Growing demand for surveillance systems drives the demand for global facial recognition market
The global facial recognition market size is projected to reach over USD 12 billion by 2025.
Acquaintance to the internet has made the user data more open to the cybercriminals, making it a worldwide concern to safeguard personal information. Facial recognition enables the use of human features that are distinctive to each individual replacing alpha-numeric passwords as a medium to protect secure and digital possessions. Facial biometrics is progressively being applied to various industries including construction, manufacturing, healthcare, and law enforcement
Facial recognition technology as a method of payment is already implemented at many ATMs and stores, but the next stage is to adopt this technology for online payments. The Chinese e-commerce giant, Alibaba, and affiliate payment solution Alipay are exploring ways to utilize face recognition solutions for purchases made through the internet.
In the United States, the Federal Bureau of Investigation (FBI) is attempting to use machine learning algorithms to recognize suspects through their driving license. The organization presently has a database that comprises half of the country’s population’s faces. This is highly valuable in giving law enforcers alternative ways of tracking criminals throughout the country. Artificial intelligence (AI) equipped cameras have also been trialed in the United Kingdom to classify those smuggling illegal imports into prisons.
The report also throws light on various aspects of the global facial recognition industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the facial recognition industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global facial recognition market has strong competition among the well-established and new emerging players. These market players targets to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
On the basis of the technology of facial recognition, the market is categorized into 2D facial recognition, 3D facial recognition, and facial analytics recognition. Stationary 3D facial recognition dominated the overall facial recognition market which occupied a 60% share in 2019 and is expected to maintain its position over the forecast period 2019 -2025. 3D face recognition systems are capable of precisely recognizing humans faced with variant facial expressions and positions and under dim lights. Using an axis of measurement and depth that is not affected by illumination, 3D face recognition is used in darkness and possesses a capability to identify a subject at various view angles with the prospective to identify up to 90 degrees of a face in profile.
On the geographical front, North America dominated the global facial recognition market in 2019 and is expected to do so over the forecast period 2019–2025. The American airport terminals are increasingly moving towards facial recognition technology. The United States Customs & Borders Protection agency has set up over 13 cameras equipped with facial recognition systems to explore different avenues for maintaining security and law enforcement. Subsequently, Orlando International Airport was selected as the first airport terminal in the country to implement the technology that keeps a check on every single global traveler. It requires just 2 seconds to capture the facial image, having a framework of over 99% accuracy.
The major players of the global facial recognition market are NEC Corporation, Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, Gemalto NV, Animetrics, Daon, Id3 Technologies, Idemia, Innovatrics, Megvii, Neurotechnology, NVISO SA, StereoVision Imaging, Inc., Techno Brain Group, etc. As of 2018, the market for facial recognition providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded versions of facial recognition technologies with digital and automation solutions
Segment Overview of Global Facial Recognition Market
Technology Overview, 2018-2025 (USD Million)
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics Recognition
Application Overview, 2018-2025 (USD Million)
- Law enforcement
- Emotion recognition
- Attendance tracking and monitoring
- Access control
End-User Overview, 2018-2025 (USD Million)
- Media & Entertainment
- Telecom & IT
- Government and Defense
- Retail and e-Commerce
Regional Overview, 2018-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Central and South America
- Rest of South America
- Middle East and Africa