Facial Recognition Market To Achieve A High CAGR Of 17.2% During Forecast Period -2025

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Facial Recognition Market Size Is Estimated To Rise To USD 8.5 Billion By 2025: Report by MarketsandMarkets™ Facial Recognition Market According to a research report "The global facial recognition market size is expected to grow from USD 3.8 billion in 2020 to USD 8.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period." published by MarketsandMarkets, the market for Call Center AI market major factors driving the growth of the facial recognition market are the growing importance of the surveillance industry, increasing investment in facial recognition technologies by the government and defense sector, and increasing technological advancement across industry verticals. However, facial occlusion and face detection error, and lack of knowledge and awareness are some of the major challenges hindering the growth of the facial recognition market.

Browse 350 market data Tables and 41 Figures spread through 315 Pages and in-depth TOC on "Facial Recognition Market by Component (Software Tools (3D Facial Recognition) and Services), Application (Law Enforcement, Access Control, Emotion Recognition), Vertical (BFSI, Government and Defense, Automotive), and Region Global Forecast to 2025" Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=995 By component, services segment to have fastest CAGR during the forecast period The services segment is estimated to have the fastest growth rate in the facial recognition market. Services are provided by facial recognition software providers that help in implementing the solution without purchasing it. Services are further classified into training and consulting and cloud-based facial recognition. In training and consulting services, feasibility assessment, analysis, and advisory of large-scale governmental and military projects are all included. Features of cloud-based facial recognition services include time tracking, gender recognition, head pose estimation and analytics, and statistical overview related to the buying patterns are included.

Cloud-based facial recognition services are expected to gain momentum in the coming years due to increasing adoption of cloud-based software solutions by enterprises to enhance the security operations. BFSI, eCommerce, and education segments are expected to be the potential verticals for cloud-based facial recognition due to adoption of digital platforms for their operations, respectively By application, law enforcement segment to have highest market share during the forecast period

By application area, the facial recognition market has been mainly categorized into emotion recognition, attendance tracking and monitoring, access control, law enforcement, and others.

Over the past decade, many major technology players have acquired companies that are operating in the facial recognition domain to add value to their own services. For instance, technology giants, such as Microsoft, Amazon, and Google, are exploring into the space of facial recognition due to the increasing demand for this technology.

With the COVID-19 outbreak, the demand for biometric recognition technologies, such as facial recognition, has increased for analyzing and identifying subjects wearing facial masks, especially in high security applications. Wearing masks has made face recognition difficult, which leads to the need to modify or upgrade the existing algorithms, involving the iris, pupil, sclera, upper and lower eyelids, eye folds, eye corners, skin texture, fine wrinkles, skin color, and skin pores, has also increased. Law enforcement agencies are investing in the R&D of advanced technologies. For instance, the US Department of Defense’ DARPA planned to invest around USD 2 billion on AI-based technologies, such as facial recognition. This is expected to fuel the growth of law enforcement application market in the coming years.

Market Players Major vendors in the global facial recognition market include NEC Corporation (NEC) (Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan), Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso) (Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland), Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics (Bratislava), id3 Technologies (id3) (Israel), Thales (France), Idemia (France), Nuance Communications, Inc. (Nuance) (US), BioID (Germany), Fulcrum Biometrics, LLC. (Fulcrum Biometrics) (US), TrueFace.AI (US), Amazon (US), FacePhi (Spain), Herta Security (Herta) (Spain), Kairos AR, Inc. (Kairos) (US), SightCorp Inc. (SightCorp) (The Netherlands), and Microsoft Corporation (Microsoft) (US).

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