Facial Recognition Market 2021, Top Leading Countries, Companies, Consumption, Trends, Forces Analysis, Revenue, Challenges and Global Forecast 2030

In a recent published report, Kenneth Research has updated the market report for Facial Recognition Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Facial Recognition Market products.

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According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

As per the latest report published by Variant Market Research, Global Facial Recognition Market is estimated to reach $15.4 billion by 2024; growing at a CAGR of 21.4% from 2016 to 2024. Facial recognition is a computer application which captures image of an individual and then uses it to identify by applying facial analytics and comparing it with the stored database. This technology is typically used for security purposes, particularly in surveillance field but lately there are various applications of facial recognition. Rising criminal activities around the globe has driven the growth of the facial recognition market. Apart from this, upsurge in the use of facial recognition technologies in industries such as government and defense have also boosted the market growth.

The global facial recognition market is mainly driven by rising demand for improved surveillance, monitoring at public places, among others. Additionally, the increasing security measures at ATMs and the growing installation of facial recognition systems at airports, and shopping malls have also supported the market growth. However, high implementation cost, and lack of skilled professionals are the factors limiting the growth of the market. Furthermore, rising application of this technology in smart phones, tablets and laptops and burgeoning number of drones in various commercial sectors is expected to open up new growth opportunities for the market in the forecast period.

The global facial recognition market is segmented into component, technology, application, and geography. Hardware and software are the segmentation of component. The technology segment is further classified into 3D facial recognition, 2D facial recognition, and facial analytics. Furthermore, application segment includes intelligent signage, business intelligence, ID management, homeland security, web application, criminal investigation, physical security, photo indexing and other applications (VIP recognition, automotive and phone, PC and banking login).

On the basis of geographical analysis, the global facial recognition market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico, whereas Europe segment consists of UK, Russia, Germany, Italy, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.

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Major companies operating in the global market include International Business Machines Corporation (IBM), Aware, Inc., 3M, NEC Corporation, Cognitec Systems GmbH, Daon Crossmatch, Nuance Communications Inc., FaceFirst, Inc., and Animetrics Inc., among others.

The key takeaways from the report
The report will provide detailed analysis of Global Facial Recognition Market with respect to major segments such as component, technology, and application

The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Facial Recognition Market has been included in the report

Profile of the key players in the Global Facial Recognition Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Facial Recognition Market
Component Segments

Technology Segments

3D Facial Recognition
2D Facial Recognition
Facial Analytics
Application Segments

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Intelligent Signage
Business Intelligence
ID Management
Homeland Security
Web Application
Criminal Investigation
Physical Security
Photo Indexing and Sorting
Other Applications (VIP recognition, automotive and phone, PC & banking login)
Geographical Segments

North America
Rest of Europe
South Korea
Rest of Asia-Pacific
South America
Middle East

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