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Facial Recognition Market Size

Name: Facial Recognition Market Size & Share, Growth Trends 2020–2026
Creator: Global Market Insights
License: https://www.gminsights.com/privacy-policy

Report ID: GMI2593
Published Date: Jul 2020
Report Format: PDF

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Facial Recognition Market Size

Facial Recognition Market size exceeded USD 3 billion in 2019 and is projected to grow at a CAGR of over 18% between 2020 and 2026. The rapid adoption of advanced face identification systems for security and surveillance is driving the market growth. Deployment of these solutions with camera networks will enable the police to track suspects, thieves, or criminals on roads or in crowded places.

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Market will witness a high demand from police departments to improve criminal investigation. The integration of AI allows officers to submit images taken in the field or collected from photos or videos and instantaneously match them to photos in government databases.

The ongoing coronavirus (COVID-19) pandemic will surge the market value for facial recognition solutions to track quarantine violators. Several countries are actively deploying facial recognition techniques to tackle and combat the coronavirus pandemic. A wide network of cameras with face identification technology has been deployed in China to track individuals violating isolation rules. Several China-based AI market players, such as SenseTime and Hanwang Technology, have launched the solutions that can accurately recognize citizens even if they are masked.

Facial Recognition Market Report Attributes
Report Attribute	Details
Base Year:	2019
Facial Recognition Market Size in 2019:	USD 3.5 Billion
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	18%
2026 Value Projection:	USD 12 Billion
Historical Data for:	2016 to 2018
No. of Pages:	220
Tables, Charts & Figures:	291
Segments covered:	Component, Application, End-Use and Region
Growth Drivers:	Ongoing technological advancements Increasing adoption of the technology in consumer electronics globally Demand for cloud-based facial recognition solutions in the U.S. Adoption of the technology for surveillance by the government sector in Europe and Asia Pacific Rising adoption of the technology in public places in Latin America and MEA
Pitfalls & Challenges:	Data security and privacy concerns High cost of implementation

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of facial recognition surpassed USD 3 billion in 2019.

The industry share of facial recognition is poised to grow at a CAGR of over 18% between 2020 and 2026.

The retail & e-commerce sector in the market will expand at over 20% CAGR through 2026, says this research report by Global Market Insights, Inc.

According to the analysts GMI, the Asia Pacific market is anticipated to witness growth of around 19% during the forecast timespan.

Major players operating in the industry include Aware. Inc., Ayonix Corporation, Cognitec Systems GmbH, Daon, Inc., Idemia, Facefirst, Inc., Thales Group, Herta Security, NEC Corporation, Ntechlab, Stereovision Imaging, Inc., Panasonic Corporation, and VisionLabs B.V.

3D solutions are more precise & accurate and eliminate the disadvantages of 2D systems. The demand for more accuracy in capturing the real-time image of a person's facial surface has led to the rapid market adoption of an effective software using a 3D model.