According to the latest report by IMARC Group, titled "Facial Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global facial recognition market reached US$ 3.80 Billion in 2020. Facial recognition is a biometric technology that is widely deployed for the authentication and identification of individuals. This technology compares the facial features of a person with the stored facial database using deep learning algorithms. It assists in capturing, analyzing and comparing patterns in an efficient manner to facilitate a non-contact process for authentication without the need for physical contact for verification. It can be widely integrated with numerous advanced technologies to safeguard an infrastructure in a better manner. Consequently, it is increasingly utilized as a key security component in criminal investigations, identity management, homeland security, intelligent signage and photo indexing.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Global Facial Recognition Market Trends:
The global market is majorly driven by the rising incidences of terrorist activities, identity thefts and cyber-attacks. Facial recognition is widely deployed for high-level security and smart surveillance systems across public and private sectors, thereby providing an impetus to the market growth. These recognitions are also being integrated with multi-factor authentication systems to offer enhanced security for sensitive data, which is acting as a major growth-inducing factor. Additionally, continual technological advancements, including the development of 3D recognition systems to recognize faces from several viewing angles and precisely determine changes in facial characteristics, are also contributing to the market growth. Moreover, these systems are increasingly being used in the healthcare sector to replace passwords and provide healthcare providers a relatively quicker access to the patients and their records. Some of the other factors favorably impacting the market growth include the rising adoption of cloud-based surveillance systems and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 17.2% during 2021-2026.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- 3M Company
- Animetrics Inc.
- Aware Inc.
- Ayonix Corporation
- Cognitec Systems GmbH
- Daon Inc.
- FaceFirst Inc.
- FacePhi Biometria
- IDEMIA (Advent International)
- NEC Corporation
- Safran Group
- Thales Group
Facial Recognition Market Segmentation:
Our report has categorized the market based on region, component, technology, application and end use industry.
Market Breakup by Component:
- Software
- Services
Market Breakup by Technology:
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics
Market Breakup by Application:
- Emotion Recognition
- Attendance Tracking and Monitoring
- Access Control
- Security and Surveillance
- Others
Market Breakup by End Use Industry:
- Retail and E-commerce
- BFSI
- Government and Defense
- Automotive and Transportation
- Media and Entertainment
- Healthcare
- Telecom and IT
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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