According to the business intelligence report titled ‘Global Facial Recognition Market 2019-2028’, available with Market Study Report, global facial recognition market is slated to grow at an annual rate of 14.3% between 2019-2028.
 

Surging product adoption in consumer electronics vertical coupled with growing need of surveillance systems are the key growth stimulants for global facial recognition market. Furthermore, commercialization of the technology, technological developments in the field, and incorporation of facial biometrics in smart cards will augment industry revenue in the upcoming years.
 

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For the unversed, facial recognition utilizes specialized hardware and software to scan facial features of individuals for authentication instead of password of passwords and PINs for various purposes. This, however, makes the system prone to errors in case of changes in behavioral patterns of end users.
 

Further, concerns over privacy, tough competition from non-biometric technologies, and lack of established international standards are challenging the market growth, claims the study.
 

The report studies the market at both micro and macro levels by dividing it into segments. Market share, growth rate estimates, and valuation of each segment over the forecast timeframe is incorporated.
 

Based on end user spectrum, worldwide facial recognition industry is split into security & law enforcement, healthcare, retail, and others. Speaking of technology, the business sphere is divided into 3D facial recognition, and 2D facial recognition.
 

From a regional frame of reference, Asia Pacific captured majority industry share in the recent past and is anticipated to witness significant growth between 2019-2028. Increasing utilization of biometric authentication processes by governments and financial institutions for electronic-KYC procedures is a key factor credited for this development.
 

Leading companies formulating the competitive landscape of worldwide facial recognition industry are Gemalto Holding BV, 3M Company, Cognitec Systems GmbH, Aware Inc., FacePhi Biometria SA, NEC Corporation, Facefirst Inc. Nuance Communications Inc., Idemia France SAS, Panasonic Corporation, Ayonix Inc., ID3 Technologies, Cross Match Technologies Inc. (HID Global Corp.), Animetrics Inc., and Daon Inc.
 

These companies have made strategic decisions like alliances, mergers & acquisitions, investments in R&D, product launches, and partnerships to maximize profits and strengthen their foothold in this business domain.