Facial Recognition Market

Analysis from GMI Research finds that the Facial Recognition Market earned revenues of USD 4.9 billion in 2022 and estimated to touch USD 16.9 billion in 2030 will grow at a CAGR of 16.7% from 2023-2030

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Major Facial Recognition Market Drivers

Factors driving growth of market includes growing demand for face detection systems, Government policies promoting the use of technologies such as Artificial Intelligence (AI), Machine Learning (ML) and Internet of Things (IoT) across industry verticals, increasing use of facial recognition solutions in smartphones for unlocking the phone and signing into mobile applications. For instance, the smartphone users worldwide were estimated around 5,623 million in 2019 and are expected to reach 7,296 million by the end of 2025, which is expected to accelerate the Facial Recognition Market share in the approaching years. Rising focus of companies on strengthening their level of security, increasing application of facial recognition solutions across end-use industries such as Government & Defense, Retail & eCommerce and Automotive, development of 3D algorithms, and improvements in the living standards, are some of the additional factors supplementing the Facial Recognition Market Growth.

Moreover, increasing investments by major companies on research and development, strategic mergers, and collaborations between enterprise, rise in the launch of innovative products and growing disposable incomes, are further propelling the Facial Recognition Market size. The facial recognition systems are highly cost-effective, can easily capture image from distance, provides quick and efficient verification, and are increasingly used in fraud detection systems, which are expected to generate tremendous opportunities in the market. Furthermore, the growing adoption of smart surveillance systems, such as multi-factor authentication systems, will further strengthen the market growth. On the other hand, the lack of accuracy, rising sensitivity towards shared personal data, and the high cost of implementation of facial recognition system are some of the key factors which will have a negative impact on the market.

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Component Segment Analysis

Based on the component, the market is segmented into software tools and services. The software tools segment is projected to lead the market during the forecast period. The 3D facial recognition solutions can easily detect facial data from a photograph or a video, which is pushing growth of the segment. Moreover, continuous development in the facial recognition software tools, along with its increasing applications in industry verticals, such healthcare and commerce sector, are further propelling segment’s growth.

Verticals Segment Analysis

Based on the Verticals, the market is segmented into Banking, Financial Services and Insurance, Government and Defense, Retail and eCommerce, Healthcare, Education, Automotive, and Others. The Government and defense segment is expected to grow at a higher CAGR over the forecast period. Increasing use of facial recognition systems by law and enforcement authorities for identifying suspected criminals, smarter highway patrolling, documentation, and other legal activities.

On the other hand, Retail & eCommerce segment is estimated to witness a faster CAGR over the upcoming years, due to the increasing adoption of facial recognition technology to improve the in-store experience. The growing adoption of facial recognition technology for payment methods because it reduces the need for various hardware and offers a secure, fast, and user-friendly payment mode and enhances resource allocation, will offer enormous opportunities to the market.

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Regional Analysis

Based on the region, the Asia Pacific region is anticipated to lead the market during the forecast period owing to rise in the number of criminal activities, across China, Japan, India, Singapore, and South Korea. Various Asian countries are implementing the facial recognition solution in banking and financial services and Insurance, healthcare, and defense sector to improve their efficiency. In addition, the increasing penetration of smart devices, such as laptops, iPad and smartphones, presence of the leading players such as Ayonix Corporation and NEC Corporation, and high population growth rates, are propelling the market growth in Asia-Pacific region.

North America is expected to witness a faster CAGR over the upcoming years, due to increasing use of facial recognition technology in security and surveillance systems. As per the Facial Recognition Market Trends, the growing adoption of facial recognition technology in different departments like justice, homeland security and defense, rise in the launch of new products and high per capita incomes, are some of the important factors augmenting the market growth. For instance, MorphoTrust, a subsidiary of IDEMIA, a leading vendor of biometry products and services in the U.S. has developed facial recognition systems for state and federal law enforcement agencies, state DMVs, state departments, and airports.

Top Market Players

Various notable players in the facial recognition market include NEC Corporation, Aware, Inc., Gemalto NV, Ayonix Corporation, IDMEA, Cognitec Systems GmbH, Daon Inc., NVISO SA, StereoVision Imaging, Inc., and Techno Brain Group, among others.

Key Developments:

• • In 2020, NEC Corporation partnered with the software developer in New Zealand to develop NEC iQuarantine, a facial recognition mobile app that will provide health and location updates to people staying at remote locations.
  • In 2019, Aware, Inc. launched its automated biometric identification system (ABIS). This software will help bring rich web services, easy configured workflows, unlimited data access, and support for the user’s choice of algorithms.
  • In 2019, IDEMIA announced the launch of its video analytics Application Area, Augmented Vision. This Application Area will support the security officers in identifying person of interest in real-time.
  • In 2018 StereoVision Imaging, Inc., (SVI), completed the acquisition of Digital Signal Corporation the global leader of man-portable mid-range 3D facial recognition systems. Through this acquisition, company diversified its product slate, injected working capital.
  • In 2018, NVISO SA, released its application in the Apple Store, which empowered developers to embed artificial intelligence into their applications. The app provides enhanced levels of safety, security, and personalization through real-time analysis of human behaviour.

Segments covered in the Report:

The global Facial Recognition market has been segmented on the basis of Component, Application Area, Vertical, and Region. Based on component, the market is segmented into Software Tools and Services. Based on Software Tools, the market is segmented into 2D Recognition, 3D Recognition, and Facial Analytics. Based on Services, the market is segmented into Training and Consulting and Cloud-based Facial Recognition. Based on Application Area, the market is segmented into 2D Recognition, 3D Recognition, and Facial Analytics. Based on vertical, the market is segmented into Banking, Financial Services and Insurance, Government & Defense, Retail & eCommerce, Healthcare, Education, Automotive, and Others.

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Market Segmentation:

Global Facial Recognition Market by Component

• • Software Tools
    • 2D Facial Recognition
    • 3D Facial Recognition
    • Facial Analytics
  • Services
    • Training and Consulting
    • Cloud-based Facial Recognition

Global Facial Recognition Market by Application Area

• • Emotion Recognition
  • Attendance Tracking & Monitoring
  • Access Control
  • Law Enforcement
  • Others

Global Facial Recognition Market by Vertical

• • BFSI
  • Government & Defense
  • Retail & eCommerce
  • Healthcare
  • Education
  • Automotive
  • Others

Global Facial Recognition Market by Region

• • North America Facial Recognition Market (Option 1: As a part of the free 25% customization)

    • North America Market by Component
    • North America Market by Application Area
    • North America Market by Vertical
    • United States of America (US) Market All-Up
    • Canada Market All-Up

  • Europe Facial Recognition Market (Option 2: As a part of the free 25% customization)

    • Europe Market by Component
    • Europe Market by Application Area
    • Europe Market by Vertical
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Facial Recognition Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Market by Component
    • Asia-Pacific Market by Application Area
    • Asia-Pacific Market by Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Facial Recognition Market (Option 4: As a part of the free 25% customization)

    • RoW Market by Component
    • RoW Market by Application Area
    • RoW Market by Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Facial Recognition Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • NEC Corporation
  • Aware, Inc.
  • Gemalto NV
  • Ayonix Corporation
  • IDMEA
  • Cognitec Systems GmbH
  • Daon Inc.
  • NVISO SA
  • StereoVision Imaging, Inc.
  • Techno Brain Group