Security News > 2022 > March > Facial recognition market to reach $12.67 billion by 2028

The facial recognition market size is projected to reach $12.67 billion by 2028 from $5.01 billion in 2021, growing at a CAGR of 14.2% from 2021 to 2028, according to the Insight Partners.

The use of facial recognition has grown due to rising applications in physical security and intelligent signage, as well as increasing technological improvements such as cloud-based services and 3D-based recognition systems.

Face recognition systems that are technologically advanced and have applications in mobile security and drones are anticipated to provide lucrative opportunities for the facial recognition market in the future.

Based on application, the facial recognition market is segmented into security & surveillance, access control, and others.

The facial recognition demand was increased for monitoring and tracking people's movement, verification identification, security measures, and patient identification due to the pandemic, which positively influenced the growth of the facial recognition market.

The large scale deployment of facial recognition systems in various applications such as biometric sign-in, public security, travel security, authorized healthcare services, and eLearning platforms is expected to drive the facial recognition market growth in the coming years.

News URL

https://www.helpnetsecurity.com/2022/03/10/facial-recognition-market-2028/