Information Communication and Technology Reports Facial Recognition Market Report

Facial Recognition Market worth 7.0 Billion
USD by 2024
According to a new market research report "Facial Recognition Market by Component (Software Tools and
Services), Technology, Use Case (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law
Enforcement), End-User, and Region - Global Forecast to 2022” ", published by MarketsandMarkets™, The global
facial recognition market size to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a Compound
Annual Growth Rate (CAGR) of 16.6% during 2019–2024
Facial recognition technologies are used to minimize the threats associated with terrorism and border securities.
The growing need for surveillance at public places is expected to be one of the major factors that drives the growth
of the facial recognition market.
Browse and in-depth TOC on “Facial Recognition Market”
82- Tables
37 - Figures
156 - Pages
Ask for PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=995
Growing surveillance market and increasing applications in numerous industry sectors are the factors responsible
for boosting the adoption of the facial recognition market. Additionally, an increase in users and data security
initiatives by the government, growth in the usage of mobile devices, and an increase in the demand for robust
fraud detection and prevention systems across the Banking Financial Services, and Insurance (BFSI) industry are
considered as some of the major growth factors for the market. In the healthcare sector, this technology can be
used in the process of monitoring, recognition, and expression of facial emotions for various medical purposes.
The European Union (EU) has established a new association in the field of biometric technology named the
European Association for Biometrics (EAB). The EAB is seeking to advance proper and beneficial use of facial
recognition feature-enabled biometrics in Europe, considering the interests of European citizens, industries,
academies, and governments. Furthermore, development of national IDs, ePassports, and eVisas is expected to be
the main driver for the growth of the European market.
In the facial recognition market by component, the services segment is projected to grow at the highest CAGR
during the forecast period. The services segment is further segmented into training and consulting, and cloud-
based facial recognition services. In the training and consulting segment, major consulting vendors provide privacy
impact assessment and strategic assessment of competitive products, catering to the private sector, commercial,
and federal or government clients.
Enterprises use facial recognition solutions to identify people that attend a particular event by photos and videos.
The photos and videos of the event can also be sorted and managed using the facial recognition technology. Many
churches have implemented this technology to keep a track on their members and check for their attendance.
Church authorities are also using this solution to analyze the male-female member ratio and the average age of