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",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. Governments across the world have been investing a significant amount of their resources in the adoption of facial recognition technologies, among which the US and China can be considered as the leading adopters.
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Among vertical segment, government and
defense to hold the largest market size during the forecast period
The growing number of
government and defense investments in implementing facial recognition
technology for various activities, such as border control and criminal
identification, are driving the adoption of the facial recognition technology
solutions and services. Facial recognition eases the process of identification
and verification; hence it is being adopted widely for immigration at airports
and attendance tracking and monitoring. The increasing technological
advancements across sectors are encouraging enterprises to adopt facial
recognition tools and services for easier manual processing and timesaving.
Driver: Increasing investments in facial
recognition technologies by government and defense sectors
Governments across the
world have been investing a significant amount of their resources in the
adoption of facial recognition technologies, among which the US and China can
be considered as the leading adopters. China is considered as one of the major
adopters and exporters of facial recognition tools. The government in the
country adopted surveillance technologies, which is one of the main reasons for
the growth of the facial recognition market in the region. Currently, the
country has the most extensive public surveillance system. According to
Comparitech, the number of CCTV cameras in China range from 200 million to 626
million by 2020. Facial recognition technologies have been deployed via
homeland security, federal and regional law enforcement departments, and other
security agencies across the globe.
Opportunity: Adoption of the cloud-based
facial recognition technology
The adoption of IoT is witnessing
exponential growth also proves to be a prerequisite for facial recognition
technologies, such as facial recognition, middleware, modeling and restructuring,
and analytics. The growing cloud storage, which is expected to reach USD 65.41
billion by 2020, has provided a robust cloud-based storage platform, enabling
the captured data to be stored and accessed easily from mobile devices and
platforms. Cloud-based solutions reduce various upfront costs and eliminate
concerns related to the maintenance of servers. Hence, cloud-based solutions
are best-suited for Small and Medium Enterprises (SMEs) and organizations that
find on-premises solutions expensive. The increasing adoption of cloud-based
technology and IoT is a great opportunity for the growth of the facial
recognition vendors, which would eliminate the barriers related to high costs.
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Asia
Pacific to grow with fastest growing CAGR during the forecast period
APAC includes big and developing economies, such as China,
Japan, India, Singapore, and South Korea. The growing number of investments in
security and surveillance, due to high criminal activities, leads to increased
public awareness. Owing to these factors, the market in witnessing growth
opportunities in the region. The use of facial recognition technology is used
across verticals, such as BFSI, healthcare, government, defense and places,
including airports, country, and state borders. The growing number of
investments in security and surveillance, due to high criminal activities,
leads to increased public awareness. Owing to these factors, the market in
witnessing growth opportunities in the region.
Key
market players
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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