Global Facial Recognition Market is Estimated to be Worth $3400 Mn in 2019 and is Projected to Reach $8000 Mn by 2027, at A CAGR of 16.8% From 2020 to 2027: Proficient Market
Proficient Market announces that it has a new study on “Global Facial Recognition Market – Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027″. The 2020 study has 216 pages, 64 tables and 102 figures.
According to the report, Global Facial Recognition Market in 2019 stood at USD 3400 million and is expected to reach USD 8000 million by 2027 growing at a CAGR of 16.8% from 2020 to 2027.
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Facial recognition is a biometric technology used for authentication and identification of individuals by comparing the facial features from an image with the stored facial database. It is expected to witness robust growth during the forecast period owing to its increasing usage in both law enforcement and non-law enforcement applications. Moreover, facial recognition is widely preferred over other biometric technologies, such as voice recognition, skin texture recognition, iris recognition, and fingerprint scanning, due to its non-contact process and easy deployment (using cameras and existing monitoring devices). Currently, this technology is majorly used for security and marketing purpose. For instance, billboards have been designed with integrated software that are used to identify gender, age, and ethnicity to deliver targeted advertising.
Facial Recognition Market Key Players: The research study includes profiles of leading companies operating in the global facial recognition market. Key players profiled in the report include:
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Drivers for the Global Facial Recognition Market: The use of facial recognition provides high level of security in the private and the public sectors. In the recent years, there has been an increase in the terrorists attacks in the government organizations, thus the demand for the facial recognition is growing on a large scale. The factors that increased the use of the facial recognition is its increasing application in the intelligent signage and physical security, the technological advancements made such as 3D-based recognition systems and cloud-based services have huge implementations of the facial recognition. Thus, all these factors are responsible for the growth of the facial recognition market.
Opportunities for the Global Facial Recognition Market: Increasing demand of facial recognition in smart devices, such as smartphones, laptops, tablets, and personal digital assistants, which are used for both personal and business purpose, presents various growth opportunities for the facial recognition market. Moreover, burgeoning number of drones in various commercial sectors, such as media & entertainment, inspection, and surveying, contribute to the demand of facial recognition. For instance, as per the Federation Aviation Administrator (FAA), around 30,000 drones are expected to be introduced by 2020. Therefore, these factors are expected to provide immense opportunity for the growth of facial recognition technology.
Restrains for the Global Facial Recognition Market: The high implementation cost and low accuracy negatively affect the growth of the market. Costs such as maintenance and middleware costs also contribute to the implementation cost. However, few manufacturers, such as FaceFirst, Inc., have started using efficient algorithms, such as PCA, FFT, to improve accuracy and reduce the cost of facial recognition technology. Therefore, with the development in technology, lack of accuracy and high implementation cost of facial recognition technology are likely to reduce their impact. Thus all these factors are hindering the growth of the facial recognition market.
Region Wise, Global Facial Recognition Market Analysis: Report covers the region wise analysis, global facial recognition market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global facial recognition market share followed by North America and Europe. While the Asia Pacific leads the global facial recognition market as the Asia Pacific (APAC) includes big developing economies, such as China, Japan, India, Singapore, and South Korea. Owing to high criminal activities, investments in security and surveillance are growing in the region. Countries, such as China, Japan, and Singapore, have already started implementing facial recognition across verticals, including Banking, Financial Services and Insurance (BFSI), healthcare, government, defense. These countries are planning to increase their reach across places, including airports, country and state borders, and other developing countries have also started testing the facial recognition technology. Hence, APAC is growing at a higher Rate that is boosting the facial recognition market.
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Global Facial Recognition Market: Product analysis
Cloud-based Facial Recognition
On the basis of type, Among software tools, the 3D facial recognition segment accounted for largest share of total revenue generated. Because, On the basis of type, Among software tools, the 3D facial recognition segment accounted for largest share of total revenue generated. Because, 3D facial recognition makes use of facial contours to identify and analyze various features in a human face, which are all unique and do not change over time. Moreover, it has various advantages such as ease in the detection of facial data from videos , 2D images and least affected with illumination issues. With the developments in 3D facial recognition software and services, the implementation of facial recognition is increasing, especially in healthcare IT solutions, payments, and commerce sectors. Hence, the 3D facial recognition segment is gaining a higher adoption rate worldwide.
Global Facial Recognition Market: Application analysis
Government and Defence
Retail and eCommerce
Others (Manufacturing, Telecom, and Energy and Utilities)
The demand of global facial recognition market is highest from Government and Defense as The government and defense sector has started investing more in facial recognition technology for various applications across the globe. The 3D facial recognition technology is used mostly in identifying and verifying suspected criminals, providing smarter and safer highway patrolling, accelerating forensic video investigations, border control for preventing terrorist activities, cross-border monitoring, document verification, and identity management. Various countries, such as the US, Canada, UK, and China, have started implementing this technology for various applications; other developing countries, including India, are planning to implement facial recognition technology for the government and defense sector.
Global Facial Recognition Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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