According to a recent study done by FMI, the  Facial Recognition Market  is expected to reach US$ 22.5 billion by 2032, up from US$ 5.2 billion in 2022, expanding at a high CAGR of 15.7%. This study explains that increase in government investments in emerging technologies of CCTV cameras in most public places to minimize criminal activities and terrorist attacks and to enhance public safety boosts the facial recognition market growth.

During the forecast period, factors such the rise in demand for face detection systems to improve safety and security, as well as the expansion of applications in physical security and intelligent signage, are anticipated to fuel the growth of the global facial recognition market. The report also predicts that technology developments like 3D recognition systems and cloud-based solutions will accelerate industry expansion in the years to come.

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Key Takeaways from the Market Study

Global Facial Recognition market to be valued at US$ 5.2 Bn by 2022-end  By Component, Software Tools Segment expanded at a CAGR of 16.8% until 2021  Law Enforcement application ruled the Facial Recognition market with a CAGR of 16.7% until 2021.  China to account for the highest value share of US$ 1.6 Bn of global market demand for Facial Recognition market in 2032

Competitive Landscape

The focus of participants in the worldwide facial recognition market is on extending their presence internationally through a variety of tactics, including partnerships, collaborations, and partnerships. In order to improve their products and solidify their place in the global market, the players are also investing a sizable amount of money in R&D. Recent changes among the major players include:

Aware, a provider of biometric software and services, teamed up with MIRACL in March 2022 to develop its cloud-based biometric authentication solution. Through a bilateral reseller agreement, the two businesses will be able to promote password-free login paradigms that provide users improved security and usability while simultaneously integrating each other's technologies into their own product lines. After SALTO purchases Cognitec Systems in March 2022, a solid alliance of corporate synergy and innovation is launched. This acquisition is anticipated to satisfy market demands for enhancing the company's famous electronic access control and ticketing solutions with face recognition and artificial intelligence technology. Both businesses also value a creative workplace environment and corporate culture.

More Insights on the Facial Recognition Market

The global face recognition market is the subject of an unbiased analysis from Future Market Insights, which also provides historical data from 2015 to 2021 and projections for the years 2022 to 2032. The face recognition market is divided into five main areas based on component type, application, and vertical in order to grasp the prospects there.

The article Facial Recognition Market to Reach US$ 22.5 Bn in Value by 2032 originally published on Future Market Insights.