NEW YORK , Nov. 14, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global facial recognition market size is estimated to grow by USD 11.82 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of over 22.2% during the forecast period. Increasing instances of identity threats is driving market growth, with a trend towards technological advances and emergence of facial analytics.
However, high cost of deployment poses a challenge.Key market players include Amazon.com Inc.
, ASSA ABLOY AB, Aware Inc., Ayonix Pty Ltd., Cognitec Systems GmbH, Daon Inc.
, Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA France SAS, Ipsidy Inc.
, Luxand Inc., Microsoft Corp., NEC Corp.
, Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd.
. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Facial recognition market is witnessing significant growth in various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, and automating payment systems in retail.
Operational efficiency is a key driver for organizations in education, healthcare, and retail sectors to adopt facial recognition technology. Security is another major factor, with surveillance systems being implemented in airports, critical infrastructure sectors, and public spaces to mitigate security threat.
