Facial Recognition Market Size is Predicted to Witness 14.9% CAGR till 2030

 

The global Facial Recognition Market size is expected to reach USD 15.84 billion by 2030 according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 14.9% from 2023 to 2030. Facial recognition is a contactless biometric solution that is a critical factor contributing the market growth. Contactless solutions enable easy deployment in consumer devices. It is also effortless and convenient to use, further contributing to rising adoption. Apart from individual identities, the technology can gather demographic data on crowds; thus, increasing its usability. Such factors are anticipated to drive market growth.

Facial recognition is highly used for security and law enforcement applications, as it is led mainly by the need to combat terrorism and crime. For instance, in the U.S., 26 states permit law enforcement agencies to access facial recognition systems to perform searches against the databases of ID photos and driver’s licenses, to find drug dealers, bank robbers, amongst others who have left behind the images on social media platforms. Also, facial recognition CCTV systems are being used to improve performance in conducting public security missions, such as find missing children or adults, identifying and tracking criminals, and accelerating investigations. Furthermore, the trend of KYC (Know-Your-Customer) has undoubtedly boosted the growth of facial recognition in retail and marketing.

Facial recognition technology is being combined with the latest marketing advancements to improve customer experience. For instance, in April 2021, Sberbank, a Russian banking company, is expanding its footprints in food delivery, taxi services, cloud computing, and cybersecurity. For this, the company launched facial recognition payments known as face pay to make payments using at a glance pay option during checkout. Thus, offering a quick payment service compared to paying with cash or a payment card. Therefore, the market has a vast opportunity in different verticals, including security and surveillance, healthcare, retail, and transportation. For another instance, in June 2019, Ayonix Corporation launched its IP camera-embedded application, namely the AICam Platform. The application can execute high-performance face detection and matching. The company demonstrated this product at the annual security technology conference called ISC West.

3D recognition is a newly emerging trend in the market for facial recognition that aims to provide more accuracy and better authentication. 3D facial recognition uses the unique characteristics of an individual’s face, such as the face curves, the shape of the nose, the chin, to identify the individual. With the introduction of 3D facial recognition, identification has taken a step toward recognizing an individual’s face even if it is dark and can identify the person at different angles (up to 90 degrees). Although 2D face recognition has made significant progress over the years, its accuracy and authenticity are highly dependent on the conditions of light and individual poses. For instance, Ayonix Corporation (Japan) is a developer of 3D face recognition technologies. It uses an algorithm that converts 2D still images or videos into data, which is then analyzed to reconstruct faces in 3D form. It also has a patented 3D recognition engine that captures a facial image and identifies critical points at the eyes, nose, and mouth. Besides, it can identify age, gender, and person-specific features from the image and match them from the images stored in databases to generate a matching score between 0.0 and 0.1.

The Asia Pacific (APAC) region is estimated to project the highest growth rate in the market. This is due to the increased adoption of facial recognition technology in different verticals. For instance, in September 2019, NEC Corporation, Japan-based biometry solutions provider, announced a partnership with Seven Bank, Ltd., a Japanese Bank, to develop ATMs that incorporate facial recognition technology. In addition to facial recognition technology, other technologies used for the development of ATMs include Artificial Intelligence (AI), the Internet of Things (IoT), and QR codes. IoT and AI would help in detecting warning of component failures and predicting cash demand more accurately, which would further help in streamlining ATM operations.

Related Press Release@ Facial Recognition Market Report

Facial Recognition Market Report Highlights

• End-use industries have started integrating facial recognition into their business processes to streamline their operations. Facial recognition technology is gaining momentum as it assists end-user organizations to become more efficient and result-oriented. The growing adoption of facial recognition is encouraging new entrants to venture into the marketplace by offering niche application-specific products and solutions
• In terms of technology, the 3D segment captured the largest revenue share in 2022. The technology is gaining popularity due to its attributes such as detection efficiency and high accuracy, which makes it suitable for high-security areas such as airports, education and research, retail, healthcare, and police services.
• The banking and financial services industry is one of the major verticals for the deployment of facial recognition technology as consumers are increasingly transitioning towards mobile banking. Financial institutions use facial-recognition software to provide an additional layer of security to mobile banking applications to authenticate users

Facial Recognition Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 5.98 billion
Revenue forecast 2030	USD 15.84 billion
Growth Rate	CAGR of 14.9% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

 

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Facial Recognition Market Segmentation

Grand View Research has segmented the global facial recognition market based on technology, application, end-use, and region:

Facial Recognition Technology Outlook (Revenue in USD Million, 2017 - 2030)

• 2D
• 3D
• Facial Analytics

Facial Recognition Application Outlook (Revenue in USD Million, 2017 - 2030)

• Emotion Recognition
• Attendance Tracking and Monitoring
• Access Control
• Security & Surveillance
• Others

Facial Recognition End-use Outlook (Revenue in USD Million, 2017 - 2030)

• Retail & E-commerce
• Media & Entertainment
• BFSI
• Automobile & Transportation
• Telecom & IT
• Government
• Healthcare
• Others

Facial Recognition Regional Outlook (Revenue in USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

Digital Transformation Market Size is Predicted to Witness 27.6% CAGR till 2030

 

The global Digital Transformation Market size is anticipated to reach USD 4,617.78 billion by 2030 and it is projected to grow at a CAGR of 27.6% from 2024 to 2030, according to new report by Grand View Research, Inc.Digital transformation assists companies in improving their brand reputation, customer experience, and customer retention ratios. These solutions also help end-user companies in education and training their employees to improve their productivity and speed up the organization’s journey to achieve business objectives. Furthermore, with the implementation of digital transformation solutions, organizations can meet the evolving market needs and improve their business profitability. Further, the market growth is particularly driven by rising companies’ investments in big data, mobility, and cloud technologies to develop advanced Digital Experience Platforms (DXPs).

The growing use of mobile devices and their applications has transformed the various aspects of modern life. Across the globe, organizations and enterprises are shifting from traditional brick-and-mortar operations to digital operations, driving the market growth. Furthermore, the emergence of novel technologies such as the Internet of Things (IoT), Robotic Process Automation (RPA), Machine Learning (ML), and Artificial Intelligence (AI), has increased the importance of mobile applications. The way businesses operate has changed dramatically in recent years, which is why having an attractive and innovative mobile application improves the way target clients interact and engage with services that the company offers. Further, consumers now have access to different types of apps and are provided under digital transformation solutions due to increasing smartphone adoption, creating positive outlook for the market.

The COVID-19 pandemic has forced various businesses to opt for cloud technology for remote working. This has resulted in growing demand for cloud services creating a favorable environment for market growth. This has resulted in the increased adoption of cloud services to ensure business continuity. Businesses are renewing their contracts with cloud service providers while anticipating an increase in cloud migrations and, in some cases, an acceleration in cloud transformation from their customers. The widespread adoption of a number of digital-first payment methods highlights the paradigmatic shift led by the pandemic. The Buy Now, Pay Later (BNPL) trend has witnessed increased popularity in 2020 & 2021. During the pandemic, Fintech innovation has not only helped meet the changing needs of consumers but also ensured that financial services were made easily available to those who needed them the most, creating robust opportunities for market growth.

List of Players in Digital Transformation Market

• Accenture plc
• Adobe Systems Inc.
• Broadcom, Inc.
• Cisco Systems, Inc.
• Dell EMC
• Dempton Consulting Group
• Google Inc.
• Happiest Minds
• Hewlett Packard Enterprise Co.
• International Business Machines Corporation
• Kellton Tech Solutions Ltd.
• Microsoft Corporation
• Salesforce, Inc.
• SAP SE
• TIBCO Software

Related Press Release@ Digital Transformation Market Report

Digital Transformation Market Report Highlights

• Based on solution, the social media segment is expected to grow at a fastest CAGR of 29.5% over the forecast period. The growing number of users of social media platforms, the shifting focus of end-user companies on improving their brand identity through creative advertisements on social media platforms, and advancements in social media tools are driving the segment growth
• Based on service, the professional services segment is expected to grow at a fastest CAGR of 29.2% over the forecast period as these services help organizations in digitizing their business operations. The professional services help end-user organizations select proper digital transformation solutions, manage the operations of cloud-based digital transformation solutions, address client issues, and effective resource utilization, among other assistance
• Based on deployment, the hosted segment is expected to grow at a CAGR of 30.8% over the forecast period. The proliferation of cloud-based digital transformation solutions, cloud technology’s various benefits such as minimum hardware requirement, low operating costs, & easy accessibility, and rising public & private investment in cloud platforms are driving the segment growth
• Based on enterprise, the small & medium-sized enterprises (SMEs) segment is expected to grow at a fastest CAGR of 29.2% over the forecast period. The increasing importance of digital technologies and the availability of low-cost digital transformation solutions are driving the market growth among SMEs
• Based on end-use, the healthcare segment is expected to grow with a fastest CAGR of 29.4% during the forecast period. Digital transformation is anticipated to improve the quality of patient care. The COVID-19 pandemic propelled the adoption of advanced medical technologies such as remote patient monitoring, telemedicine, virtual reality, and neurotechnology, supporting the segment's growth
• The Asia Pacific market is expected to grow at a remarkable CAGR of 30.3% during the forecast period, owing to the expansion of the e-commerce industry, government investments in digital infrastructure, and the growing use of process automation tools powered by the latest technologies, such as AI, ML, Blockchain, and cloud computing.

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Digital Transformation Market Segmentation

Grand View Research has segmented the global digital transformation market based on solution, service, deployment, enterprise size, end-use, and region:

Digital Transformation Solution Outlook (Revenue, USD Billion, 2018 - 2030)

• Big Data & Analytics
• Artificial Intelligence (AI)
• Cyber Security
• Cloud Computing
• Mobility
• Social Media
• Others (Internet-of-Things (IoT), Blockchain)

Digital Transformation Service Outlook (Revenue, USD Billion, 2018 - 2030)

• Professional Services
• Implementation & Integration

Digital Transformation Deployment Outlook (Revenue, USD Billion, 2018 - 2030)

• Hosted
• On-premise

Digital Transformation Enterprise Outlook (Revenue, USD Billion, 2018 - 2030)

• Large Enterprise
• Small & Medium Enterprise

Digital Transformation End-use Outlook (Revenue, USD Billion, 2018 - 2030)

• BFSI
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Retail
• Others (Education, Media & Entertainment, Transportation, Travel & Hospitality)

Digital Transformation Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Spain
• Italy
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• MEA
• UAE
• Saudi Arabia
• South Africa

Property Management Software Market To Reach $8,041.0 Million By 2030

The global Property Management Software Market size is anticipated to reach USD 8,041.0 million by 2030, expanding at a CAGR of 8.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing inclination of property managers and owners for scalability is anticipated to boost market growth. Also, factors such as the need to preserve documents related to property coupled with rising infrastructure development for smooth functioning are anticipated to be one of the key growth boosters.

The demand for Property Management Software (PMS) has increased in the last few years for residential suites and hotels. Availability of virtual storage and internet bandwidth are a few of the key factors boosting the demand in the residential sector and hotel industry. Additionally, the PMS in the residential suites has developed into a tactical position due to advancements in information and communications technology. Henceforth, automation serves a broad array of PMS functions, including notices, leases, vacancies, circulars, and invoice preparation, for the residential sector. PMS eliminates repetitive tasks, enables better communication, and standardizes hotel management.

Escalating demand for outsourcing services is another key factor positively impacting growth. In the last few years, various market players have been aiming to provide advanced PMS solutions such as AR-based and cloud-based solutions that are quite tough to be managed internally, as it involves a huge expenditure for recruiting a technically developed workforce and expending on their training for the software. Numerous businesses outsource these services to property management software providers to overcome these challenges. Moreover, an increase in outsourcing activities in Asian countries such as India and the Philippines from the Middle East and Western countries appears to significantly contribute to regional market growth.

List of Key Players in the Property Management Software Market

• AppFolio, Inc.
• CoreLogic
• Console Australia Pty Ltd
• Entrata, Inc.
• InnQuest Software
• IQware Inc.
• MRI Software LLC      
• RealPage, Inc.
• REI Master
• Yardi Systems Inc.
• Zillow Group, Inc.
• ManageCasa

Related Press Release@ Property Management Software Market Report

Property Management Software Market Report Highlights

• The market for property management software is anticipated to witness substantial growth during the forecast period owing to the increasing investments in real estate and the rise in the demand for transparency in property management
• The cloud segment accounted for the largest market share in 2022, owing to factors such as scalability, cost-effectiveness, ease of use, and immediate access to the latest information with real-time data update
• The software segment accounted for the largest market share in 2022, owing to factors such as accelerated digital transformation, driven by the COVID-19 pandemic, prompting property management businesses to streamline operations, enhance tenant experiences, and achieve operational excellence through robust software platforms
• The property managers/ agents segment accounted for the largest market share in 2022, owing to a rising number of real estate and commercial property developments across the globe
• The commercial segment is expected to register highest growth over the forecast period. Rising demand for PMS solutions for commercial applications such as retail spaces, office spaces, hotels, entertainment venues, and data centers & co-location facilities, among others, to enhance operational efficiency and tenant satisfaction are the key factors expected to fuel investments in the commercial sector
• The North America market accounted for the largest market share in 2022, owing to the presence of prominent players offering property management software solutions/services in the region
• Some of the prominent market players in the market include AppFolio, Inc., Console Australia Pty Ltd, CoreLogic, Entrata, Inc., RealPage, Inc., MRI Software LLC, and Yardi Systems Inc., among others

Property Management Software Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 4,671.5 million
Revenue forecast in 2030	USD 8,041.0 million
Growth Rate	CAGR of 8.1% from 2023 to 2030
Base year for estimation	2022
Historical data	2017 - 2021
Forecast period	2023 - 2030

 

Property Management Software Market Segmentation

Grand View Research has segmented the global property management software market based on deployment, solution, application, end-user, and region:

Property Management Software Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• Cloud
• On-Premises

Property Management Software Solution Outlook (Revenue, USD Million, 2017 - 2030)

• Software
• Rental Listings Management
• Applicant Management
• Reporting & Analytics
• Maintenance Activities Management
• Others
• Services
• Professional Services
• Managed Services

Property Management Software Application Outlook (Revenue, USD Million, 2017 - 2030)

• Residential
• Multi-family Housing/ Apartments
• Single-family Housing
• Others
• Commercial
• Retail Spaces
• Office Spaces
• Hotels
• Others

Property Management Software End-User Outlook (Revenue, USD Million, 2017 - 2030)

• Housing Associations
• Property Managers/ Agents
• Property Investors
• Others

Property Management Software Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Spain
• Asia Pacific
• China
• India
• Japan
• Latin America
• Brazil
• Mexico
• Middle East & Africa