Latest News- Facial Recognition Market: Identification is expected to lead the Application segment during 2024-2028

The Facial Recognition Market is being driven by Increasing instances of identity threats

The Facial Recognition Market is expected to grow at a CAGR of 22.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 11819.9 million. The Facial Recognition market is poised for significant growth due to technological innovations, such as the integration of AI tools and software applications. Vendors are incorporating facial recognition capabilities into video surveillance systems, enabling businesses and governments to effectively and easily identify intruders or threats, thereby enhancing security. The increasing prevalence of security concerns has led to heightened spending on surveillance devices by governments worldwide. Vendors provide facial recognition solutions as standalone offerings or integrated software solutions with video surveillance systems, catering to diverse security requirements. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Identification
  • Verification
• Technology
  • 3D
  • 2D
  • Facial analytics
• End-user
  • Media & entertainment
  • BFSI
  • Automobile & transportation
  • Others
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing instances of identity threats
• Rising popularity of facial recognition
• Adoption of 3D facial recognition technology

However, the market also witnesses some limitations, which are as follows:

• High cost of deployment
• Accuracy issues
• Stringent regulations and standards

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Market Scope in Facial Recognition Market Research Report

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Research Analysis Overview

Facial recognition technology, which includes image recognition, is revolutionizing various sectors. In education, it's used for attendance tracking in institutions. Healthcare settings employ it for patient identification and access control. It automates payment systems and enhances operational efficiency in businesses. NEC Corporation leads the market, providing facial recognition for smart hospitality services and law enforcement agencies for unique identification, authentication, and enforcement purposes using facial characteristics as a unique identifier.

Market Research Overview

In the realm of technology, Facial Recognition Market holds a significant position within the Global Technology Hardware, Storage, and Peripherals Market, which encompasses manufacturers of cellular phones, personal computers, servers, and peripherals, including data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other hardware devices. According to Technavio, this market is expected to grow due to several key drivers. In the wake of COVID-19, the need for work-from-home technologies has surged, leading to an increased demand for data centers. Furthermore, the education sector is adopting facial recognition for attendance tracking, while healthcare settings employ it for patient identification, enhancing operational efficiency. The retail sector is automating payment systems using facial recognition technology, and robust surveillance systems are being implemented in critical infrastructure sectors and public spaces to ensure security. These factors collectively contribute to the market's growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/