Two analyses project facial recognition market at around $13B by 2028
Two recent research outcomes posit that the global facial recognition market size is going to witness a significant increase between now and 2028 and such growth will be triggered by different factors.
While a study by The Insight Partners shows that the market will reach $12.67 billion by 2028 from $5 billion in 2021, with a compound annual growth rate of 14.2 percent; an Emergen Research report says the same market will hit $13.87 billion at an even stronger CAGR of 15.7 percent in 2028, starting at $4.29 billion in 2020.
Both reports agree that the factors responsible for this growth include, among other things, the growing need for physical security by governments which are laying more emphasis on national security through investment in defense facilities, increase in the deployment of contactless biometric systems especially as a result of the coronavirus pandemic, the growing demand for smart devices such as mobile phones with biometrics, and the rise in deployment of 5G technologies in some parts of the world.
The report by The Insight Partners also demonstrates that the negative impact of the pandemic on the facial recognition market has been low as many people prefer facial recognition systems as alternatives to avoid the spread of the virus through touch.
For the purpose of the research, the facial recognition market was segmented on the basis of component (software, hardware, and services), application (security and surveillance, access control, and others), and vertical (BFSI, retail and ecommerce, government, healthcare, education, automotive and transportation, and others).
Like The Insight Partners report, the Emergen Research study also delves into the impact of COVID and how it affected the various market components, and also explores the present and future impact of the pandemic and gives an insight into the post-pandemic market scenario.
The report, made up of nine chapters, holds that the software and 3D facial recognition segments are expected to witness rapid growth during the forecast period, with the former category to be influenced largely by the increasing need of technology development such as cloud-based technology, artificial intelligence systems, and Internet of Things (IoT) connectivity.
Meanwhile, the report also provides extensive coverage of the market drivers, restraints, limitations, growth prospects, threats, opportunities, and current and emerging trends in the market, and also offers an in-depth analysis of the market players along with their business overview, product portfolio, technological advancements, expansion plans, financial standing, and global position.
Collaborations in the competitive landscape, such as mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, corporate and government deals, licensing agreements, and others, are also highlighted in the report.
A report published by Verified Market Research last year projected the global facial recognition market at $10.2 billion in 2028.