Facial Recognition Market: Navigating Through Challenges and Opportunities
The facial recognition market will witness a healthy growth from 2022 to 2030, a research report suggests. Growing at a CAGR of 16.54%, the market is projected to reach US$17.35 billion by 2030. Significance of the surveillance market is expected to support the market growth along with the rising demand for surveillance. As predicted by analysts, difficulty in dealing with legal risks and discovery will negatively affect the market’s performance from 2022 to 2030. During the forecast period, the market will be supported by a rise in the disposable income and the growing application areas. The risk of false matches presents on the other hand will challenge information technology sector based organizations functioning in the global facial recognition market. Analysts have split the market into technology, hardware & software, and vertical segments based on products and services. Information technology based companies have been profiled.
Demand and supply gaps are set to affect the global market during the forecast period 2022 to 2030. The report also provides the market’s performance forecasts till 2030. Analysts have studied the strategy of information technology segment based organizations to help new entrants and established businesses. The information technology sector itself is supported by the rising industrialization as well as the growth of communication channels. During the forecast period 2022 to 2030, the facial recognition market is set to witness a health growth across technology, hardware & software, and vertical segments as well as regional markets.
The information technology sector has seen growth across technology, hardware & software, and vertical segments owing to high demand across industry verticals and the increasing spending power of consumers. To study the market, analysts have further segmented technology, hardware & software, and vertical into 2D recognition, 3D recognition, and thermal recognition on the basis of technology. The market is further segmented into hardware & software sub segment which is split into face recognition software and analytics. Additionally, the facial recognition market on the basis of vertical is segmented into airports, government, home security, and large organizations.
The segmental analysis presented in the report provides information technology field based organizations insights into key growth factors such as advancements in technology as well as challenges such as the lack of investments the market will face from 2022 to 2030. The rapidly growing population and the rise in distribution channels are some of the key factors having an influence on information technology industry based companies, suggest analysts as per the facial recognition market report. But the report also identifies the unavailability of professional services and concerns regarding high costs as major threats companies in information technology will face till 2030.
Information technology market based companies in the facial recognition market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The availability of many untapped opportunities will be a key growth driver for regional markets. However, the lack of investments in R&D will turn out to be a threat. For the forecast period 2022 to 2030 each of these regional markets are studied in the report. Starting from North America, the regional market and information technology vertical based companies are spread across the United States, Canada, and Mexico. The lack of skilled human resources will turn out to be a major challenge from 2016 to 2030.
Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the growing urbanization as well as the surging usage across different industries, suggests the report. Similarly, the information technology sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the facial recognition market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2030.
The global facial recognition market research report brings a comprehensive study of technology, hardware & software, and vertical market segments, regional analysis, and information technology vertical based company details of key players. As the forecast period 2022 to 2030 will bring new opportunities for the market owing to the increasing disposable income and the increasing preference of consumers, the market is set to grow at a compound annual growth rate of 16.54% and is predicted to reach a value of US$17.35 billion by 2030. With SWOT analysis of information technology sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the lack of developed infrastructure and the lack of R&D investments, companies in the information technology sector can change the way business is done.
In a letter to Congress today, IBM CEO Arvind Krishna stated that the company will no longer sell general-purpose facial recognition or analysis tools. According to IBM, the firm can no longer improve or study the technology. Artificial intelligence developments have significantly enhanced facial recognition software over the past decade. Around the same time, the technology has been found to be skewed along lines of age, race, and nationality, rendering it ineffective for law enforcement and defence and ripe for future civil rights violations because it is mostly provided by private corporations with no supervision or government oversight.