Software Segment to Dominate Europe Facial Recognition Market during 2019–2028
According to The Insight Partners market research study on “Europe Facial Recognition Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Component, Application, and Vertical,” is expected to reach US$ 2,495.78 million by 2028 from US$ 1,267.41 million in 2021. The market is estimated to grow at a CAGR of 10.2% from 2021 to 2028. 3D face recognition systems is the major factor driving the growth of the Europe facial recognition market. However, restricted adoption due to technical drawbacks may hinder the growth of Europe facial recognition market. The report provides trends prevailing in the Europe facial recognition market along with the drivers and restraints pertaining to the market growth.
The Europe facial recognition market is segmented into component, application, vertical and country. Based on component, the Europe facial recognition market is segmented into software and services. In 2020, the software segment held the largest share Europe facial recognition market. Based on software, the market is segmented into 2D facial recognition, 3D facial recognition, and facial analytics. In 2020, the 3D facial recognition segment held the largest share Europe facial recognition market. Based on services, the market is segmented into training & consulting, integration and implementation , and support & maintenance. In 2020, the integration and implementation segment held the largest share Europe facial recognition market. Based on application, the Europe facial recognition market is segmented into security & surveillance, access control, and others. In 2020, the security & surveillance segment held the largest share Europe facial recognition market. Based on vertical, the Europe facial recognition market is segmented into BFSI, retail and e-commerce, government, healthcare, education, automotive and transportation, and others. In 2020, the government segment held the largest share Europe facial recognition market. Similarly, based on country, the Europe facial recognition market is segmented into Germany, France , Italy, the UK, Russia, and the rest of Europe. Germany contributed a substantial share in 2020.
Aware Inc., Cognitec Systems GmbH, Face PHI, Fujitsu Limited, IDEMIA, NEC Corporation., Onfido, Tech5, and Thales Group are among the leading companies in the Europe facial recognition market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Tech5 launched the latest face matching engine for touchless access control.
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