According to a research report "Facial Recognition Market by Component (Software Tools (3D Facial Recognition) and Services), Application (Law Enforcement, Access Control, Emotion Recognition), Vertical (BFSI, Government and Defense, Automotive), and Region - Global Forecast to 2025" published by MarketsandMarkets,The global post-COVID-19 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.The facial recognition market is expected to be lucrative for technology vendors. It is also expected to witness substantial growth in the next five years due to increased investments by the government and defense sectors. Moreover, the growing surveillance industry, particularly in North America and Europe, would push companies to deploy or develop facial recognition solutions in the coming years. Furthermore, a high adoption rate is expected to be registered in APAC 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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