Global facial recognition market will grow by USD 3.35 billion during 2020-2024.
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Technavio has announced its latest market research report titled Global Facial Recognition Market 2020-2024 (Graphic: Business Wire)
Amid the COVID-19 pandemic, the global facial recognition market registered a YOY growth of 6.94% in 2020 and the market is estimated to expand at a CAGR of almost 12% during the forecast period. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get Free Sample Report Delivered Instantly to Know More
Facial Recognition Market: Increasing instances of identity theft to drive growth
Factors such as the rising popularity of online games and the growing dependence on websites and web applications have increased the number of identities and data theft cases. This is evident in the BFSI sector, especially in developing countries such as India, Indonesia, and China. This is compelling end-users to adopt secure authentication solutions such as biometric security solutions. Biometric solutions are considered as one of the most secure authentication solutions due to their capability to incorporate the physical and behavioral features of the end-users that are difficult to forge. Therefore, the rising instance of identity theft is expected to drive the growth of the global facial recognition market over the forecast period.
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As per Technavio, the rising popularity of facial recognition will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Facial Recognition Market: Rising Popularity of Facial Recognition
Financial institutions across the world are increasingly encouraging the use of mobile and personal devices for online financial transactions. With the increasing use of consumer electronics for financial transactions, the need for high-level security is also increasing as critical user information can be easily hacked and manipulated. This is leading to the high adoption of facial recognition technologies in the consumer electronics industry. As the number of smartphone users continues to grow, the demand for facial recognition technologies will increase during the forecast period.
"Adoption of 3D facial recognition technology and the implementation of facial recognition for border security will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Facial Recognition Market: Major Vendors
The report covers details on the market’s competitive landscape and offers information on the products offered by various companies, including:
ASSA ABLOY AB
Cognitec Systems GmbH
Egis Technology Inc.
IDEMIA France SAS
Facial Recognition Market: Segmentation Analysis
This market research report segments the facial recognition market by technology (3D facial recognition and 2D facial recognition), end-user (government sector, BFSI sector, transportation sector, and other sectors), application (Identification and Verification), and geography (North America, Europe, APAC, MEA, and South America).
The APAC region led the facial recognition market in 2020, followed by North America, Europe, MEA, and South America respectively. During the forecast period, APAC is expected to register the highest incremental growth due to rising government initiatives to implement facial recognition for identification purposes.
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Related Reports on Information Technology Include:
Global Biometrics Market – Global biometrics market is segmented by end-user (government, healthcare, BFSI, and others), authentication (single-factor authentication and multi-factor authentication), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Global Mobile Biometrics Market – Global mobile biometrics market is segmented by technology (fingerprint recognition, face recognition, voice recognition, and others), application (access control, mobile payment, and authentication), and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Some of the key topics covered in the report include:
Market Share by Competitors
Market positioning of vendors
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