DUBLIN, December 07, 2021--(BUSINESS WIRE)--The "Facial Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global facial recognition market reached a value of US$ 3.80 Billion in 2020. Looking forward, the publisher expects the market to grow at a CAGR of 17.2% during 2021-2026.
Cognitec Systems GmbH
IDEMIA (Advent International)
Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Facial recognition refers to a biometric technology for identifying faces and verifying the identity of an individual. Facial recognition software and systems use deep learning algorithms to capture, analyze and compare patterns, live captures or digital images to the stored faceprint repository to verify the identity.
It eliminates the need for physical contact for verification, can be integrated with existing security infrastructure and offers an improved level of security. It also enables faster data processing and facilitates automated authentication. As a result, facial recognition finds extensive applications for homeland security, criminal investigations, identity management, intelligent signage and photo indexing and sorting.
The increasing incidences of cyberattacks, terrorist activities and identity thefts across the globe is one of the key factors driving the growth of the market. Furthermore, the widespread utilization of smart surveillance systems, such as multi-factor authentication systems, is stimulating the market growth. Facial recognition provides high-level security to public and private organizations through accurate identification of individuals for access control. This, in turn, is bolstering their demand across the corporate sector and commercial spaces. These systems are also used in the healthcare sector to replace passwords and provide healthcare providers a quick access to the patient's medical records.
Additionally, various technological advancements, such as the development of 3D recognition systems, are acting as other growth-inducing factors. 3D facial recognition systems can operate in the dark, recognize faces from multiple viewing angles and determine changes in facial characteristics, age and gender. Such advanced features are contributing to the increasing demand for efficient facial recognition solutions across various industry sectors. Other factors, including the utilization of mobile security devices, drones and cloud-based surveillance systems, along with extensive infrastructural developments, are anticipated to drive the market further.
Key Questions Answered in This Report:
How has the global facial recognition market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global facial recognition market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global facial recognition market and who are the key players?
What is the degree of competition in the industry?
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
4.2 Key Industry Trends
5 Global Facial Recognition Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Component
7 Market Breakup by Technology
8 Market Breakup by Application
9 Market Breakup by End Use Industry
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
15.1 Market Structure
15.2 Key Players
15.3 Profiles of Key Players
For more information about this report visit https://www.researchandmarkets.com/r/phqj4p
View source version on businesswire.com: https://www.businesswire.com/news/home/20211207005664/en/
Laura Wood, Senior Press Manager
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