing investment in facial recognition technologies by the government and defense industries and the growing importance of surveillance in industries. Facial recognition is the process of identifying or verifying an individual’s identity based on their face. It captures, analyzes, and compares patterns based on human facial details. The facial recognition process is a key step in detecting and locating human faces in images and videos.

Many people are familiar with FaceID facial recognition technology used to unlock iPhones. Instead of typically relying on a huge database of photos to determine an individual’s identity, facial recognition simply identifies and recognizes the individual as the sole owner of the device, limiting access to other users. Moreover, factors such as the increasing technological advancement across industry verticals, enhanced security provided by facial recognition, and the rising adoption of the technology by the law enforcement sector are also influencing the growth of the facial recognition market. For instance, In August 2021, GAO reported its findings on facial recognition technology (FRT) activity which found that 18 out of 24 agencies reported using FRT for one or more purposes. The list of agencies consists of agencies like the Department of Defense and Department of Homeland Security (DHS) that keep in-residence systems, along with smaller companies that use the machine to govern get admission to high-safety locations.

Some of the major players operating in the market include Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, Facephi Biometria SA, Fujitsu Limited, Thales Group, Advent International, NEC Corporation, AnyVision Interactive Technologies Ltd., and TECH5 SA. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst technology, 3D facial recognition segment to witness robust CAGR during the forecast period”

Based on technology, the market is segmented into 3D facial recognition, 2D facial recognition, and facial analytics. The 3D facial recognition segment catered to a significant share of the facial recognition market in 2020. The emergence of advanced technologies such as cloud-based solutions and facial analysis is expected to boost the growth of the market. Facial analytics capabilities in facial recognition software allow users to understand where faces reside in a video or image along with their facial attributes.

“Amongst application, the access control segment to hold a significant share in the market in 2020”

On the basis of application, the market is divided into access control, emotion recognition, law enforcement, and others. The access control segment is expected to grow at a strong CAGR during the forecast period. This is because more and more companies are focusing on improving their access control systems. Access control is a safety degree this is installed region to alter the people that may view, use, or have to get admission to a confined environment.

“North America captured a significant share of the market in 2020”

North America captured a notable share of the market in 2020. The wide implementation of facial recognition technology in security and surveillance systems is the major factor contributing to regional growth. Moreover, the increasing adoption of facial recognition technology in various federal agencies in the United States is fueling the growth of the market in the region. For instance, the FBI makes use of facial recognition to look at probe images for matching candidate images. Facial recognition technology offers a specific and specialized value to the FBI’s challenge to combat crime and terrorism. In many instances, facial recognition results in statistics that are not available with another investigative method.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global facial recognition market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
 

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Research Methodology

Research Methodology for the Facial Recognition Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global facial recognition market were the three major steps undertaken to create and analyze the adoption of facial recognition in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global facial recognition market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the facial recognition market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the facial recognition market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as technology, application, and end users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the facial recognition market. Further, we conducted factor analysis using dependent and independent variables such as technology, application, and end users of the facial recognition market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the facial recognition market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global facial recognition market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the facial recognition market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global facial recognition market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global facial recognition market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the technology, application, and end users in the global facial recognition market.

The main objective of the Global Facial Recognition Market Study

The current & future market trends of the global facial recognition market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the facial recognition market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the technology, application, and end users
• Define and analysis of the regulatory framework for the facial recognition industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the facial recognition market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the facial recognition market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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