Facial Recognition Market by Size, Growth, Opportunity and Forecast to 2026

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Jan 04, 2021 (Market Insight Reports) —
Selbyville, Delaware According to the recent study titled ‘Facial Recognition Market Size By Component, By Application, By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global facial recognition market is anticipated to register an appreciable growth rate through 2026.

As per the findings of the report, rising smartphone penetration, various technological advancements and growing demand for enhanced security & surveillance are the key factors driving the growth of global facial recognition market. However, concerns regarding data security and privacy may negatively impact the market expansion in the upcoming years.

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For the uninitiated, face recognition is a secure method of verifying or identifying of individual by scanning their facial features. Such system leverage biometrics mapping techniques to map out and save facial information from a photo or video. These systems are generally utilized by law enforcement agencies to identify criminals and in routine policing activities. Rising popularity of Facial recognition as an important security feature in smartphones for quicker unlocking is augmenting the market outlook.

Elaborating on component type, global facial recognition market is divided into software and services. The 2D facial recognition software segment is anticipated to see an increased adoption in the coming years owing to its use in online identification/verification process.

Speaking of the application scope, aerospace & defense segment is poised to experience strong growth over the forecast period, attributable to the integration of advanced technologies like AI, deep learning and natural language processing with facial recognition to improve the responsiveness of aircrafts. Meanwhile, automotive segment is projected to showcase a strong CAGR through 2026, as automobile OEMs are increasingly implementing advanced face identification systems in vehicles to provide better security.

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