Facial
Recognition Market size is expected to grow from USD 3.8 billion in 2020 to
USD 8.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.2%
during the forecast period according to report published by MarketsandMarkets. The facial recognition market is expected
to be lucrative for technology vendors. It is also expected to witness
substantial growth in the next five years due to increased investments by the
government and defense sectors. Moreover, the growing surveillance industry,
particularly in North America and Europe, would push companies to deploy or
develop facial recognition solutions in the coming years. Furthermore, a high
adoption rate is expected to be registered in APAC during the forecast period.
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Since the 1960s, facial
recognition technology has witnessed major changes due to the rising
investments in the surveillance space by enterprises globally. One of the major
factors for the high growth of the facial recognition market is the rising
expenditure on facial recognition technology by various government
organizations, including homeland security, federal and regional law
enforcement departments, and other security agencies. The technology has helped
criminal investigations and facilitated various departments in the rapid
identification of offenders. Government applications such as law enforcement,
military and defense, homeland security, and state and national government
together constitute approximately 60% of the facial recognition technology
revenue, and this trend is expected to continue during the forecasted period.
The Defense Advanced Research Products Agency (DARPA) funded the Face
Recognition Technology (FERET) Evaluation from 1993-1997 to boost the
advancement of facial recognition algorithms and technology. This helped in
evaluating the prototypes of facial recognition systems and propelled these
systems to become commercial products.
By component, services segment to have fastest
CAGR during the forecast period
The services segment is
estimated to have the fastest growth rate in the facial recognition market.
Services are provided by facial recognition software providers that help in
implementing the solution without purchasing it. Services are further
classified into training and consulting and cloud-based facial recognition. In
training and consulting services, feasibility assessment, analysis, and
advisory of large-scale governmental and military projects are all included. Features
of cloud-based facial recognition services include time tracking, gender
recognition, head pose estimation and analytics, and statistical overview
related to the buying patterns are included.
By application, law enforcement segment to
have highest market share during the forecast period
By application area, the
facial recognition market has been mainly categorized into emotion recognition,
attendance tracking and monitoring, access control, law enforcement, and
others. Over the past decade, many major technology players have acquired
companies that are operating in the facial recognition domain to add value to
their own services. For instance, technology giants, such as Microsoft, Amazon,
and Google, are exploring into the space of facial recognition due to the
increasing demand for this technology.
Among the verticals, government and defense
to hold the largest market size during the forecast period
The growing number of government and
defense investments in implementing facial recognition technology for various
activities, such as border control and criminal identification, are driving the
adoption of the facial recognition technology solutions and services. Facial
recognition eases the process of identification and verification; hence it is
being adopted widely for immigration at airports and attendance tracking and
monitoring. The increasing technological advancements across sectors are
encouraging enterprises to adopt facial recognition tools and services for
easier manual processing and time-saving. Various governments are relying on
ubiquitous sensors and powerful analytics algorithms, instead of the physical
presence of a human. In the war against COVID-19, several governments have
implemented these new surveillance devices in healthcare, public safety, and
surveillance applications. There are some major surveillance and authentication
use cases of facial recognition to fight against COVID-19. Governments of all
the COVID-19 affected nations have allocated special budgets to fight the
epidemic
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North
America to hold the largest market size during the forecast period
The
North American region consists of developed countries that are technologically
advanced with well-developed infrastructures. Owing to their strong economies,
the US and Canada are expected to be major contributors to the growth of the
facial recognition market. With technologies advancing every single day and
growing economies of North America, companies in the region can afford to
invest huge amounts on the adoption of these technologies. North America has a
history of the use of facial recognition solutions and services. Flourishing
technologies, such as smart infrastructures, smart city initiatives, the use of
ePassports, and eVisa, are factors driving the growth of the facial recognition
market.
Major
vendors in the global facial recognition market include NEC Corporation
(NEC) (Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan),
Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso)
(Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland),
Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics
(Bratislava), id3 Technologies (id3) (Israel), Thales (France), Idemia
(France), Nuance Communications, Inc. (Nuance) (US), BioID (Germany), Fulcrum
Biometrics, LLC. (Fulcrum Biometrics) (US), TrueFace.AI (US), Amazon (US),
FacePhi (Spain), Herta Security (Herta) (Spain), Kairos AR, Inc. (Kairos) (US),
SightCorp Inc. (SightCorp) (The Netherlands), and Microsoft Corporation
(Microsoft) (US).
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