According to the Vision Research Reports, The Facial Recognition market revenue share is set to grow at a yearly rate of 14.6% during 2021-2028, while its valuation is Projected to jump from $ 3.5 Bn in 2020 to $9.95 Bn in 2028.
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Facial recognition is a contactless biometric solution that is a critical factor contributing to the market growth. Contactless solutions enable easy deployment in consumer devices. It is also very simple and convenient to use, further contributing to rising adoption. Apart from individual identities, the technology has an ability to gather demographic data on crowds; thus, increasing its usability. Such factors are anticipated to drive the growth.
Increasing security needs in government sectors for employee attendance and identification is expected to be a key driver for the facial recognition market over the forecast period. Technology advancements such as cloud-based services and 3D recognition systems are further expected to fuel the overall adoption of facial recognition technology. Rising demand for data security has driven the adoption of technology across various organizations. Increased usage of personal devices as part of the BYOD policy in the IT sector has furthermore contributed to this growth.
On the basis of technology, the facial recognition market is segmented into 2D, 3D, and facial analytics. The 2D segment is expected to cater moderate market share in 2019. Earlier, the face recognition software used a 2D image to match a similar image from the database. This technology requires the person to be looking directly at the camera with minimal variance in order to be accurate and effective. The inaccuracy in various conditions, such as varying environmental circumstances, angles, and expression, have limited its usage.
On the basis of application, the market is segmented into emotion recognition, attendance tracking and monitoring, access control, security and surveillance, and others. An increasing rate of terrorism and crime has led to wider adoption of the technology in the security and surveillance sector, thereby catering high growth rate in the market. With the help of powerful tracking tools, the security agents can track criminals walking on streets by integrating the facial recognition technology into the video surveillance network. The technology also helps in easy detecting and prevention of crime, thereby driving its adoption.
The access control segment catered to the highest share in 2019. This is due to a rising number of companies focusing on enhancing their access control systems. For instance, In November 2019, Precise Biometrics, an authentication product provider, announced new product enhancement. The company announced the integration of liveness detection capabilities into physical access control systems based on facial recognition. Such enhancements are driving the adoption of the technology for access control systems thereby generating higher revenues.
Based on end use, the market is segmented into retail and e-commerce, media and entertainment, BFSI, automobile and transportation, telecom and IT, government, healthcare, and others. The healthcare segment is anticipated to cater highest growth rate in the forecast period. The healthcare sector has been rapidly adopting face recognition in order to enhance their efficacy and increase security. In order to eliminate duplicate medical records, the medical centers are focusing on linking medical data with their patient’s pictures, thereby securing medical records. This will also help them to quickly access the records by just scanning their face and finding the linked data. Apart from this, integration of the technology in CCTV cameras can help healthcare centers to introduce patients to their care teams on arrival, as well as to notify patients.
The government sector is estimated to cater moderate growth in the forecast period owing to demand in law enforcement and security. Owing to non-intrusive nature of the technology, it is also used for covert monitoring by the governmental agencies. This technology is widely used in banking and finance to counter frauds, thereby catering to substantial share in the market.
The adoption of technology is increasing across the Asia Pacific, leading to high CAGR in the forecast period. This technology is being widely used in developing countries such as India in order to solve investigation cases. For instance, in April 2018, face recognition was used by the Indian police force in New Delhi, to identify children who have been lost or kidnapped. It was used on approximately 45,000 children throughout the city out of which around 3000 were found missing.
Aware, Inc.; FacePhi.; NEC Corporation; IDEMIA; TECH5; Onfido; Ayonix Corporation; Gemalto NV; Cognitec Systems GmbH; Precise Biometrics; NtechLab; and Fujitsu. Continuous R&D
- Technology Outlook
- Facial Analytics
- Application Outlook
- Emotion Recognition
- Attendance Tracking and Monitoring
- Access Control
- Security & Surveillance
- End-use Outlook
- Retail & E-commerce
- Media & Entertainment
- Automobile & Transportation
- Telecom & IT
- Regional Outlook
- North America
- Asia Pacific
- South America
- Middle East and Africa
- North America
In this study, the years considered to estimate the market size of Facial Recognition are as follows:
- Historic Year: 2017-2020
- Base Year: 2020
- Forecast Year 2021 to 2028
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– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Key Points Covered in Facial Recognition Market Study:
- Growth of Facial Recognition Market in 2021
- Market Estimates and Forecasts (2017-2028)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Facial Recognition Market and How to Navigate
- Key Product Innovations and Regulatory Climate
- Facial Recognition Market Consumption Analysis
- Facial Recognition Market Production Analysis
Facial Recognition Market and Management
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