Facial Recognition Market To Register CAGR of 14.5% By 2027 Due To Rising Usage of Personal Devices And Increasing Trend For BYOD | Million Insights

August 31 06:10 2021
Facial Recognition Market To Register CAGR of 14.5% By 2027 Due To Rising Usage of Personal Devices And Increasing Trend For BYOD | Million Insights
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According to new report available with Million Insights, the global facial recognition industry research report offers thorough insights on technology, application, end-use and impact of COVID-19. This enables numerous opportunities for the market players to invest in research and development.

The global facial recognition market size is anticipated to account for USD 9.93 billion by 2027, as per a new report by Million Insights. It is estimated that the market would register 14.5% CAGR over the forecast duration.

Facial recognition provides enhanced security; as a result, it is used in various applications including offices, law enforcement agencies and others. Ease and convenience associated with the use of this technology further make it popular among end-use industries. This technology not only provides individual identity but also provide demographic data on huge crowds.

Increasing adoption of facial recognition in offices for attendance is a major driving factor. Further, technological advancements in the field of facial recognition technology and the introduction of 3D recognition system along with cloud computing is supplementing the market growth. The rise in the usage of personal devices and the increasing trend for BYOD is also contributing to the growth of the facial recognition market.

To download the sample PDF of “Facial Recognition Market” Report please click here: https://www.millioninsights.com/industry-reports/facial-recognition-market/request-sample 


Compared to conventional systems, facial recognition systems are more secured and less prone to security breaches. Improved security solution makes it suitable for banking applications. For example, Aware, Inc. announced in 2020 that its software solution named Knomi has been among top choices in the banking sector in Latin America. This system helps in providing an enhanced security solution for mobile application across the world. 

Key players operating in the market are Gemalto NV, Precise Biometrics, NEC Corporation, TECH5, IDEMIA and NtechLab among others. These players are focusing on introducing advanced facial recognition solutions to consolidate their market position.   

To browse report summary & detailed TOC, please click the link below:


Further key findings from the report suggest:

• Facial recognition solutions are easy to deploy and offer enhanced security solution, thereby, gaining traction across various end-use industries.

• Based on technology, facial analytics is projected to register over 20% CAGR from 2020 to 2027.

• Owing to the increasing adoption of various technologies, Asia Pacific is likely to register the highest growth over the forecast duration.

• The healthcare category is estimated to register the highest growth over the forecast duration.

Million Insights segmented the global facial recognition market report based on technology, application, end use and region:

Facial Recognition Technology Outlook (Revenue, USD Million, 2016 – 2027)
    • 2D
    • 3D
    • Facial Analytics

Facial Recognition Application Outlook (Revenue, USD Million, 2016 – 2027)
    • Emotion Recognition
    • Attendance Tracking and Monitoring
    • Access Control
    • Security & Surveillance
    • Others

Facial Recognition End-use Outlook (Revenue, USD Million, 2016 – 2027)
    • Retail & E-commerce
    • Media & Entertainment
    • BFSI
    • Automobile & Transportation
    • Telecom & IT
    • Government
    • Healthcare
    • Others

Facial Recognition Regional Outlook (Revenue, USD Million, 2016 – 2027)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
        • France
    • Asia Pacific
        • China
        • Japan
        • India
    • South America
        • Brazil
    • Middle East and Africa

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