The global facial recognition market size is projected to show significant growth at the CAGR of around 14.2% during 2024-2031. The facial recognition software uses relevant facial points of a person and compares it to the stored digital image to replace and compare the real-time picture of a person using its most relevant facial features. The authentication of the individual is based upon various factors that include the expressions, movement, and the distance from the camera. The increase in demand for more efficient and secure face recognition solutions by several end-user industries is anticipated to drive the growth of the global facial recognition market.
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The facial recognition technology has its application in several industries including BFSI, healthcare, retail, education, among others. The facial recognition software is used in the healthcare industry to keep track of patient’s records. To keep patients track record safely is a crucial task that can be performed easily by the proper utilization of the biometrics facial expression. The education sector is adopting the facial recognition software to personalize the student’s identities, health records, and interest levels. Besides authentication purposes, this sector is using this software for mapping the student’s face to generate an idea related to the engagement level of a student on various subjects.
The key financial sector companies are making a hefty investment in facial recognition-enabled biometrics solution for the enhancement of services that includes transaction authentication and authentic user session monitoring. The financial service segment is utilizing facial recognition solutions to customer’s history, finding customer’s loan requirements, and validating customer’s documents. The growing data breaches in the financial sector are anticipated to increase the use of facial recognition solutions in the financial sector, thereby driving the growth of the global facial recognition market. Although small in number, the data available in the financial sector is highly sensitive and is a major target for hackers, therefore, this sector is highly adopting facial recognition software for security purposes.
Facial Recognition Market Segmentation
By Type
- 2D Facial Recognition
- 3D Facial Recognition
By End-Users
- BFSI
- Government and Defence
- Retail
- Healthcare
- Others
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Facial Recognition Market Report Segment by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- Accenture PLC
- Aware, Inc.
- Ayonix Corp.
- BioID GmbH
- Cognitec Systems GmbH
- Daon, Inc.
- Fujitsu Ltd.
- Fulcrum Biometrics, LLC
- Gemalto NV
- HYPR Corp.
- id3 Technologies
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