Facial Recognition Market Size 2021 : Report with In Depth Industry Analysis on Trends, Growth, Share, Latest Report, Opportunities and Forecast till 2030

In a recent published report, Kenneth Research has updated the market report for Facial Recognition Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Facial Recognition Market products.

Download Sample of This Strategic Report-:: https://www.kennethresearch.com/sample-request-10085623

Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023.

The Facial Recognition Market is expected to grow with a significant CAGR during the forecast period, i.e. 2021-2025, on the back of growing internet penetration around the world along with the rising adoption of smartphone. The statistics by the GSMA Intelligence stated that the total unique mobile subscribers as on May 2020 around the world was 5.24 billion.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Global Facial Recognition Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025
Facial Recognition Market is approximately USD 5 billion market that is expected to double by 2025
Facial recognition market is experiencing a sudden boom due to proliferation of facial recognition software and sensors in top end smartphones of all major companies. The market is driven mostly by companies and government organizations that are trying to digitize certain mundane everyday activities such as attendance to save time and eliminate human interference. The facial recognition market is estimated to be ~USD 4.3 billion in 2018 and growing at a CAGR of ~13.5% during the forecast period of 2019–2025. 

Facial recognition solution includes sensors, integrated devices, and cameras as hardware that reads faces and recognizes certain focal points analyses of the face through 2D or 3D facial recognition software. This tool can be used for various purposes such as access management or attendance management or verification processes. This tool is very handy and saves time over other verification or attendance management solutions such as finger print technology, iris scan or manual ledger technology using signatures as facial recognition technology saves time and is also automated to read the facial features while entering a premises/location and need not allocate a particular amount of time for verification processes. 

Download Sample of This Strategic Report-:: https://www.kennethresearch.com/sample-request-10085623

This report includes revenue generated from software, hardware, and services also as all the three entities are vital for the organizations to implement this system. Facial recognition in many cases is also being used as a secondary verification process apart from finger print and manual method as the system is still in early stages. The system is expected to be fool proof within the forecast period and can also be main method for verification or access management surpassing other verification processes. Currently, the facial recognition is a minor part of the verification process market and that is estimated to lead and hold a major share of this market.
The facial recognition services such as cloud based facial recognition services and training, implementation, and consulting also contribute to the market size as these services are increasingly being used mostly in developing regions. In these regions the training module is a necessity and also the consultation services as each company requires to modify the system as per the needs. Facial Recognition Market

The tailor-made solutions for SMBs is a vital part of the revenue generation stream for the facial recognition services market.
Among the various industries in which facial recognition is being implemented, BFSI is widely accounting to the largest share of the facial recognition market as mobile banking is widely being adopted globally and the facial recognition software is being opted as the suitable option for banking verification due to its ease of use along with time saving capabilities. The eradication of physical IDs for verification is another reason that is helping the facial recognition market. 

Government institutions globally are increasingly adopting this system for security purposes. For instances such as public gatherings, government institutions such as police ensure that no individuals with a crime track record be present in the event. In such cases, facial recognition will be used as time to recognize face and permit a person is negligible and in this way large crowds can be handled and scrutinized. Police verifications will also be drastically changed as facial recognition will verify segregate wanted people from large crowds. 

Retail has been implementing this software widely as it is looking to personalize and increase customer engagement. Retail companies are making use of this system to recognize repeat customers and analyze their buying patterns and configure ads personalized to the buyer to increase sales. The industry is gaining traction mainly in the developed regions and still must attain foot hold in the developing countries. The developing countries are slow in adopting these systems, specially the retail sector due to the reluctance of companies to try new technologies unless proved in the developed countries. 

Based on geography, North America is expected to have the highest market share in the facial recognition market due to technological advancements and also housing most of the top fortune 500 companies and tech giants headquartered in the region. US contributes the major share of the North American regional market share.

APAC region is expected to be the fastest growing market among the regions due to the market potential and the initiatives taken by the governments in the region to digitize services and provide citizen centric services.
Facial recognition market is primarily dominated by major companies including NEC, Herta Security, NViso, 3M, and Kairos. However, there are some cloud players that are gaining pace in the market with their related infrastructure already ready and helping them to acquire new clients such as IBM and AWS. Due to their brand image and expertise on cloud-based services, the products are easier to be targeted to clients and help in gaining market share.

Request Free Sample Copy :-https://www.kennethresearch.com/sample-request-10085623

There are other companies that are making their presence felt in this segment and have the potential to topple any of the market leaders are Gemalto, Cognitec Systems, Aware, IDEMIA, Ayonix, etc. In this report, the companies mentioned above are profiled extensively with many strategic initiatives listed and analyzed.

About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

Contact Us

David

Email : Sales@kennethresearch.com

Phone: +1 313 462 0609

————————New Related Reports——————————

IoT in Construction Market

Crowd Analytics Market

Fraud Detection and Prevention Market

Sports Analytics Market

Blockchain Market

Telecom Managed Services Market

Smart Signaling Market

Data as a Service Market

Artificial Intelligence in Security Market

Pharma Contract Market

Regulatory Technology (RegTech) Market

Wearable Device Cyber security Market

Share your love
Christophe Rude

Christophe Rude

Articles: 15888

Leave a Reply

Your email address will not be published. Required fields are marked *