[FURL=https://www.industryarc.com/Research/Facial-Recognition-Market-Research-500827?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Facial Recognition Market[/FURL] The market for Facial Recognition Market is forecast to reach $47.28 billion by 2026, growing at a CAGR of 7.9% from 2021 to 2026. The Facial Recognition Market is estimated to witness substantial growth over the forecast period primarily due to high adoption of facial recognition technology in various applications and increasing investment in facial recognition technologies by government and defense sector. Facial recognition technology is a type of thermal recognition biometric technology that is used for Identity verification services using their face. This technology leverages a connected or digital camera to detect faces in the captured images and then quantify the features of the image to match against the templates stored in the database.Key Takeaways
Facial Recognition Market is estimated to witness substantial growth over the forecast period primarily due to increasing investments by governments and public bodies and rising usage in different applications.
Technological advancements in payments and transactions have enhanced security protection thereby increasing demand for the market.
Facial recognition payment is being implemented in different applications such as E-commerce, ATMs which increasing its demand.
Asia-pacific is projected to hold the largest share of Facial Recognition Market during the forecast period due to growing number of investments in security and surveillance as high criminal activities is taking place which creates increased public awareness.
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Facial Recognition Market Segment Analysis – By Geography
Global Application Processor by Geography has been segmented into North America, Europe, APAC, South-America and RoW. APAC is projected to hold the largest share of 45% in the forecast period due to the growing number of investments in security and surveillance, due to high criminal activities, leads to increased public awareness. Owing to these factors, the market in witnessing growth opportunities in the region. This varied application of facial recognition technology across various countries is driving the facial recognition market in APAC.
Facial Recognition Market Drivers
Increasing investments in facial recognition technologies by government driving the market growth
Covid-19 accelerating the shift to cashless payments
Facial Recognition Market Landscape
The Facial Recognition Market is dominated by major companies such Aware Inc., Face Phi., NEC Corporation, IDIMIA, TECH5 SA, Onfido, Ayonix Corporation, Gelmalto NV, Cognitec Systems GmbH, Fujotsu
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