Global Facial Recognition Market
Dublin, May 02, 2022 (GLOBE NEWSWIRE) -- The "Facial Recognition Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Application, and Vertical" report has been added to ResearchAndMarkets.com's offering.
The Facial Recognition market is projected to reach US$ 12,670.22 million by 2028 from US$ 5,012.71 million in 2021; it is expected to grow at a CAGR of 14.2% from 2021 to 2028.
The use of facial recognition in law enforcement and non-law enforcement applications is predicted to increase rapidly during the forecast period. Furthermore, facial recognition is often preferred over other biometric technologies, such as voice recognition, skin texture recognition, iris identification, and fingerprint scanning, due to its contactless procedure and easy deployment.
In addition, the "fourth industrial revolution," in the world, Industry 4.0, is characterized by rapid and converging advancements in multiple next-generation technologies, including artificial intelligence (AI). The newly developed facial recognition systems use advanced AI features, IP cameras, machine learning algorithms, and cognitive technology to verify a person from a video source or a digital image.
While traditional facial recognition systems have loopholes, advanced AI-based facial recognition systems deliver far superior accuracy. Moreover, many companies are eliminating traditional fingerprinting scanners from their security systems, which is paving the way for the adoption of AI-based facial recognition systems.
Moreover, increasing government initiatives and investments in promoting AI-based facial recognition technologies are propelling the facial recognition market growth. In 2020, the Defense Advanced Research Projects Agency (DARPA) of the US Department of Defense (DoD) allocated more than US$ 2 billion to fund AI-related research and development over the next five years.
The primary beneficiaries of this investment to Chinese government are increasing AI startups, most for facial recognition. Thus, AI-powered facial recognition technology is bolstering the facial recognition market growth.
The impact of COVID-19 pandemic differed from region to region across the world. The facial recognition attendance software is a real-time and contactless attendance tracking software useful in the current pandemic. Businesses are resuming their on-premises operations to ensure continuous business operation and under such health crisis, employee health and safety are of paramount importance.