The facial recognition market is forecasted to grow at a high rate owing to the accelerating demand for surveillance industry
The Global Facial Recognition Market was valued USD 3.6 Bn in 2020 is expected to reach USD 11.0 Bn by 2027, with a growing CAGR of 17.3% during the forecast period.
Face recognition is the process of detecting and recognizing an individual's identity with human facial features, utilizing images, videos, or real-time images for identification. Face recognition systems use computer algorithms to detect and select features and characteristics of a person's face. These features can include eyes gap, chin shape, skin texture, and iris.
The global facial recognition market is accounted to drive at a significant pace majorly owing to rising government initiatives to restructure and improve the existing security systems at varied applications such as airport security, state borders, law enforcement, crime sector, and much more. For instance, in August 2019, the USA government announced its plan to implement facial recognition systems at the airport. US government is extensively taking initiatives to restructure its security systems on airports in the nation.
Furthermore, multiple North American Free Trade Agreement (NAFTA) member banks are planning to use face and voice recognition technology for online identification. Companies have worked with the federal government to implement technologies for surveillance and identity management. For instance, in April 2018, Alibaba, a China-based e-commerce company has invested USD 600 million in SenseTime, a Hong Kong-based company that provides facial recognition software to companies and governments across China.
Global Facial Recognition Market by Region Outlook (Revenue, USD Million, 2021-2027)
The North American region is accounted to hold the largest market share in terms of geography. The growth is attributed to various factors such as the presence of well-developed technological infrastructure and increasing government initiatives in favor of the facial recognition market. Moreover, the Asia Pacific region is anticipated to grow at the fastest rate during the forecast period. The facial recognition systems are significantly being utilized by developing countries such as India, and China in solving crime cases and other investigation cases. For instance, in April 2018, in India, the police of New Delhi employed facial recognition technology to identify and rescue around 3000 missing children in the city itself.
The Global Facial Recognition Market Segmentation:
Global Facial Recognition Market by Component Outlook (Revenue, USD Million, 2021-2027)
Global Facial Recognition Market by Technology Outlook (Revenue, USD Million, 2021-2027)
Global Facial Recognition Market by Application Outlook (Revenue, USD Million, 2021-2027)
Global Facial Recognition Market by End User Industry Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the market are: