Facial Recognition Market – Size, Outlook, Trends and Forecast (2024 – 2032)

Facial Recognition is a biometric application which captures photos and used to recognise persons by applying facial analytics and relating it to the present database. Facial recognition systems are usually used for security, especially in the surveillance sectors which conducts identification based on several facial types such as cheekbones, the distance between eyes, and eyebrows. This facial recognition technology does not need any physical touch of a person to identify. Unlike the security systems like fingerprints and iris recognition, facial recognition system mechanism works on the facial features of  a person

Facial Recognition Market Segments Size & Growth:

Facial Recognition market is accounted for $4.07 billion in 2017 and expected to grow at a CAGR of 14.1% to reach $7.79 billion by 2024 during the forecast period 2018-2024. Major factors that are driving the facial recognition market share is due to the growing demand for surveillance systems to improve security, Emerging applications in intelligent signage, developments like cloud-based services & 3D-recognitions, and increasing awareness in government sectors because of rising cases of criminal and terrorist activities and identification of scams thru the world.  Moreover, lack of precision and high operation cost of facial recognition technology and unsuitability concerns prevent the growth of the facial recognition market.

Facial Recognition Market Segments Share:

Facial Recognition market is characterised by technology which consists of 2D facial recognition, 3D facial recognition, and thermal face recognition. Among others, 3D facial recognition is anticipated to occupy the largest market in technology segment as it offers high quality and accuracy in recognising facial features. By the component, it is categorised into software which is sub-segmented into facial recognition software & SDK, middleware, database, modelling & restructuring, and analytics solution; hardware which is sub-classified as scanners, handheld devices, cameras, and integrated devices. In software, analytics solutions have high demand to secure crowded and uncontrolled places to collect data. Cameras and scanners are expected to have substantial growth as they are the major re component that helps to recognise faces even in crowded areas.

Facial Recognition is segmented by a use case which contains attendance tracking & monitoring, emotion recognition, access control, law enforcement, and others.  Of all law enforcement holds the major share in the facial recognition market regarding surveillance and monitoring of facial expression in real-time through webcam which provides exact gender information, sensing age, the frame of mind, and other features from the exciting database.  Homeland security has the largest revenue over 21% overall the market because of the adoption of 3D facial technology to protect homes whereas, intelligent signage is will be the fastest growing market during the forecast with a CARG of 25%. Government end-user is expected to have the highest CAGR to create a safe environment with enhanced security for the public.

By Geography, North America is dominating the growth of the facial recognition market followed by Europe and the growth in North America in facial recognition market share is mainly attributed for increasing investments in facial recognition to safeguard criminal threats. Developing regions, like the Asia-Pacific region with key markets such as Australia, Japan, South Korea, India, China, and Singapore, is expected to have stable growth compared to other regions during the forecast period.

Facial Recognition Market Segments Trends:

• In May 2017 Crossmatch has introduced Nomad biometric fingerprint modules which enables space-saving, a lightweight and pocket-sized reader with thin film transistor technology.
• In June 2017 Facefirst has launched a watchlist as a service which is a unique data platform planned for retailers to avoid shoplifting and crimes.
• In November 2016 Nations trust bank introduced digital app which contains biometric authentication by Daon’s “Identityx “ to provide security in its new mobile banking payments and some other lifestyle apps.

Facial Recognition Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

• NEC Corporation
• Face first, Inc.
• 3M Company
• Nuance Communications, Inc.
• IBM Corporation
• Cognitec Systems GmbH
• Animetrics, Inc.
• Crossmatch Technologies, Inc.

Along with these companies, there were many other companies considered/cited in the report while analysing the Facial Recognition market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.