According to the recent study titled ‘Facial Recognition Market Size By Component, By Application, By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report, global facial recognition market is anticipated to register an appreciable growth rate through 2026.
 

As per the findings of the report, rising smartphone penetration, various technological advancements and growing demand for enhanced security & surveillance are the key factors driving the growth of global facial recognition market. However, concerns regarding data security and privacy may negatively impact the market expansion in the upcoming years.
 

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For the uninitiated, face recognition is a secure method of verifying or identifying of individual by scanning their facial features. Such system leverage biometrics mapping techniques to map out and save facial information from a photo or video. These systems are generally utilized by law enforcement agencies to identify criminals and in routine policing activities. Rising popularity of Facial recognition as an important security feature in smartphones for quicker unlocking is augmenting the market outlook.
 

Elaborating on component type, global facial recognition market is divided into software and services. The 2D facial recognition software segment is anticipated to see an increased adoption in the coming years owing to its use in online identification/verification process.
 

Speaking of the application scope, aerospace & defense segment is poised to experience strong growth over the forecast period, attributable to the integration of advanced technologies like AI, deep learning and natural language processing with facial recognition to improve the responsiveness of aircrafts. Meanwhile, automotive segment is projected to showcase a strong CAGR through 2026, as automobile OEMs are increasingly implementing advanced face identification systems in vehicles to provide better security.
 

Considering the end-use spectrum, homeland security segment is anticipated to record notable returns in the coming year, supported by the extensive use of facial recognition technology at airports to prevent terrorism. Meanwhile, photo indexing & sorting segment is expected to grow exponentially in the forthcoming years as it offers convenient & fast photo sorting feature, which is augmenting its demand for various applications.
 

Geographically, Latin America facial recognition market is slated to gain significant returns over the forecast timeframe, due to rising adoption of the technology by governments in the region for reducing crime rate.
 

Parallelly, Middle East & Africa facial recognition market is projected to grow in view of the escalating demand for physical security and surveillance solutions in UAE, Qatar, Saudi Arabia and South Africa, cites the report.
 

Major players in global facial recognition market are Animetrics Inc., Accenture plc, AnyVision, Ayonix Corp., Aware Inc., Certibio, Daon Inc., Cognitec Systems GmbH, FaceFirst Inc., Face++, Fujitsu Ltd., Fulcrum Biometrics Inc., and Herta Security among others.