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Genomics Market to Reach $70.52 Billion by 2031, Driven by Increasing Incorporation of Genomic Data in Clinical Workflows and Increasing Funding and Investments in Genomics Projects – Exclusive Report by Meticulous Research®

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REDDING, Calif., Sept. 24, 2024 /PRNewswire/ — According to a new market research report titled, ‘Genomics Market Size, Share, Forecast, & Trends Analysis by Technology (Sequencing, Microarray, Nucleic Acid Extraction), Application (Drug Discovery, Diagnostic, Research), Offering (Instrument, Consumables, Software), End User—Global Forecast to 2031.

The genomics market is projected to reach $70.52 billion by 2031, at a CAGR of 11.1% from 2024 to 2031.

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The rising prevalence of genetic diseases, the increasing incorporation of genomic data in clinical workflows, increasing funding and investments in genomics projects, growing applications of genomics in the healthcare sector, rising pharmaceutical R&D expenditures, and increasing healthcare spending are key factors driving the growth of the genomics market. However, concerns over the security & privacy of genomic data and the lack of standardized approaches in genomics are factors restraining the growth of this market.

Furthermore, the rising adoption of personalized medicines and gene therapies is expected to create opportunities for the players operating in the genomics market. However, the shortage of skilled bioinformatics & genomics personnel and the commercialization & scaling of genomic technologies are major challenges impacting market growth. READ MORE

Increasing Funding and Investments in Genomics Projects Reshaping the Market Landscape

Pharmaceutical and biotechnology companies have been increasingly focused on genomic research since 2003 – the year of completion and publishing of the full sequence of the entire human genome. Furthermore, increasing funding for genomic research, the development of advanced sequencing technologies & bioinformatics tools, and the reducing costs of genomic studies are generating opportunities for pharmaceutical and biotechnology companies to engage more in the research and development of personalized/precision medicine, targeted therapeutics, and vaccines. These factors have also helped companies as well as academic & research institutes to conduct more studies focused on mapping and identifying variants and studying the mechanisms of various rare and genetic diseases.

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The pharmaceutical industry is also investing in genomic data-sharing initiatives to accelerate the research and development of novel personalized therapies. Also, research and academic institutes are partaking in genomic studies and collaborating with key pharmaceutical companies to exchange genomic data and discover new personalized therapies for various rare and genetic diseases. Some of the recent funding and investments supporting genomics studies are as follows:

In December 2022, the U.K. government announced $217 million (€175 million) in funding for genomics research, including $130 million (€105 million) to boost the diagnosis of rare genetic diseases in newborns.In September 2022, the Centers for Disease Control and Prevention (CDC) announced $90 million in funding over the next five years to support the Pathogen Genomics Centers of Excellence (PGCoE) network, which is aimed at accelerating innovations and improving technical capacities in molecular epidemiology, pathogen genomes, and bioinformatics for the prevention and control of microbial threats to public health.In March 2022, the National Institutes of Health (NIH) allocated $89 million in funding for advancing genome editing projects to develop new technologies and novel research approaches in the somatic cell genome editing program.According to the UK Parliament article published in December 2022, the U.K. government provided $27 million (£22 million) in funding to Genomics England for sequencing 15,000 to 25,000 participants from diverse backgrounds by 2025 and tackling health inequalities in genomic medicine.

Automation in Next-Generation Sequencing (NGS): A Key Trend in the Genomics Market

The ability to sequence the genes of any organism for clinical and research purposes has proved to be a game changer for public health. Portable handheld sequencing devices are paving the way for the growth of the genomics market, making sequencing cheaper, simpler, and faster without the need for large clinical laboratories. Real-time sequencing has enabled researchers and physicians to quickly access sequencing data and act instantly. Portable nanopore-based sequencers can sequence the entire genome in less than $1,000. Additionally, automating NGS library preparation has helped researchers improve their library quality and achieve consistent yields, enabling the generation of reliable and reproducible NGS data.

NGS automation has also enhanced the efficiency of sequencing in terms of time and cost. The risk of contamination is greatly decreased by reducing human interactions with reagents and samples. According to a study that analyzed the cost breakdown for genome sequencing, lab personnel account for around 15% of the total cost of sequencing in a conventional clinical laboratory. A similar study showed that when an automated system is used for sample preparation, the cost of laboratory personnel decreases to around 4% of the total cost. Thus, automation optimizes & streamlines NGS workflows.

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Genomics Market Analysis: Key Segmental Findings

By offering: In 2024, the consumables segment is expected to account for the largest share of 68.9% of the genomics market. The segment’s large market share can be attributed to the increasing demand for consumables due to the growing number of genomic tests, more recurring purchases of consumables compared to instruments, and the increasing prevalence of genetic diseases. For instance, according to a report published by MJH Life Sciences (U.S.) in 2022, approximately 300,000 babies are born with sickle cell disease per year globally, and nearly 5% of the world’s population is affected by the disease.By Technology: In 2024, the sequencing segment is expected to register the highest CAGR of 15.3% during the forecast period 2024–2031. The high growth of this segment is driven by the growing adoption of NGS for sequencing, the rising prevalence of cancer & the expanding application of NGS in cancer treatment & research, the declining costs of NGS, and technological advancements in NGS. Additionally, the growing demand for NGS automation, and the development of portable sequencing technologies also support the growth of this segment.

Geographic Analysis:

North America Poised to Dominate the Genomics Market in 2024

Based on geography, the genomics market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, North America is expected to account for the largest share of 53.3% of the genomics market. This market is projected to reach $36.2 billion by 2031. North America’s dominant position in the genomics market is attributed to government initiatives toward the development of genomic medicine, the increased use of genomics since the COVID-19 pandemic, increasing research in the field of genomics, and the advanced healthcare infrastructure in the region.

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In addition, North America is home to numerous renowned research institutions, universities, and organizations dedicated to genomics research—examples include the Broad Institute, Harvard University, MIT, and the National Institutes of Health (NIH) in the U.S., as well as the University of Toronto, McGill University, and the Ontario Institute for Cancer Research (OICR) in Canada. In North America, genomics is a multidisciplinary field encompassing research, technology development, and applications related to the study of genomes (complete sets of genes within an organism’s DNA). In North America, genomics has been a significant and rapidly evolving field with broad applications in various areas of science and medicine.

In 2024, the U.S. is expected to account for the dominant share of 91.6% of the genomics market in North America. The country’s large market share is mainly attributed to the availability of advanced technologies & resources for healthcare, research funding, government initiatives to promote precision medicine, high public & private investments in genomics, and the availability of skilled professionals in the country.

Asia-Pacific: The Fastest-growing Regional Market

The genomics market in Asia-Pacific is projected to register the highest CAGR of 13.8% during the forecast period. In 2024, China is expected to account for the largest share of 38.9% of the genomics market in Asia-Pacific. Economic growth in many Asia-Pacific countries has increased government focus on the healthcare sector in terms of investments aimed at improving access to healthcare facilities and building better healthcare infrastructure. Rapid urbanization, the need to manage the growing burden of infectious diseases, efforts to improve access to diagnostic services, and rising awareness regarding health and treatment availability are driving the growth of this market. Moreover, rising middle-class populations and their disposable incomes, increasing health insurance penetration, the growing potential of personalized therapies, and public and private investments are expected to support market growth during the forecast period.

Funding from public & private organizations for the development of innovative genomic medicine has increased China’s focus on strengthening its genomics market.

Some of the recent key developments in this market are as follows:

In January 2023, Qitan Technology Co. Ltd. (China) raised $104 million (¥700 million) in a series C round to improve its nanopore sequencing devices and expand its market in China.In June 2022, Chinese sequencing technology company Axbio secured $100 million in Series B funding. The funds supported the development and commercialization of its nanopore-based sequencer and the building of a manufacturing facility.In 2016, the People’s Republic of China announced $9 billion in funding for a 15-year project to collect, analyze, and sequence genomic data and become a global leader in precision medicine.

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Genomics Market: Competition Analysis

This report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted over the past 3–4 years. Major companies in the genomics market have implemented various strategies to expand their product offerings and global footprints and augment their market shares. The key strategies followed by most companies in the genomics market include product launches, expansions, agreements, collaborations, and partnerships. The key players operating in the genomics market include Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Pacific Biosciences of California, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc. (U.S.), Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics Co. Ltd (China).

The report includes a competitive dashboard that summarizes the market positions of the 20 profiled market players in four quadrants, namely Industry Leaders, Differentiators, Emerging Companies, and Vanguards. These companies are positioned based on various parameters, including revenue, depth of offerings, brand equity, geographic presence, innovation, and organic & inorganic growth strategies. Illumina, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V (U.S.), and Danaher Corporation (U.S.) were positioned in the Industry Leaders quadrant.

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Genomics Industry Overview: Latest Strategic Developments from Key Industry Players

In January 2024, Thermo Fisher Scientific Inc. (U.S.) received GMP approval from the Italian Medicines Agency (AIFA) for its manufacturing facility for RNA-based products in Monza, Italy.In January 2024, Thermo Fisher launched the Axiom PangenomiX Array, a comprehensive and ethnically diverse genomic coverage on a high-throughput microarray that delivers multi-disease and pharmacogenomic research analysis across global populations.In January 2024, Illumina, Inc. (U.S.) extended its collaboration with Janssen Research & Development, LLC (U.S.) for the development of Illumina’s novel Molecular Residual Disease (MRD) assay, a Whole-genome Sequencing (WGS) multi-cancer research solution that detects circulating tumor DNA (ctDNA).In January 2024, QIAGEN N.V. (Netherlands) announced plans to open its regional headquarters in Riyadh, Saudi Arabia, to further strengthen its footprint in the region. QIAGEN had also signed a Memorandum of Understanding (MoU) with Saudi Arabia’s Ministry of Health, addressing various public health and infection control initiatives.In December 2023, Danaher Corporation (U.S.) acquired Abcam plc (U.K.). Abcam operates as a standalone company and brand within Danaher’s Life Sciences segment, furthering Danaher’s strategy to help map complex diseases and accelerate drug discovery.In September 2023, Integrated DNA Technologies, a subsidiary of Danaher Corporation (U.S.), launched xGen NGS products designed exclusively for the Ultima Genomics UG 100TM platform.In June 2023, Agilent Technologies, Inc. (U.S.) launched Agilent 6495D LC/TQ and Agilent Revident LC/Q-TOF. The company also launched Agilent MassHunter Explorer Profiling software and the new Agilent ChemVista library manager software.In May 2022, Bio-Rad Laboratories, Inc. (U.S.) launched the CFX Duet Real-Time PCR System to support researchers in developing singleplex and duplex quantitative PCR (qPCR) assays.In December 2021, Pacific Biosciences of California, Inc. (U.S.) launched its HiFiViral SARS-CoV-2 Kit, which helps detect the Omicron Variant and provides information important for public health.

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Scope of the Report:

Genomics Market Assessment—by Offering

ConsumablesInstrumentsSoftwareServices

Genomics Market Assessment—by Technology

Polymerase Chain Reaction (PCR)SequencingNext-generation Sequencing (NGS)Other Sequencing TechnologiesNucleic Acid Extraction & PurificationMicroarrayOther Technologies

Note: Other sequencing technologies include pyrosequencing, degradome sequencing, Sanger sequencing, Chromatin Immunoprecipitation (ChIP) sequencing, and methylation sequencing.

Note: (Other technologies include cell counting, transfection, and gene editing.)

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Genomics Market Assessment—by Application

DiagnosticsDrug Discovery & DevelopmentLife Sciences ResearchCancer ResearchStem Cell ResearchOther Life Sciences ResearchOther Applications

Note: Other life sciences research applications include cardiovascular diseases, osteoporosis, immunology, neurobiology, cellular & molecular biology, and diabetes research.

Note: Other applications include agriculture, forensics, and environmental applications.

Genomics Market Assessment—by End User

Pharmaceutical & Biotechnology CompaniesHospitals & ClinicsDiagnostics LaboratoriesContract Research Organizations (CROs)Academic & Research InstitutesOther End Users

Note: Other end users include food & beverage companies, agricultural companies, and forensics.

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Genomics Market Assessment—by Geography

North AmericaU.S.CanadaEuropeGermanyFranceU.K.ItalySpainRest of EuropeAsia-PacificChinaJapanIndiaRest of Asia-PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East & Africa

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Genomics Market Report Summary:

Particulars

Details

Number of Pages

320

Format

PDF

Forecast Period

2024-2031

Base Year

2023

CAGR (2024–2031)

11.1 %

Estimated Market Size (Value)

$70.52 Billion by 2031

Segments Covered

 By Offering

InstrumentsConsumablesSoftwareServices

 By Technology

Polymerase Chain Reaction (PCR)SequencingNGSOther Sequencing TechnologiesNucleic Acid Extraction and PurificationMicroarrayOther Technologies
(Note 1: Other sequencing technologies include pyrosequencing, degradome sequencing, Sanger sequencing, Chromatin Immunoprecipitation (ChIP) sequencing, and methylation sequencing.
Note 2: Other technologies include cell counting, transfection, and gene editing.)

 By Application

DiagnosticsDrug Discovery & DevelopmentLife Science ResearchCancer ResearchStem Cell ResearchOther Life Science ResearchOther Applications
(Note 1: Other life science research applications include cardiovascular diseases, osteoporosis, immunology, neurobiology, cellular and molecular biology, and diabetes research.
Note 2: Other applications include agriculture, forensics, and environmental applications.)

 By End User

Pharmaceutical & Biotechnology CompaniesHospitals & ClinicsDiagnostics LaboratoriesContract Research Organizations (CROs)Academic & Research InstitutesOther End Users
(Note: Other end users include food & beverage companies, agricultural companies, and forensics.)

Countries Covered

North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa

Key Companies Profiled

Agilent Technologies, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Illumina, Inc. (U.S.), QIAGEN N.V. (Netherlands), Pacific Biosciences of California, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Eppendorf SE (Germany), Myriad Genetics, Inc. (U.S.), Revvity, Inc. (Formerly PerkinElmer, Inc.) (U.S.), and BGI Genomics Co. Ltd (China)

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Technology

Near Autonomous Passenger Car Market to Grow by USD 962.1 Billion (2024-2028), Rising Popularity of Semi-Autonomous Vehicles Drives Growth, AI Redefines Landscape – Technavio

Published

24 minutes ago

on

November 14, 2024

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NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global near autonomous passenger car market size is estimated to grow by USD 962.1 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  60.29%  during the forecast period. Increasing popularity of semi-autonomous vehicles is driving market growth, with a trend towards increased funding for research and development of autonomous vehicles. However, concerns related to cybersecurity  poses a challenge.Key market players include Amazon.com Inc., Bayerische Motoren Werke AG, Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mazda Motor Corp., Mercedes Benz Group AG, NIO Ltd., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG.

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Near Autonomous Passenger Car Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 60.29%

Market growth 2024-2028

USD 962.1 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

42.73

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 37%

Key countries

US, Germany, China, Japan, and France

Key companies profiled

Amazon.com Inc., Bayerische Motoren Werke AG, Chery Automobile Co. Ltd., Chongqing Changan Automobile Co. Ltd., Ford Motor Co., Geely Auto Group, General Motors Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mazda Motor Corp., Mercedes Benz Group AG, NIO Ltd., Nissan Motor Co. Ltd., Tata Motors Ltd., Tesla Inc., Toyota Motor Corp., and Volkswagen AG

Market Driver

The Near Autonomous Passenger Car Market is experiencing significant growth due to the development and implementation of advanced technologies such as autonomous, driverless, and self-driving cars. These vehicles utilize sensors, cameras, radar, LiDAR, GPS, and software algorithms for navigation and safety. V2V and V2I communication, semiconductor chips, and automated driving systems are also key components. Battery management systems, energy-efficient and emission-free vehicles like battery electric vehicles, are gaining popularity due to fossil fuel price fluctuations and automotive safety concerns. Advanced safety technologies like parking assistance systems, blind spot detection, and adaptive cruise control are essential. Semi-autonomous and fully autonomous vehicles are the future of passenger cars and commercial vehicles. Mobility services like ride hailing and deep neural networks enhance transportation efficiency. Infrastructural developments and investment opportunities are crucial for the growth of autonomous vehicle technology. However, safety concerns, human error, cybersecurity threats, and technological challenges remain significant hurdles. Level 3 systems offer a balance between human control and automation, while consumer acceptance and traffic accidents are ongoing considerations. 

The near autonomous passenger car market is witnessing substantial investment from key players, including automotive manufacturers, Tier-1 suppliers, and technology providers. Companies like Mercedes Benz and Ford Motor are leading the charge, collectively investing approximately USD50 billion in autonomous vehicle technology development. Automakers have primarily focused their investments on specialized technological firms. For instance, General Motors committed USD35 billion towards EV and AV technology from 2020 to 2025. These investments aim to position companies at the forefront of the autonomous vehicle market. 

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 Market Challenges

•  The Near Autonomous Passenger Car Market is experiencing significant growth with the development of advanced technologies such as sensors, cameras, radar, LiDAR, GPS, and software algorithms. Autonomous, driverless, and self-driving cars are revolutionizing the transportation industry. However, challenges remain, including the integration of V2V and V2I communication, semiconductor chips, automated driving systems, battery management systems, and energy-efficient and emission-free vehicles. Factors like fossil fuel prices, automotive safety, and road accidents push the demand for advanced safety technologies like parking assistance systems, blind spot detection, and adaptive cruise control. Semi-autonomous and fully autonomous vehicles are the future of mobility services, with ride hailing services leading the way. Deep Neural Networks and AI systems are essential for transportation efficiency and infrastructural developments. Safety concerns, human error, and cybersecurity threats are significant challenges. Level 3 systems are gaining consumer acceptance, but technological challenges remain. Investment opportunities lie in the development of autonomous vehicle technology and self-driving technologies. The market is vast, with applications in passenger cars, commercial vehicles, and mobility services.

•  Modern near autonomous passenger cars incorporate numerous electronic control units (ECUs) and connectivity features, increasing the risk of security breaches. Hackers have successfully infiltrated the operations of connected vehicles, posing a significant threat to autonomous cars. Unlike traditional vehicles where a driver maintains full control, autonomous vehicles rely solely on machine intelligence and sensors. This shift in control heightens the vulnerability to cyber-attacks, making it crucial for automakers to prioritize security measures to safeguard these advanced vehicles.

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Segment Overview 

This near autonomous passenger car market report extensively covers market segmentation by 

Technology 1.1 ADAS level 11.2 ADAS level 2Geography 2.1 North America2.2 Europe2.3 APAC2.4 South America2.5 Middle East and Africa

1.1 ADAS level 1-  Advanced Driver-Assistance Systems (ADAS) are technological innovations that enhance driving and parking capabilities for vehicles. These systems promote safety by utilizing secure human-machine interaction and employing sensors, cameras, and automated technology to detect and respond to environmental impediments or driver errors. ADAS enables varying levels of autonomous driving, with level 1 allowing vehicles to steer, accelerate, and brake independently under most conditions. This technology is crucial for understanding other vehicles’ behavior and navigating roads safely, either independently or in conjunction with other vehicles. ADAS level 1 acts as a foundational technology for future autonomous vehicles, fueling the growth of the global near autonomous passenger car market during the forecast period.

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Research Analysis

The Near Autonomous Passenger Car Market refers to the rapidly evolving sector of self-driving cars, also known as autonomous or driverless vehicles. These advanced technologies utilize sensors, cameras, radar, LiDAR, GPS, and software algorithms to enable vehicles to navigate roads with minimal human intervention. V2V and V2I communication systems facilitate vehicle-to-vehicle and vehicle-to-infrastructure communication, enhancing safety and efficiency. Semiconductor chips and automated driving systems power these advanced features, while battery management systems ensure energy efficiency and the potential for emission-free vehicles. Self-driving technologies offer mobility and accessibility benefits, particularly for independent transport. However, safety concerns persist due to human error and the need for cyber security measures. Level 3 systems represent a significant step towards full autonomy, but technological challenges remain.

Market Research Overview

The Near Autonomous Passenger Car Market is a rapidly evolving sector, driven by advanced technologies such as sensors, cameras, radar, LiDAR, GPS, and software algorithms. These technologies enable vehicles to perceive their environment and make real-time driving decisions. Autonomous cars, also known as driverless or self-driving cars, use V2V and V2I communication to share data with other vehicles and infrastructure. Semiconductor chips and automated driving systems are essential components, while battery management systems ensure the efficiency and longevity of energy-efficient and emission-free vehicles, such as battery electric vehicles. Fossil fuel prices and automotive safety are significant factors influencing the market. Advanced safety technologies, including parking assistance systems, blind spot detection, and adaptive cruise control, are becoming standard features. Semi-autonomous and fully autonomous vehicles are transforming transportation, offering mobility services and independent transport. However, safety concerns, human error, cyber security threats, and technological challenges remain. Infrastructural developments and investment opportunities in autonomous vehicle technology and self-driving technologies are crucial for the market’s growth. Ride hailing services and deep neural networks are also playing a role in transportation efficiency. Despite these advancements, consumer acceptance and regulatory frameworks are essential for widespread adoption. The market for near autonomous passenger cars is poised for significant growth, offering numerous opportunities for innovation and progress.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TechnologyADAS Level 1ADAS Level 2GeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Facial Recognition Market to Grow by USD 11.82 Billion (2024-2028), Rising Identity Threats Drive Growth, AI’s Impact on Market Trends – Technavio

Published

24 minutes ago

on

November 14, 2024

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NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report on how AI is redefining market landscape – The global facial recognition market size is estimated to grow by USD 11.82 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 22.2%  during the forecast period. Increasing instances of identity threats is driving market growth, with a trend towards technological advances and emergence of facial analytics. However, high cost of deployment  poses a challenge.Key market players include Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Pty Ltd., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA France SAS, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd..

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Facial Recognition Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 22.2%

Market growth 2024-2028

USD 11819.9 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

17.9

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 37%

Key countries

US, China, UK, Germany, and Japan

Key companies profiled

Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Pty Ltd., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA France SAS, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd.

Market Driver

Facial recognition market is witnessing significant growth in various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, and automating payment systems in retail. Operational efficiency is a key driver for organizations in education, healthcare, and retail sectors to adopt facial recognition technology. Security is another major factor, with surveillance systems being implemented in airports, critical infrastructure sectors, and public spaces to mitigate security threats and criminal activities. NEC, Microsoft, AWS, and other tech giants dominate the market with their KYC systems and digital wallets. Facial recognition is also used for authentication and security in mobile devices, mobile payments, app access, and identity verification. However, vulnerability to hacking, deep fakes, and cyber threats pose challenges to the market. Biases in facial recognition algorithms and privacy concerns are also areas of concern. The market includes companies like NEC Corporation, NtechLab, MorphoTrust, IDEMIA, Rekognition, FacePhi, Ayonix Corporation, Creditel, Salto Group, Cognitec Systems, and Secunet. Sectors like police enforcement, banking, law enforcement, forensic investigation, border control, access management, and consumer experiences are also impacted by this technology. Artificial intelligence, deep learning algorithms, computer vision, high-resolution cameras, and contactless authentication techniques are key technology trends. Data security, biases, and privacy are impacting factors. 

The facial recognition market is experiencing significant growth due to technological advancements. Vendors are integrating facial recognition technology into video surveillance systems, enabling easier and effective identification of intruders or attackers. This enhancement boosts security levels, addressing the increasing security concerns worldwide. Governments are increasing their spending on surveillance devices in response to heightened intruder threats. Vendors provide facial recognition capabilities as standalone or integrated software solutions with video surveillance systems. 

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 Market Challenges

•         Facial recognition technology is revolutionizing various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, and automating payment systems in retail. Operational efficiency is a key driver for organizations in the education, healthcare, and retail sectors to adopt this technology. However, challenges persist. Security threats such as privacy concerns, illegal monitoring, and vulnerability to hacking are major issues. Sectors like law enforcement, banking, and border control rely on facial recognition for identification and verification. Technology leaders like NEC, Microsoft, AWS, and biometric experts such as NtechLab, MorphoTrust, IDEMIA, Rekognition, FacePhi, Ayonix Corporation, Creditel, Salto Group, and Cognitec Systems are at the forefront of this market. Biases, deep fakes, and cyber threats are also concerns. Facial recognition is used in physical security, public safety, and access control. It impacts consumer experiences through smartphone applications and contactless authentication techniques. Artificial intelligence, deep learning algorithms, and computer vision are essential for high-resolution cameras and 2D/3D facial analytics. Despite challenges, the future of facial recognition is promising, with applications in emotion recognition, security and surveillance, retail and e-commerce, media and entertainment, automobile and transportation, and IT and telecom.

•         Facial recognition technology offers significant benefits for security and identification in various industries, including government and transportation. However, the high cost of deployment is a major challenge. Large-scale implementation in departments and airports involves a lengthy sales cycle and significant investment. Costs extend beyond the facial recognition solution itself, with additional expenses for maintenance, middleware, and other associated costs. Budget constraints can result in substantial losses if implementation fails. Despite these challenges, the potential benefits of facial recognition make it a worthwhile investment for businesses seeking enhanced security and efficiency.

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Segment Overview 

This facial recognition market report extensively covers market segmentation by  

Application 1.1 Identification1.2 VerificationTechnology 2.1 3D2.2 2D2.3 Facial analyticsEnd-user 3.1 Media & entertainment3.2 BFSI3.3 Automobile & transportation3.4 OthersGeography 4.1 North America4.2 Europe4.3 APAC4.4 Middle East and Africa4.5 South America

1.1 Identification-  The facial recognition market for identification is experiencing significant growth due to its increasing adoption in sectors such as government and transportation. This technology enables the matching of an individual’s facial features with a database to retrieve their details, eliminating the need for human interaction. Its implementation in security purposes, particularly in public places and airports, is driving its growth. In the US, companies like Delta Airlines use facial recognition for passenger check-ins, and airports are adopting this technology for passenger identification. The integration of facial recognition with video surveillance systems is also supporting market growth. The security sector’s growing reliance on facial recognition is expected to boost the identification segment and the global market as a whole during the forecast period.

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Research Analysis

The Facial Recognition market is a rapidly growing sector of Biometrics technology, which uses Face recognition, Image recognition technology, and other Authentication techniques to identify and verify individuals based on their unique facial characteristics. This technology is increasingly being adopted across various sectors, including educational institutions for attendance tracking, healthcare settings for patient identification, and retail for automating payment systems. It offers operational efficiency for organizations by streamlining access control and surveillance. Sectors such as law enforcement and banking are also leveraging this technology for identification and security purposes. Facial recognition systems analyze facial characteristics, including the jawline, to create a unique identifier. Companies like NEC Corporation and NtechLab are leading innovators in this field, offering smart hospitality services and advanced recognition algorithms. Speech and Fingerprint recognition are other forms of Biometrics technology that complement Facial Recognition in the market.

Market Research Overview

Facial recognition technology is a biometric identification method that uses artificial intelligence and machine learning algorithms to identify and verify individuals based on their facial features. This technology is gaining popularity in various sectors including attendance tracking in educational institutions, patient identification in healthcare settings, automating payment systems in retail, operational efficiency in organizations, and security in public spaces. Facial recognition systems can be used for authentication, monitoring, and surveillance in airports, critical infrastructure sectors, and transportation hubs to ensure security and prevent criminal activities. However, privacy concerns have arisen due to the potential for illegal monitoring and vulnerability to hacking, deep fakes, and cyber threats. The technology can also be used for fraud prevention in digital wallets and smartphone applications, identity verification for app access and device unlocking, and access control in smart hospitality services. The use of facial recognition is expanding to sectors such as police enforcement, banking, law enforcement, forensic investigation, criminal identification, border control, and access management. Facial recognition technology is powered by artificial intelligence, deep learning algorithms, computer vision, and high-resolution cameras. It can be used for 3D and 2D facial analytics, emotion recognition, and security and surveillance. The technology is impacted by factors such as biases, technology advancements, and regulatory policies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationIdentificationVerificationTechnology3D2DFacial AnalyticsEnd-userMedia & EntertainmentBFSIAutomobile & TransportationOthersGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/facial-recognition-market-to-grow-by-usd-11-82-billion-2024-2028-rising-identity-threats-drive-growth-ais-impact-on-market-trends—technavio-302305422.html

SOURCE Technavio

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Technology

Internet of Things (IoT) Market to Expand by USD 1.55 trillion (2024-2028), Advancements in IoT Platforms Drive Growth, Report with AI-Powered Market Evolution – Technavio

Published

24 minutes ago

on

November 14, 2024

By

NEW YORK, Nov. 14, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global internet of things (IOT) market size is estimated to grow by USD 1.55 trillion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 18.52%  during the forecast period. Technological developments in different platforms is driving market growth, with a trend towards use of wearables to monitor human health and environment. However, lack of awareness of efficient management of iot initiatives and investments  poses a challenge.Key market players include Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Thales Group, and Wipro Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF

Internet Of Things (Iot) Market Scope

Report Coverage

Details

Base year

2023

Historic period

2017 – 2021

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 18.52%

Market growth 2024-2028

USD 1554.5 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.18

Regional analysis

APAC, North America, Europe, Middle East and Africa, and South America

Performing market contribution

APAC at 37%

Key countries

US, China, Germany, Norway, and France

Key companies profiled

Aeris Communications Inc., Alphabet Inc., Amazon.com Inc., AT and T Inc., Cisco Systems Inc., Fujitsu Ltd., General Electric Co., Hewlett Packard Enterprise Co., Honeywell International Inc., Intel Corp., International Business Machines Corp., Koninklijke Philips N.V., Microsoft Corp., Oracle Corp., PTC Inc., Robert Bosch GmbH, SAP SE, Siemens AG, Thales Group, and Wipro Ltd.

Market Driver

The Internet of Things (IoT) market is experiencing significant growth, with trends like Generative AI and Blockchain leading the way. The World Economic Forum predicts that by 2025, IoT will contribute USD11 trillion to the global economy. Enterprises and service providers in sectors such as Manufacturing, Healthcare, Logistics chain, and E-commerce are embracing IoT technology for smart factory automation, real-time marketing analysis, and operational efficiency. IoT technology is revolutionizing industries, with companies like Taiwan Mobile, SPHCC, VivaLNK, and Canadian firms exploring new revenue-generating opportunities. SAS Software, VMware, and VMware Tanzu are key players in IoT software development. Connectivity, cloud adoption, and data processing are crucial for IoT success. Bluetooth technology, NB-IoT networks, and 5G technology are driving the future of IoT. Smart city initiatives, such as those in Smart Wellington, are transforming urban areas with IoT sensors and autonomous systems. Revenue forecasts indicate continued growth, with ROI a key consideration for businesses. Telecom and networking infrastructure providers, including 4G technology, are essential for IoT implementation. Consumer behavior and public safety services, such as firefighter and emergency medical services, are also benefiting from IoT technology. IoT technology is transforming sectors like Energy and Transportation, with smart utilities and smart transportation becoming the norm. RFID and sensors are enabling real-time monitoring and analysis, while AI and autonomous systems are streamlining processes and providing a competitive edge in digitalization. 

In today’s digital age, mobile devices such as smartphones and tablets have become the hub of connectivity and computing. Equipped with sensors like GPS, microphones, accelerometers, cameras, ambient light sensors, gyroscopes, and digital compasses, these devices offer advanced functionalities. These features are transforming various sectors such as social networking, environmental monitoring, healthcare, and transportation. Moreover, mobile devices come with WIFI, 3G/4G/5G, and Bluetooth connectivity. IoT wearables, an extension of these devices, enable consumers to monitor their health and allow doctors to remotely monitor patients. This integration of technology and mobility is revolutionizing our daily lives and economic sectors. 

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 Market Challenges

•  The IoT market is experiencing rapid growth, with enterprises and service providers in manufacturing, healthcare, logistics, and more embracing this technology. Challenges include integrating Generative AI and Blockchain, addressing Intelligent Disease and Smart City initiatives, and ensuring connectivity with 4G and 5G technology. IoT revenue forecasts are strong, driven by cloud adoption and data processing. Sensors, Bluetooth technology, and NB-IoT networks are key components. Companies like Taiwan Mobile, VivaLNK, and SPHCC are leading the way. SAS Software, VMware, and VMware Tanzu offer solutions. RoI is a major consideration, with operational efficiency and real-time marketing analysis driving value. Telecom and networking infrastructure providers, hardware vendors, and software vendors are essential partners. Canadian companies are also making strides in citizen services, public safety, and smart transportation. IoT presents significant revenue-generating opportunities and a competitive edge in digitalization.

•  The Industrial Internet of Things (IoT) market is experiencing significant growth as more enterprises integrate IoT into their industrial facilities. However, managing, securing, and optimizing these investments presents challenges. To fully leverage IoT’s capabilities, employee training is essential. The lack of skilled workers is a major hurdle for industries. Proper education on IoT platforms enables workers to adapt effectively and maximize system benefits. Investing in employee training is a crucial step towards successful IoT implementation.

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Segment Overview 

This internet of things (iot) market report extensively covers market segmentation by 

Application 1.1 Industrial1.2 Retail1.3 Healthcare1.4 ICT1.5 OthersTechnology 2.1 RFID2.2 Sensors2.3 NFC2.4 Cloud services2.5 OthersGeography 3.1 APAC3.2 North America3.3 Europe3.4 Middle East and Africa3.5 South America

1.1 Industrial-  The Industrial Internet of Things (IIoT) market is experiencing significant growth as businesses worldwide leverage this technology to enhance productivity and gain a competitive edge. Machines and devices are connected to the Internet through software, generating valuable data for predictive maintenance and performance optimization. However, challenges persist, including the need for increased investment, business model redesign, security concerns, lack of standardization, and interoperability issues. Favorable government policies and partnerships among industry players are crucial for addressing these challenges. The COVID-19 pandemic highlighted the importance of IIoT, particularly in the industrial sector. Manufacturing industries were significantly impacted, with many shutting down due to lockdowns. IIoT technology played a crucial role in enabling remote work and machine control, ensuring continuity of operations. The demand for IIoT solutions in the industrial sector has continued to grow post-pandemic, with vendors offering innovative solutions to drive market expansion during the forecast period.

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Research Analysis

The Internet of Things (IoT) market is experiencing exponential growth, driven by the integration of Generative AI and Blockchain technologies. According to the World Economic Forum, the global revenue for IoT is forecasted to reach USD1.1 trillion by 2026. In various sectors, IoT technology is revolutionizing industries such as Manufacturing, Healthcare, Logistics chain, and E-commerce. Intelligent Disease diagnosis and Smart Factory automation are two significant applications of IoT in Healthcare and Manufacturing, respectively. IoT is also transforming the way enterprises and service providers operate, enabling real-time data processing and connectivity through Bluetooth technology and Cloud adoption. Taiwan Mobile, SPHCC, VivaLNK, and others are leading the charge in IoT innovation. SAS Software, VMware, and VMware Tanzu are also making strides in IoT data processing and management. The integration of AI and IoT is expected to further accelerate growth in the market. The use of IoT in various sectors is revolutionizing business operations, improving efficiency, and creating new opportunities. The future of IoT is bright, with endless possibilities for innovation and growth.

Market Research Overview

The Internet of Things (IoT) market is experiencing exponential growth, driven by the integration of Generative AI and Blockchain technologies. The World Economic Forum estimates that by 2025, IoT will connect over 50 billion devices, revolutionizing industries from manufacturing to healthcare and logistics. IoT technology enables enterprises and service providers to optimize operational efficiency through smart factory automation, real-time marketing analysis, and autonomous systems. The energy and transportation sectors are major beneficiaries, with 5G technology and NB-IoT networks enabling smart utilities and smart transportation. Sensors and RFID technology are key components, providing connectivity and data processing capabilities. Cloud adoption and the use of IoT software are essential for managing and analyzing the vast amounts of data generated by these connected devices. IoT technology also offers revenue-generating opportunities for hardware, network, and software vendors, providing a competitive edge in digitalization. Smart city initiatives, such as those in Smart Wellington and Taiwan Mobile’s smart city projects, are transforming urban infrastructure, offering smart citizen services, public safety, and emergency medical services. IoT technology is also transforming consumer behavior, with e-commerce and physical events adopting IoT technology for improved connectivity and networking infrastructure. The IoT market is expected to reach significant revenue forecasts, with RoI being a major consideration for businesses adopting this technology. The use of AI, SAS Software, VMware, and VMware Tanzu is becoming increasingly common in IoT projects, enabling advanced data processing and analysis capabilities. Bluetooth technology and telecom infrastructure are also essential components of the IoT ecosystem. Overall, IoT technology is transforming industries and offering new opportunities for growth and innovation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationIndustrialRetailHealthcareICTOthersTechnologyRFIDSensorsNFCCloud ServicesOthersGeographyAPACNorth AmericaEuropeMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/internet-of-things-iot-market-to-expand-by-usd-1-55-trillion-2024-2028-advancements-in-iot-platforms-drive-growth-report-with-ai-powered-market-evolution—technavio-302305415.html

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