According to the research report titled ‘GLOBAL Facial Recognition Market 2019-2028’, available with Market Study Report, global facial recognition market is projected to expand at 14.30% CAGR between 2019-2028.
 

Increasing demand of surveillance systems and rising adoption of the technology in consumer electronics are key factors spurring global facial recognition market growth.
 

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For those unaware, facial recognition software is used as for authentication instead of PINs and passwords for several processes. Technological advancements, rapid commercialization, and rising incorporation of facial biometrics in smart cards will stimulate industry proliferation as well.
 

On the other hand, privacy issues and error-prone nature associated with facial recognition software are poised to inhibit market growth. Moreover, lack of standardized regulations and tough competition from non-biometric technologies will also act as a challenge.
 

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

The report studies this market space at a granular level by dividing it into segments. Growth rate estimates and market share held by each segment is also enlisted in the document.
 

Regionally, Asia Pacific held majority of the global facial recognition market share recently and is projected to expand rapidly between 2019-2028. Growing usage of biometric authentication solutions by financial institutions and government entities for electronic-KYC procedures is a key factor contributing to the regional market growth.
 

Key players shaping global facial recognition market dynamics are 3M Company, Gemalto Holding BV, Cognitec Systems GmbH, FacePhi Biometrics SA, Aware Inc., NEC Corporation, Facefirst Inc., Idemia France SAS, Nuance Communications Inc., Ayonix Inc., Cross Match Technologies Inc., Panasonic Corporation, Animetrics Inc., ID3 Tecnologies, and Daon Inc.