According to a research report "Facial Recognition Market major factors driving the growth of the facial recognition market are the growing importance of the surveillance industry, increasing investment in facial recognition technologies by the government and defense sector, and increasing technological advancement across industry verticals. Facial Recognition Market provide detailed information about the major factors (drivers, restraints, opportunities, and challenges), growth trends, prospects. - Global Forecast to 2025" published by MarketsandMarkets. The facial recognition market size is expected to grow from USD 3.8 billion in 2020 to USD 8.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period.
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By component, services segment to have
fastest CAGR during the forecast period
The services segment is
estimated to have the fastest growth rate in the facial recognition market.
Services are provided by facial recognition software providers that help in
implementing the solution without purchasing it. Services are further
classified into training and consulting and cloud-based facial recognition. In
training and consulting services, feasibility assessment, analysis, and
advisory of large-scale governmental and military projects are all included.
Features of cloud-based facial recognition services include time tracking,
gender recognition, head pose estimation and analytics, and statistical
overview related to the buying patterns are included.
Cloud-based facial
recognition services are expected to gain momentum in the coming years due to
increasing adoption of cloud-based software solutions by enterprises to enhance
the security operations. BFSI, eCommerce, and education segments are expected
to be the potential verticals for cloud-based facial recognition due to
adoption of digital platforms for their operations, respectively
By application, law enforcement segment to
have highest market share during the forecast period
By application area, the facial
recognition market has been mainly categorized into emotion recognition,
attendance tracking and monitoring, access control, law enforcement, and
others. Over the past decade, many major technology players have acquired
companies that are operating in the facial recognition domain to add value to
their own services. For instance, technology giants, such as Microsoft, Amazon,
and Google, are exploring into the space of facial recognition due to the
increasing demand for this technology.
With the COVID-19 outbreak, the demand
for biometric recognition technologies, such as facial recognition, has
increased for analyzing and identifying subjects wearing facial masks,
especially in high security applications. Wearing masks has made face
recognition difficult, which leads to the need to modify or upgrade the
existing algorithms, involving the iris, pupil, sclera, upper and lower
eyelids, eye folds, eye corners, skin texture, fine wrinkles, skin color, and
skin pores, has also increased. Law enforcement agencies are investing in the
R&D of advanced technologies. For instance, the US Department of Defense’
DARPA planned to invest around USD 2 billion on AI-based technologies, such as
facial recognition. This is expected to fuel the growth of law enforcement
application market in the coming years.
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North
America to hold the largest market size during the forecast period
The
North American region consists of developed countries that are technologically
advanced with well-developed infrastructures. Owing to their strong economies,
the US and Canada are expected to be major contributors to the growth of the
facial recognition market. With technologies advancing every single day and
growing economies of North America, companies in the region can afford to
invest huge amounts on the adoption of these technologies. North America has a
history of the use of facial recognition solutions and services. Flourishing
technologies, such as smart infrastructures, smart city initiatives, the use of
ePassports, and eVisa, are factors driving the growth of the facial recognition
market.
Major
vendors in the global facial recognition market include NEC Corporation (NEC)
(Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan),
Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso)
(Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland),
Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics
(Bratislava), id3 Technologies (id3) (Israel), Thales (France), Idemia
(France), Nuance Communications, Inc. (Nuance) (US), BioID (Germany), Fulcrum
Biometrics, LLC. (Fulcrum Biometrics) (US), TrueFace.AI (US), Amazon (US),
FacePhi (Spain), Herta Security (Herta) (Spain), Kairos AR, Inc. (Kairos) (US),
SightCorp Inc. (SightCorp) (The Netherlands), and Microsoft Corporation
(Microsoft) (US).
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