Accordingto a new market research report "Facial RecognitionMarket by Component (Software Tools andServices), Technology, Use Case (Emotion Recognition, Attendance Tracking andMonitoring, Access Control, Law Enforcement), End-User, and Region - GlobalForecast to 2022” ", publishedby MarketsandMarkets™, The global facial recognition market size to grow fromUSD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a Compound Annual GrowthRate (CAGR) of 16.6% during 2019–2024
Facialrecognition technologies are used to minimize the threats associated withterrorism and border securities. The growing need for surveillance at publicplaces is expected to be one of the major factors that drives the growth of thefacial recognition market.
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Growingsurveillance market and increasing applications in numerous industry sectorsare the factors responsible for boosting the adoption of the facial recognitionmarket. Additionally, an increase in users and data security initiatives by thegovernment, growth in the usage of mobile devices, and an increase in thedemand for robust fraud detection and prevention systems across the BankingFinancial Services, and Insurance (BFSI) industry are considered as some of themajor growth factors for the market. In the healthcare sector, this technologycan be used in the process of monitoring, recognition, and expression of facialemotions for various medical purposes.
TheEuropean Union (EU) has established a new association in the field of biometrictechnology named the European Association for Biometrics (EAB). The EAB isseeking to advance proper and beneficial use of facial recognitionfeature-enabled biometrics in Europe, considering the interests of Europeancitizens, industries, academies, and governments. Furthermore, development ofnational IDs, ePassports, and eVisas is expected to be the main driver for thegrowth of the European market.
Inthe facial recognition market by component, the services segment is projectedto grow at the highest CAGR during the forecast period. The services segment isfurther segmented into training and consulting, and cloud-based facialrecognition services. In the training and consulting segment, major consultingvendors provide privacy impact assessment and strategic assessment ofcompetitive products, catering to the private sector, commercial, and federalor government clients.
Enterprisesuse facial recognition solutions to identify people that attend a particularevent by photos and videos. The photos and videos of the event can also besorted and managed using the facial recognition technology. Many churches haveimplemented this technology to keep a track on their members and check fortheir attendance. Church authorities are also using this solution to analyzethe male-female member ratio and the average age of individuals attendingprayers. The facial recognition technology is also helping the authoritiesmeasure an event’s success.
Inthe retail and eCommerce sector, facial recognition solution is used to monitorcustomer activities, such as their buying patterns, the products they touch orclick (for eCommerce websites), the route they follow, and shops they visit.Moreover, facial recognition solution helps retail stores track customeractivities, right from their buying behavior to demographics, and emotionalfeedback about a product.
Inthe facial recognition market by region, Asia Pacific (APAC) is expected togrow at the highest CAGR during the forecast period. Increasing securityconcerns in India, China, Japan, and Korea have further contributed to theadoption of facial recognition solutions in these countries. India’sannouncement regarding huge investments on National-ID programs has made it alucrative market for facial recognition and biometric vendors.
Growingdemand for fast and secure user identification and regulatory compliances inthe healthcare sector to handle patients’ information with utmost privacy andcare are the major opportunity areas for the facial recognition software tooland service providers. By providing a unique solution as per the demand andmarket trend, facial recognition providers can tap these opportunities.
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