As per the report published by Fior Markets, the global facial recognition market is expected to grow from USD 4.2 billion in 2020 and reach USD 12.84 billion by 2028, growing at a CAGR of 15% during the forecast period 2021-2028.
The facial recognition market has a significant amount of opportunity for expansion on a global basis. Facial recognition provides a high level of security in both the public and private sectors. In recent years, terrorist attacks on government organizations have escalated considerably, leading corporations and agencies to employ facial recognition biometrics. Furthermore, the use of facial recognition has expanded due to rising applications in physical security and intelligent signage, as well as technological improvements such as cloud-based services and 3D-based recognition systems. However, in some places, increasing sensitivity to shared personal data, a lack of accuracy, and a high implementation cost stymie industry progress. Face recognition systems that are technologically advanced and have applications in mobile security and drones are anticipated to provide more opportunities in the future.
Facial recognition is a biometric technique that compares face traits from an image to a database of stored facial information to authenticate and identify people. Due to its expanding use in law enforcement and non-law enforcement applications, it is predicted to increase rapidly during the projection period. Due to its non-contact process and ease of deployment, facial recognition is widely favored over other biometric technologies such as voice recognition, skin texture recognition, iris recognition, and fingerprint scanning (using cameras and existing monitoring devices). This technology is currently mainly employed for security and marketing purposes.
Given the pandemic’s scope, technology will be critical in tackling all aspects of COVID-19. There is also a progressive increase in the number of facial recognition use cases, driving up demand. Security assessment and identity verification are two of the most common uses for facial recognition systems. To combat the spread of COVID-19, law enforcement and organizations in several nations have switched from outdated systems to facial recognition solutions. Thermal camera checks are also used in these systems and are being embraced by healthcare systems worldwide. Demand for facial recognition technology in monitoring and tracking people’s movements, identity verification, security measures, and patient identification, and the adoption of facial recognition technology by Q4 2021 will be a global phenomenon. Biometric sign-in, public security, travel security, authorized healthcare services, eLearning platforms, and various other facial recognition systems are all projected to be widely adopted. Contactless verification technologies have become increasingly important in the face of the epidemic.
Key players operating in the global facial recognition market include NEC Corporation, Aware Inc., Nuance Communications, Inc., FacePhi, Herta Security, SightCorp Inc., Cognitec Systems GmbH, NVISO SA, Neurotechnology, Gemalto, Innovatrics, Thales, Idemia, and Microsoft Corporation.
- In February 2020, Thales partnered up with Fujitsu, a renowned Japanese ICT technology firm, to provide a comprehensive set of technologies, solutions, and services to support its new PKI security and enterprise data encryption products.
- IDEMIA acquired X Core Technologies’ Metal Payment Card company in October 2019 and launched the Smart Metal Art offering.
- In April 2019, Thales Group, which owns Thales e-Security, completed its acquisition of Gemalto, a global leader in digital identity and security. The merger would establish a global leader with an unrivaled range of digital identification and security solutions centered on biometry, data protection, and, more broadly, cybersecurity.
3D Facial Recognition segment dominated the market and held the largest market share of 42% in the year 2020
Based on technology, the global facial recognition market is segmented into facial recognition, 3D facial recognition, and facial analytics. The 3D facial recognition segment dominated the market and held the largest market share of 42% in the year 2020. This growth is attributed to the increasing demand for 3D-enabled devices by end-users. This system offers high efficiency and accuracy in terms of detection. As a result, it is mostly employed in government and police agencies, and the BFSI, education, and retail sectors, among others, to assess a suspect’s age, gender, and other face traits.
The security & Surveillance segment dominated the market and held the largest market share of 36.15% in the year 2020
Based on application, the global facial recognition market is segmented into access control, security & surveillance, and face identification. The security & surveillance segment dominated the market and held the largest market share of 36.15% in the year 2020. This growth is attributed to the rising security concerns and increasing adoption of internet protocol (IP) cameras. Face recognition software is commonly utilized for security objectives, resulting in its widespread use in security and surveillance applications.
The government & Defence segment dominated the market and held the largest market share of 29% in the year 2020
Based on end-user, the global facial recognition market is segmented into BFSI, government, and defense, automotive, healthcare, and others. The government and defense segment dominated the market and held the largest market share of 29% in the year 2020. This growth is attributed to the increasing demand for law enforcement and security agencies. As facial recognition makes identification and verification easier, it is commonly used in airport immigration and attendance tracking and monitoring.
