Varanasi News Magazine

Facial Recognition Market Size Is Expected To Reach USD 9.93 Billion By 2027: Grand View Research Inc.

 Breaking News
  • No posts were found

Facial Recognition Market Size Is Expected To Reach USD 9.93 Billion By 2027: Grand View Research Inc.

April 09
17:06 2020
Facial Recognition Market Size Is Expected To Reach USD 9.93 Billion By 2027: Grand View Research Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, The global facial recognition market size was valued at USD 3.4 billion in 2019 and is anticipated to expand at a CAGR of 14.5% from 2020 to 2027.

The global facial recognition market size is expected to reach USD 9.93 billion by 2027, accordingto a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 14.5% from 2020 to 2027.

Facial recognition is a contactless biometric solution that is a critical factor contributing to the market growth. Contactless solutions enable easy deployment in consumer devices. It is also very simple and convenient to use, further contributing to rising adoption. Apart from individual identities, the technology has an ability to gather demographic data on crowds; thus, increasing its usability. Such factors are anticipated to drive the growth.

Increasing security needs in government sectors for employee attendance and identification is expected to be a key driver for the facial recognition market over the forecast period. Technology advancements such as cloud-based services and 3D recognition systems are further expected to fuel the overall adoption of facial recognition technology. Rising demand for data security has driven the adoption of technology across various organizations. Increased usage of personal devices as part of the BYOD policy in the IT sector has furthermore contributed to this growth.

Face recognition technology is less prone to security breaches as compared to traditional authorization methods as it requires human in physical form to provide any kind of access, thereby providing high level of security. For instance, In February 2020, Aware, Inc. announced that its software solution, Knomi, had been chosen by several leading banks in Latin America. The software solution aims to enhance the authentication and security for their mobile applications for clients all over the world. Clients will then be able to gain access to using facial recognition and authentication, replacing passwords, by logging onto their mobile banking application.

North America facial recognition market size, by technology, 2016 - 2027 (USD Million)

Request a sample Copy of the Facial Recognition Market Research Report @ https://www.grandviewresearch.com/industry-analysis/facial-recognition-market/request/rs1

Key Takeaways Of The Report :

  • Face recognition is very easy to deploy and implement. It also provides a quick face detection and match process for identification/verification. These factors have substantially contributed to rapid adoption

  • The facial analytics segment is expected to portray high CAGR of 20.8% over the projected period. Face recognition by using facial analytics provides high accuracy because this technology is relatively insensitive to changes in expression thereby providing accurate results

  • Asia Pacific is expected to witness significant growth over the forecast period, owing to the rapid adoption of the technology in developing economics

  • The key facial recognition market players areAware, Inc.; FacePhi.; NEC Corporation; IDEMIA; TECH5; Onfido; Ayonix Corporation; Gemalto NV; Cognitec Systems GmbH; Precise Biometrics; NtechLab; and Fujitsu

Global facial recognition market share, by end use, 2019 (%)

Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/755/ibb

Grand View Research has segmented the global facial recognition market based on technology, application, end use, and region:

Facial Recognition Technology Outlook (Revenue, USD Million, 2016 – 2027)

  • 2D

  • 3D

  • Facial Analytics

Facial Recognition Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Emotion Recognition

  • Attendance Tracking and Monitoring

  • Access Control

  • Security & Surveillance

  • Others

Facial Recognition End-use Outlook (Revenue, USD Million, 2016 – 2027)

  • Retail & E-commerce

  • Media & Entertainment

  • BFSI

  • Automobile & Transportation

  • Telecom & IT

  • Government

  • Healthcare

  • Others

Facial Recognition Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • South America

    • Brazil

  • Middle East and Africa

Browse Related Reports:

Image Recognition Market : https://www.grandviewresearch.com/industry-analysis/image-recognition-market

Sound Recognition Market : https://www.grandviewresearch.com/industry-analysis/sound-recognition-market

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

 

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/facial-recognition-market