Global Facial Recognition Market: Increasing Focus on Infrastructural Growth in North America to Stimulate Growth, says Fortune Business InsightsTM

Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) — The global facial recognition market[1] size is expected to hit USD 12.92 billion by 2027, while exhibiting a promising CAGR of 14.8% between 2020 and 2027. This is ascribable to factors such as increasing demand for advanced video surveillance systems and increasing adoption of modern technologies such as artificial intelligence (AI) and machine learning by the manufacturers. Fortune Business Insights, 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.”, observes that the market was worth USD 4.35 billion in 2019 and is likely to gain momentum during the forecast period.

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Facial recognition is a type of method used to identify the credentials of an individual through their facial features. This method can efficiently verify people by viewing photos and videos in real-time. In addition to this, these systems adopt biometrics to accurately map the facial features by analyzing a video or photograph of the person. It then compares the information with the stored database to find a match for the facial features. Facial recognition is a vital system adopted by several government and commercial offices to verify personal identification of the person. For instance, in several US airports, the method is adopted by the Customs and Border Protection to screen the passengers travelling on international flights.

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