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The global facial recognition market size is expected to witness exponential growth backed by increasing adoption of modern technologies such as machine learning, internet of things (IoT), and artificial intelligence (AI), among others. Fortune Business Insights publishes this information in its latest report, titled “Facial Recognition Market Size, Share & Covid-19 Impact Analysis, By Component (Solutions, Services), By Technology (2D Facial Recognition, 3D Facial Recognition, Thermal Face Recognition, Skin Texture Analysis, and Others, By Application (Face Identification, Access Control, Security & Surveillance, and Others, By End-user (BFSI, Healthcare, Government & Defense, IT & Telecom, Retail & ecommerce, Automobile & Transportation, and Others, and Regional Forecast, 2020-2027.” The report observes that market is expected to hit USD 12.92 billion by 2027, while exhibiting a CAGR of 14.8% between 2020 and 2027. Furthermore, the report mentions that the market was worth USD 4.35 billion in 2019.
Aware Releases its New Face and Voice Biometric System
According to Fortune Business Insights’ latest report, the global facial recognition market comprises of companies such as Animetrics Inc., and FaceFirst, Inc, among others that are trying to consolidate their position. The market provides ample opportunities for the companies to strengthen their position and gain a competitive edge over their rivals. Aware is one such company that is proactively making its presence felt by trying to gain a major market share. For instance, in May 2020, Aware, a prominent biometrics software solutions provider, introduced its new biometric software product, Knomi version 2.6. According to the company, their latest product is completely equipped with robust facial authentication and liveness feature, along with an additional voice biometric ability to provide cost-effective and secure access to several networks and applications for its customers. Rob Mungovan, the Chief Commercial Officer, Aware, upbeat over his company’s latest development, informed that they are excited to introduce the unique and efficient product to the market.
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Increasing Adoption of Advanced Technologies to Augur Growth
Modern technologies such as machine learning, artificial intelligence (AI), and internet of things (ioT) aid in accurate identification and verification of people from several digital images and other video sources. In addition to this, these technologies are beneficial for increasing user engagement, managing several security systems, analyzing customer behavior, and improving consumer safety when adopted by enterprises. Owing to these benefits, they are highly favoured by large companies to optimize their user experience, safety, and performance. Increasing adoption of technologies such as internet of things (ioT) and AI are expected to drive the facial recognition market growth during the forecast period.
Product Expansion Strategies by the Major Companies to Bolster Growth
According to the report, the market comprises of large companies such as Panasonic Corporation, NEC Corporation, Aware, Inc., Animetrics Inc., and FaceFirst, Inc., among others. Adoption of strategies such as product portfolio expansion, merger and acquisition, and collaboration by the key players is anticipated to bode well for the market growth between 2019 and 2020. In addition to this, increasing investments in the R&D activities by the major companies will contribute to the market growth during the forecast period.
Further Report Findings:
List of the Companies Operating in the Market:
Table of Segmentation:
2016 - 2027
2020 - 2027
2016 – 2018
Value (USD Billion)