The Global Facial Recognition Market was valued at USD 3.6 Bn in 2020 and is expected to reach USD 11.0 Bn by 2027, with a growing CAGR of 17.3% during the forecast period.
The Global Market Definition:
A facial recognition technology or a system is referred to as a smart technology that can detect, and identify a human face in a video or a digital image by measuring pinpoints on the human face and facial features. Facial recognition is often applied to various industries such as surveillance and security, healthcare, BFSI, and retail and e-commerce, among others.
The Global Facial Recognition Market Snapshot:
The Global Market Dynamics:
The global Facial Recognition Market is majorly driven by increasing demand for the improved surveillance and security systems in civil and government organizations to intensify security and safety. According to Varonis, a software company, there has been a massive increase in data breach cases across the world with a total of 3,950 confirmed data breaches in 2020, from 1,473 confirmed cases in the year 2019 owing to the booming generation of digital content and the inadequacy of data security laws. To control such cases governments across the globe are taking initiatives to protect the person’s private data. For instance, the Government of India's Aadhaar project is one of the largest biodatabases in the world and is currently owned by more than 95% of India's population of over 1.3 billion. UIDAI includes citizen fingerprints, facial recognition, and iris. Currently, domestic citizens are actively using certification technology to take advantage of various government benefits, procedures, and facilities.
Moreover, the technological advancements in the market such as 3D-based recognition and cloud-based services are expected to further propel the facial recognition market growth. Technological advancements are expected to decrease the costs for facial recognition systems in the future. The accuracy of recognizing facial features has been enhanced with the software development kit (SDK). Therefore, the improved awareness amongst users is observed with enhanced quality of products, which in turn is foreseen to improve the adoption of the facial recognition market in the future. For instance, in March 2021, Anviz Global Inc., a converged intelligent security solutions provider launched an enhanced CrossChex Cloud system that is based on the AWS cloud server and works with FaceDeep 3 contactless face recognition technology. The CrossChex cloud system provides solutions to SMEs for data storage with enhanced safety.
The Global Facial Recognition Market Segmentation:
By End User Industry
Company Profiles and Competitive Intelligence
The key players operating in the facial recognition market are:
The unique insight provided by this report also includes the following:
Based on applications, the access control segment is expanding at a highest growth rate during the forecast period owing to significant rise in companies focusing on their access control systems
Based on applications, the market is differentiated into access control, attendance tracking and monitoring, emotion recognition, security & surveillance, and others. Amongst all, the access control segment is anticipated to dominate the facial recognition market during the forecast period. This dominance is attributed to increasing awareness amongst companies to invest in the improvement of their access control systems. For instance, in November 2019, an authentication product provider, Precise Biometrics, announced a product improvement of the combination of liveness detection abilities into physical access control systems based on facial recognition. Such augmentations are propelling the enactment of access control system technology.
Based on the end-user industry, the retail and e-commerce segment accounted for the largest market share in the overall market size owing to increase in investments by major retail market players, followed by the security and law enforcement
The retail and e-commerce segment based on the end-user industry is accounted for the largest market share throughout the forecast period for the global facial recognition market. The extensive growth of the segment is attributed to the increased investments by the major retail industry player in the facial recognition market. For instance, in January 2018, Jack & Jones and Vero Moda, brands owned by a Danish fashion retailer company ‘Bestseller’ had opened smart stores with facial recognition technology systems. The stores are majorly located in Guangzhou and Shenzhen, China. A leading AI technology company Tencent’s Youtu lab provided the advanced technology of facial recognition to the retail brands.
Apart from the clothing industry, many other industries such as the food and beverages industry are also investing in facial recognition technology majorly for security and payment method improvements. For instance, in June 2019, Restore Co Ltd., a food manufactures based in China entered into a strategic partnership with Alibaba Group Holding Ltd., a multinational technology company to provide its customers with advanced payment options using Alibaba’s face-scanning tablets.
Based on regions, the market for facial recognition in North America accounted for the largest share in 2020 owing to increase in usage of face recognition systems in surveillance industry, followed by Asia Pacific and Europe
Geographically, the North American region held the largest market share of 38% market share in facial recognition market in 2020. The dominance is anticipated to continue throughout the forecast period owing to the extensive implementation of facial recognition technology in various industries such as surveillance and security, homeland security, defense, and justice in the region. For instance, MorphoTrust, a subordinate company of IDEMIA, is one of the most well-known biometric product and service providers in the United States. The company has developed facial recognition systems for federal law enforcement agencies, airports, state ministries, and state DMVs. The major European markets of France, the United Kingdom, and Germany are expected to significantly lead the regional facial recognition market during the forecast period.
The report also provides an in-depth analysis of market dynamics such as drivers, restraints, opportunities, and challenges
Note: Challenges along with in-depth market dynamics analysis is mentioned in the report.
COVID-19 Impact on the Facial Recognition Market Analysis
The impact of COVID-19 has greatly affected the market of the facial recognition market. The outbreak of covid-19 has forced some new rules and regulations on the lifestyle of people all over the world. This includes wearing of mask which makes it challenging for facial recognition technology to detect facial details. Companies from all over the world are already extensively investing in R&D for updating their technology according to the new norms. For instance, according to the National Institute of Standards and Technology (NIST) report, the companies have successfully transformed their facial recognition technologies to detect faces even in masks and make very few errors compared to prior algorithms.
Moreover, China is the first amongst all the countries to implement infrared cameras coupled with facial recognition technology to identify covid infected patients without exposing the healthcare resources to the risk of covid infection.
The report also provides an in-depth analysis of key trends in facial recognition market
|1||The outbreak of covid-19 pandemic has forced facial recognition technologies to accommodate for new norms, thus numerous companies are updating the technologies to analyze masked faces||Positive|
|2||The increasing initiatives by governments from all around the world to enhance security norms at airports, and government banks is propelling the market growth||Positive|
|3||The rising trend of using facial recognition technology for access control and maintaining identity records in varied industries such as healthcare, smart homes, automotive and other industries is driving the market growth||Positive|
The report also provides in-depth analysis of recent news developments and investments
Ask for free product review call with the author
Share your specific research requirements for a customized report
Request for due diligence and consumer centric studies
Request for study updates, segment specific and country level reports