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Facial Recognition Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

Facial Recognition Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
NEC (Japan), Microsoft (US), Thales (France), AWS (US), IDEMIA (France), Aware (US), Daon (Ireland), Megvii (China), Facephi (Spain), Herta Security (Spain), OneSpan (US), Q3 Technologies (US), Neurotechnology (Lithuania), Cognitec Systems (Germany), Ayonix (Japan), NVISO.ai (Switzerland), FaceFirst (US), Clarifai (US), Iproov (UK), Oosto (Israel).

Facial Recognition Market by Offering (Hardware, Software Solutions, Services), Application, Organization Size, Deployment Mode (Cloud, On-premises), Vertical (BFSI, Government, Retail & E-commerce) and Region – Global Forecast to 2028

The global facial recognition market is estimated to be worth USD 6.3 billion in 2023 and is projected to reach USD 13.4 billion by 2028, at a CAGR of 16.3% during the forecast period. The driving force behind the widespread adoption of facial recognition technology is its significant role in integrating facial recognition into mobile devices for authentication and security.

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Incorporating facial recognition technology into mobile devices presents a significant potential for expansion, carrying substantial consequences for security and identification. Facial recognition technology for device identification improves user ease and security as cell phones have become commonplace. Hence, it drives the demand for facial recognition technology for authentication and security purposes.

The global reaction to the COVID-19 outbreak is strongly linked to the driving force behind contactless solutions, including facial recognition technology. The pandemic created a general need to improve cleanliness and minimize physical touch, spurring a boom in the use of facial recognition in various industries. This trend has seen the rise of facial recognition as a significant factor, especially in authentication and access management applications.

By Deployment Mode, the on-premises segment accounts for a larger market share.

The on-premises segment is estimated to account for a larger market share during the forecast period. On-premises facial recognition refers to software and hardware systems installed locally within an organization’s facilities, rather than cloud-based services. On-premises deployments allow organizations to retain complete control and security of biometric data and integrate with existing infrastructure like access control and security cameras. Key benefits of on-site deployment include data sovereignty, lower latency responses, the ability to function offline, and avoidance of recurring cloud subscription costs. Its typical use cases include building access, employee time tracking, and loss prevention in retail stores or casinos.

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Unique Features in the Facial Recognition Market

By enabling users to access devices, systems, and apps using only their distinct facial features, face recognition enhances security and convenience for users through secure biometric authentication.

In a variety of settings, including airports, border crossings, and security facilities, facial recognition systems enable quick authentication and access control by providing real-time identification and verification of people.

Sentiment analysis and customer feedback analysis are two applications that might benefit from the identification of facial expressions and emotional states made possible by advanced facial recognition technologies.

In order to ensure compliance with health and safety laws during the COVID-19 pandemic and in other instances where facial coverings are essential, facial recognition technology can identify the existence of masks on persons’ faces.

Certain facial recognition systems provide functionality for estimating age and gender, which enables businesses to examine demographic data and adjust their customer experiences, product offerings, and marketing tactics accordingly.

Major Highlights of the Facial Recognition Market

Facial recognition algorithms are constantly evolving in the market, improving tasks related to face detection and recognition in terms of accuracy, speed, and dependability.

By providing real-time identification and surveillance of people, facial recognition systems improve security and safety by assisting in the prevention of fraud, crime, and unauthorised entry to sensitive places.

In a number of applications, including smartphone unlocking, automated check-in at airports, and frictionless payments at retail establishments, facial recognition provides efficiency and ease while optimising customer experiences.

Due to worries about data security, privacy, and potential abuse, facial recognition technology is becoming widely used. This has sparked discussions and regulatory scrutiny about the technology’s moral implications and responsible application.

Multimodal biometric authentication is made possible by facial recognition systems, which increasingly use biometric authentication techniques and artificial intelligence (AI) to increase security and accuracy. This improves identification verification.

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Top Companies in the Facial Recognition Market

The major players in the facial recognition market are NEC (Japan), Microsoft (US), Thales (France), AWS (US), IDEMIA (France), Aware (US), Daon (Ireland), Megvii (China), Facephi (Spain), Herta Security (Spain), OneSpan (US), Q3 Technologies (US), Neurotechnology (Lithuania), Cognitec Systems (Germany), Ayonix (Japan), NVISO.ai (Switzerland), FaceFirst (US), Clarifai (US), Iproov (UK), Oosto (Israel), Pangiam (US), Clearview AI (US), Corsight AI (Israel), Facia (UK) Veridium (US), and Visage Technology (Sweden). The market participants have employed diverse tactics, including creating cutting-edge products, collaborations, agreements, growth, and procurements, to fortify their standing in the facial recognition industry. By offering application performance and security, the organic and inorganic methods have assisted the market players in their global expansion.

Microsoft

Microsoft is a technology company. Microsoft is creating platforms and tools powered by artificial intelligence (AI) that deliver more effective solutions to support small and large businesses. The company offers businesses a wide range of cloud-based solutions and other services, licensing and supporting various software products. The company’s reporting segments include Productivity and Business Processes, Intelligent Cloud, and More Personal Computing. The Productivity, Business Processes, and Intelligent Cloud reflect its cloud and on-premises product strategies and trends. More Personal Computing provides strategic product insights to assess the performance across its commercial and consumer businesses.

Microsoft has a workforce of 221,000 employees, as per June 2023 data. Microsoft operates in 190 countries. It operates in North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.

AWS

AWS is a subsidiary of the tech giant Amazon. Amazon Web Services provides a wide range of worldwide cloud-based services, including computing, storage, databases, analytics, networking, mobile, developer tools, management tools, IoT, security, and corporate apps that are pay-as-you-go, on-demand, and instantly available. Over 200 AWS services are offered, from content delivery to directories, data warehousing, and deployment tools. Without the initial set cost, new services can be provisioned swiftly. This makes the building blocks they need to react swiftly to shifting business requirements available to corporations, start-ups, small and medium-sized organizations, and consumers in the public sector.According to Amazon, millions of B2B customers and thousands of partners access AWS core services daily, including nearly every industry.

Daon

Daon is a digital identity company leading in next-generation identity proofing, biometric authentication, and digital onboarding. It offers digital identity solutions for various industries and applications. It uses biometric authentication and identity-proofing technologies to help organizations verify and secure their customers’ identities. The company offers multiple solutions, including xAuth, xFace, xProof, and xVoice applications. Its AI/ML-powered platforms, IdentityX and TrustX, enable organizations to authenticate and manage identity securely throughout the customer lifecycle. Daon employs facial recognition in 3 core products: xAuth, xFace, and xProof. Larger organizations worldwide are opting for the company’s scalable identity-proofing solution that secures over 1 billion identities and handles over 250 million daily authentications.

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