The research study involved four major activities in estimating the size of the facial recognition market. Exhaustive secondary research has been done to collect important information about the market and peer markets. The next step has been to validate these findings, assumptions, and sizing with the help of primary research with industry experts across the value chain. Both top-down and bottom-up approaches have been used to estimate the market size. Post which the market breakdown and data triangulation have been adopted to estimate the market sizes of segments and sub-segments.
Secondary Research
In the secondary research process, various secondary sources were referred to identify and collect information for the study. These included journals, annual reports, press releases, investor presentations of companies and white papers, certified publications, and articles from recognized associations and government publishing sources. Secondary research was mainly used to obtain key information about industry insights, the market's monetary chain, the overall pool of key players, market classification, and segmentation according to industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives.
Primary Research
In the primary research process, various primary sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Chief Technology Officers (CTOs), Chief Operating Officers (COOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various companies and organizations operating in the facial recognition market. The primary sources from the demand side included consultants/specialists, Chief Information Officers (CIOs), and subject-matter experts.

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Market Size Estimation
Multiple approaches were adopted to estimate and forecast the facial recognition market. The first approach involved estimating the market size by summating companies' revenue generated through facial recognition solutions.
Both top-down and bottom-up approaches were used to estimate and validate the total size of the facial recognition market. The research methodology used to estimate the market size includes the following:
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Key players in the market have been identified through extensive secondary research.
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Regarding value, the industry's supply chain and market size have been determined through primary and secondary research processes.
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All percentage shares, splits, and breakups have been determined using secondary sources and verified through primary sources.
Market Size Estimation Methodology-Bottom-up approach

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Market Size Estimation Methodology-top-down approach

Data Triangulation
The data triangulation procedures were used to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with data triangulation and market breakdown, the market size was validated by the top-down and bottom-up approaches.
Market Definition
According to Thales, "Facial recognition is the process of identifying or verifying a person's identity using their face. It captures, analyzes, and compares patterns based on the person's facial details."
According to Aware Inc., "Facial recognition technology applies the science of biometrics to a user's facial features. Facial recognition algorithms create a biometric template by detecting and measuring various characteristics or feature points of human faces, including the location of the eyes, eyebrows, nose, mouth, chin, and ears."
According to Cognitec Systems, "facial recognition technology can detect people's faces in live video streams or video footage and store anonymous information for each person's appearance in front of a camera."
Key Stakeholders
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Chief technology and data officers
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Software and solution developers
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Integration and deployment service providers
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Business analysts
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Information Technology (IT) professionals
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Investors and venture capitalists
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Third-party providers
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Consultants/consultancies/advisory firms
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Cyber-security firms
The main objectives of this study are as follows:
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To define, describe, and forecast the facial recognition market based on segment By offering, organization size, deployment mode, applications, and vertical with regions covered.
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To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
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To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the market.
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To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global market.
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To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global market.
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To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market's competitive landscape.
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To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company's specific needs. The following customization options are available for the report:
Company Information
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Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Facial Recognition Market