Facial Recognition Market | Increasing Instances of Identity Theft to Boost the Market Growth | Technavio
The global facial recognition market size is poised to grow by USD 3.35 billion during 2020-2024, progressing at a CAGR of almost 12% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The facial recognition market research analysis identifies the increasing instances of identity threats as one of the primary growth factors for this market. The increasing dependence of end-users on websites and web applications is giving rise to an increasing number of identity and data theft cases. Also, the increasing complexity of these attacks is driving end-users to implement secure authentication solutions. As a result, the adoption of biometric security solutions is growing as they have the capability to incorporate the physical and behavioral features of end-users for identity verification. This ability makes forging difficult and designates facial recognition as one of the most secure authentication solutions.
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The major facial recognition market growth came from 3D facial recognition segment. The 3D facial recognition segment will grow significantly during the forecast period because of its high accuracy, leading to its high adoption, especially in the government sector.
APAC will offer several growth opportunities to market vendors during the forecast period. The growing adoption of facial recognition systems because of the increasing public threats and high vendor penetration will significantly drive facial recognition market growth in this region over the forecast period.
The global facial recognition market is fragmented. ASSA ABLOY AB, Aware Inc., Cognitec Systems GmbH, Egis Technology Inc., IDEMIA France SAS, NEC Corp., Precise Biometrics AB, Safran SA, Synaptics Inc., and Thales Group. are some of the major market participants. To help clients improve their market position, this facial recognition market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global facial recognition market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increase in the Emergence of Facial Analytics will be a Key Market Trend
The increase in the emergence of facial analytics is one of the latest facial recognition market trends that will gain traction in the coming years. Vendors are investing heavily in the R&D of facial analytics due to the increasing instances of violent activities in the past. Facial analytics enhances facial recognition by recognizing an individual's facial attributes such as a scar, long nose, or facial expression and can estimate an individual's age along with his/her gender. These factors will positively impact the market.
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Identification - Market size and forecast 2019-2024
Verification - Market size and forecast 2019-2024
Market opportunity by Application
Market Segmentation by Technology
Market segments
Comparison by Technology
3D facial recognition - Market size and forecast 2019-2024
2D facial recognition - Market size and forecast 2019-2024
Market opportunity by Technology
Market Segmentation by End-user
Market segments
Comparison by End-user
Government sector - Market size and forecast 2019-2024
BFSI sector - Market size and forecast 2019-2024
Transportation sector - Market size and forecast 2019-2024
Other sectors - Market size and forecast 2019-2024
Market opportunity by End-user
Customer Landscape
Customer landscape
Geographic Landscape
Geographic segmentation
Geographic comparison
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
APAC - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Market drivers
Market challenges
Market trends
Vendor Landscape
Competitive scenario
Vendor Landscape
Landscape disruption
Industry risks
Vendor Analysis
Vendors covered
Market positioning of vendors
ASSA ABLOY AB
Aware Inc.
Cognitec Systems GmbH
Egis Technology Inc.
IDEMIA France SAS
NEC Corp.
Precise Biometrics AB
Safran SA
Synaptics Inc.
Thales Group
Appendix
Scope of the report
Currency conversion rates for US$
Research methodology
List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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