Facial Recognition Market worth $7.0 billion by 2024

Facial Recognition Market worth $7.0 billion by 2024

The report "Facial Recognition Market by Component (Software Tools (2D Recognition, 3D Recognition, and Facial Analytics) and Services), Application Area (Emotion Recognition, Access Control, and Law Enforcement), Vertical, and Region - Global Forecast to 2024",facial recognition market size is projected to grow from USD 3.2 billion in 2019 and expected to reach USD 7.0 billion by 2024, at a CAGR of 16.6% from 2019 to 2024. The growing investments from government and defense verticals are anticipated to be a major driver, and the trend is expected to continue for the facial recognition industry. Additionally, technological advancements in terms of artificial intelligence and edge computing have bolstered the potential use cases across verticals.

Browse 248 market data Tables and 26 Figures spread through 226 Pages and in-depth TOC on "Facial Recognition Market by Component (Software Tools (2D Recognition, 3D Recognition, and Facial Analytics) and Services), Application Area (Emotion Recognition, Access Control, and Law Enforcement), Vertical, and Region - Global Forecast to 2024"
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Attendance tracking segment to be the fastest-growing segment during the forecast period

Tracking attendance of students or employees is an important aspect for organizations in terms of resource planning, work allocation, and progress tracking. Tracking attendance manually is a time-consuming process. Hence, the deployment of facial recognition-based attendance tracking and monitoring is gaining traction across the globe. Once the facial data of employees is fed into the database, employees need to look at cameras for attendance, decreasing the time consumed in attendance and easing the process of tracking. Facial recognition gives negligible errors, such as proxy or face mismatch, unlike manual attendance tracking. Hence, the attendance tracking segment is expected to be the fastest-growing segment during the forecast period.

Retail and eCommerce vertical to be the fastest-growing vertical during the forecast period

Face recognition helps retailers proactively prevent organized retail crimes. The facial recognition technology-based system can instantly alert retail security the moment someone enters a store resembling a documented retail criminal. Facial recognition also keeps stores safer. Face recognition empowers security by preventing crimes before they occur. Face recognition improves retail customer experiences by instantly recognizing VIP customers who opt-in. Retailers can send tailored text messages to customers in stores that offer recommendations, discounts, and other offers. Hence, facial recognition is gaining traction in the retail and eCommerce vertical.

North America to hold the highest market share during the forecast period

North America has sustainable and well-established economies, which empower it to invest significantly in R&D activities, thereby contributing to the development of new technologies in the facial recognition market. The presence of the majority of key players is expected to be the major factor driving the growth of the market in this region. Key players, such as Aware, Animetrics, Facefirst, Daon, and Stereovision Imaging, along with several start-ups in the region, are offering facial recognition solutions and services to cater to the needs of customers.

Market Players

The major vendors covered in the facial recognition market include NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix (Japan), Idemia (France), Cognitec (Germany), nVviso SA (Switzerland), Daon (US), Stereovision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), Herta Security (Spain), Animetrics (US), Megvii {Face++} (China), FaceFirst (US), Sightcorp (Netherlands), FacePhi (Spain), and SmilePass (UK).

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