According to our latest market study on "Facial Recognition Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Component, Application, and Vertical," the market was valued at US$ 5,012.71 million in 2021 and is projected to reach US$ 12,670.22 million by 2028; it is expected to grow at a CAGR of 14.2% from 2021 to 2028.
The world's "fourth industrial revolution," known as Industry 4.0, is marked by rapid advancements in multiple next-generation technologies, including artificial intelligence (AI). Advanced AI-based facial recognition systems have been developed using IP cameras, machine learning algorithms, and cognitive technology to verify a person from a video source or digital image. Unlike traditional facial recognition systems, these systems are highly accurate. Many companies are now replacing conventional fingerprint scanners with AI-based facial recognition systems, driving the growth of the facial recognition market.
The facial recognition market in Europe has been moderately impacted by the COVID-19 pandemic, with some positive effects seen in its growing use in digital healthcare. Additionally, facial recognition technology is viewed as a complement to other advanced technologies like AI, IoT, and 5G. Facial recognition offers contactless biometric measurements and more significant benefits than other biometric security solutions like palm prints and fingerprints.
Key Findings of Study:
The facial recognition market is categorized into five primary regions, namely North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America dominates the global market primarily due to the growth in airport usage and online payment. As per the report by the US Government Accountability Office (GAO), various sectors such as agriculture, commerce, homeland security, health, and human services, defense, interior, justice, state, treasury, and veterans affairs plan to expand the usage of facial recognition technology from 2020 to 2023. Moreover, this technology has gained significant adoption in smartphones, which are used to unlock the phone, verify payments, and sign into mobile apps.
The facial recognition market is categorized into five primary regions, namely North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America dominates the global market primarily due to the growth in airport usage and online payment. As per the report by the US Government Accountability Office (GAO), various sectors such as agriculture, commerce, homeland security, health, and human services, defense, interior, justice, state, treasury, and veterans affairs plan to expand the usage of facial recognition technology from 2020 to 2023. Moreover, this technology has gained significant adoption in smartphones, which are used to unlock the phone, verify payments, and sign into mobile apps.
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