The Global Face Recognition AI Camera Market is driven by increasing security needs
The Global Face Recognition AI Camera Market is estimated to be valued at US$ 3.08 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Face Recognition AI Camera market are IDEMIA , TECH5 Group, Onfido, Hangzhou Hikvision Digital Technology Co., Ltd. , Honeywell International Inc., Panasonic Holdings Corporation, Dahua Technology, Megvii, Ayonix , AnyVision, NEC Corporation, Cognitec Systems GmbH, Aware, Inc., Thales, VIVOTEK Inc., Sony Group Corporation, Axis Communications AB., Nikon Corporation. IDEMIA and NEC Corporation hold a significant market share due to their diversified product portfolio and widespread distribution networks.
The growing Face Recognition Ai Camera Demand for advanced security systems from government organizations, commercial spaces, educational institutions and public places is a major factor boosting the sales of face recognition AI cameras. While access control and attendance tracking remain key application areas, these cameras are increasingly finding new uses in areas like public safety, retail analytics and cashier-less stores.
The rising adoption of cloud-based video surveillance systems and increasing focus on smart city projects across developed and emerging economies is driving the global expansion of the face recognition AI camera market. Leading manufacturers are investing heavily in R&D to develop more accurate and affordable cameras with larger database storage capabilities.
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