Facial Recognition Market Size to Reach USD 9.99 Billion by 2025 | Valuates Reports

Facial Recognition Market Size to Reach USD 9.99 Billion by 2025 | Valuates Reports

PR Newswire

BANGALORE, India, June 8, 2020

BANGALORE, India, June 8, 2020 /PRNewswire/ -- Facial recognition systems are built upon computer programs that analyze images of human faces by comparing patterns based on the person's facial details. Unlike many other biometric systems, facial recognition in combination with public video cameras can be used for general surveillance, and it can be used in a passive manner that does not require the subject's knowledge, consent, or participation.

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Global Facial Recognition Market size was USD 3.54 Billion in 2019, and it is expected to reach USD 9.99 Billion by 2025, at a CAGR of 18.84%.

Increasing terrorism and crime rates have resulted in wider technology adoption in the security and surveillance sector, resulting in high market growth rates. By incorporating the facial recognition technology into the video surveillance network, the security agents can track offenders walking on streets with the aid of powerful tracking instruments. The technology also helps to easily detect and prevent crime, and thus drives its adoption.

This report covers a chapter on COVID-19 impacts in the Facial Recognition Market.

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TRENDS INFLUENCING THE FACIAL RECOGNITION MARKET SIZE

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FACIAL RECOGNITION MARKET SHARE ANALYSIS

FACE RECOGNITION MARKET, BY GEOGRAPHY

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FACIAL RECOGNITION MARKET SEGMENTS

FACE RECOGNITION MARKET, BY SERVICES

FACE RECOGNITION MARKET, BY TECHNOLOGY

FACE RECOGNITION MARKET, BY VERTICAL

FACE RECOGNITION MARKET, BY APPLICATION

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The Face Recognition Device market was valued at USD 1077.8 Million in 2019 and is projected to reach USD 3372.4 Million by 2026, at a CAGR of 17.5% during the forecast period.

China is the largest Facial Recognition Device consumer, accounting for 29.29% in 2017, and will reach 44.59% in 2023, with a CAGR of 29.53% during 2018-2023. This dominance of China in the Face Recognition Device Market is due to the introduction of "A Next-Generation Artificial Intelligence Development Plan."

The Facial Recognition Device Market is dominated by large corporations. The top three manufacturers had a 20.37% Face Recognition Device revenue market share in 2017. The Chinese giant Cloudwalk has 12.88% of the market share in 2017, is the leader in the Facial Recognition Device market. The manufacturers following Cloudwalk are Aurora, which has a Facial Recognition Device market share of 4.18% and Insigma Group, which accounts for 3.31% market share globally. 

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In 2019, the global Face Recognition Systems market size was USD 685.8 Million and it is expected to reach USD 1648.8 Million by the end of 2026, with a CAGR of 13.2% during 2021-2026.

A facial recognition system is a computer application that can identify or verify a person from a digital image or a video frame from a source. One way to do this is to compare selected facial features from the image with a facial database. 

In 2016, the 2D facial recognition technology segment contributed a significant share of revenue (about 59.67 percent) on the global market. This is because 2D facial recognition technology is implemented and accepted in surveillance, largely due to its low cost and simple deployment using existing cameras. Compared to 2D technology, the market for 3D facial recognition technology, which offers better and precise results, is expected to record steady growth.

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