Global Facial Recognition Market Set to Soar, Expected to Reach US$ 25.4 Billion by 2033 (Computers - Information Technologies)
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Item ID 133010437 in Category: Computers - Information Technologies
Global Facial Recognition Market Set to Soar, Expected to Reach US$ 25.4 Billion by 2033 | |
A recent FMI analysis projects that the facial recognition market would develop at a compound annual growth rate (CAGR) of 16.1%, from US$ 5.7 billion in 2023 to US$ 25.4 billion by 2033. According to this survey, increased government spending on the contemporary CCTV cameras that are deployed in most public spaces to prevent crime and terrorist attacks and to enhance public safety is what is propelling the growth of the facial recognition sector. The need for face detection systems to increase safety and security, along with the rise of applications in physical security and intelligent signs, are expected to fuel the growth of the worldwide facial recognition market during the course of the forecast period. Predictions from the poll indicate that technology advancements such as cloud-based Request Sample Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-14438 The gradual rise in use cases following the COVID-19 pandemic is another factor that has benefited the market’s requirement for facial recognition. Additionally, these devices are being used by healthcare institutions all around the world to do thermal camera inspections. Key Takeaways from the Market Study Global Facial Recognition market to be valued at US$ 5.2 Bn by 2022-end By Component, Software Tools Segment expanded at a CAGR of 16.8% until 2021 Law Enforcement applications ruled the Facial Recognition market with a CAGR of 16.7% until 2021. China to account for the highest value share of US$ 1.6 Bn of global market demand for the Facial Recognition market in 2032. Competitive Landscape Players in the global Facial Recognition market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are: In March 2022, Aware, a biometrics software and services company, partnered with MIRACL to expand its cloud-based biometric authentication technology. The partnership is a mutual reseller arrangement whereby each company can both sell each other’s products and integrate them within their own product lines, quickly bringing to market password-free login paradigms delivering superior security and simplicity for users. In March 2022, SALTO’s acquisition of Cognitec Systems initiates a strong partnership of business synergy and innovation. This acquisition is expected to meet market requests for adding face recognition and artificial intelligence technologies to the company’s renowned electronic access control and ticketing solutions. In addition, both companies appreciate a similar innovative work environment and corporate culture. More Insights on the Facial Recognition Market Future Market Insights offers an unbiased analysis of the global facial recognition market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the facial recognition market, the market is segmented on the basis of component type, application, and vertical across five major regions. Ask an Analyst : https://www.futuremarketinsights.com/ask-question/rep-gb-14438 Key Segments Covered in the Facial Recognition Industry Report Facial Recognition by Component Facial Recognition Software Tools 2D Facial Recognition 3D Facial Recognition Facial Analytics Facial Recognition Services Training and Consulting Cloud Based Facial Recognition Facial Recognition by Vertical Facial Recognition in Banking Facial Recognition in Retail & E-Commerce Facial Recognition in Automotive Facial Recognition in Healthcare Facial Recognition in Government & Defence Facial Recognition for Other Verticals Facial Recognition by Application Facial Recognition for Law Enforcement Facial Recognition for Access Control Facial Recognition for Emotion Recognition Facial Recognition for Attendance Tracking and Monitoring Facial Recognition for Other Applications | |
| Target State: All States Target City : All Cities Last Update : Apr 24, 2024 11:23 AM Number of Views: 170 | Item Owner : Sudip Saha is the managing director and co-founder at Future Market Insights Contact Email: (None) Contact Phone: (None) |
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2024-11-23 (0.383 sec)