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3. Facial Recognition Will Be the Second Biggest Biometric Identification Technology after Fingerprinting

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.

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.

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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.

It caters to industries such as BFSI, healthcare, the public sector, retail, telecom, travel, hospitality, and more.

Related Reports:

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

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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