The global facial recognition market is projected to register growth at a CAGR of 15.4% during the forecast period, from 2021 to 2028. The total valuation of the market for facial recognition was US$ 3.86 Bn in 2020.
Development and expansion of different advanced technologies globally is resulting into increase in their use in a wide range of industry verticals. For instance, biometrics technology is being increasingly adopted globally in the recent years in order to improve the overall security, notes a report on the facial recognition market.
Biometrics are unique, measurable, and universal; hence, they are used to offer security solutions across the globe. Furthermore, the demand for biometrics technology has been increased across many applications including attendance tracking, access control, surveillance, and security. These factors are bolstering the global facial recognition market.
Facial recognition technology refers to an image recognition technique that uses a digital or connected camera in order to identify faces in the captured images. Moreover, the facial recognition technique also quantifies the image features in order to match with the templates, which are stored in database. Iris recognition, fingerprint, speech recognition, and face recognition are several types of biometrics techniques in the use today.
Many players operating in the global facial recognition market are focused on the development of highly advanced products. Hence, they are increasing investments in the R&D projects. Moreover, several enterprises in the market for facial recognition are using strategies such as mergers, acquisitions, and partnerships in order to expand their product portfolios and maintain their leading market position. Similarly, these moves are helping facial recognition service providers to expand their businesses in newer regions. On the back of these activities, the global facial recognition market is anticipated to observe substantial opportunities for growth in the years ahead.
A few international vendors, such as Cognitec Systems, 3M Cogent, Safran, Gemalto, and NEC, have stronghold over the global facial recognition market, dominating with their technological and financial might, feeding their biometric technology customers. However, the competition itself among these market leaders is quite intense, with research and development of innovative products at its backbone.
The global facial recognition market is expected to gain from several new trends, including the shift from 2D to 3D facial recognition, advancements such as cloud-based services, emergence of facial analytics, growing application in mobile security and drones, increasing application in physical security and intelligent signage, commercialization of facial recognition technology to the corporate sector, and incrementing integration of facial biometrics with smart cards. On the other hand, factors such as privacy concerns, significant error rates, competition from non-biometric technologies, and the lack of established international standards are expected to hinder the market from achieving its true potential in the near future.
This report on the global facial recognition market has been prepared to act as dependable document for audiences such as government including homeland security and military, enterprises including banking, financial services and insurance (BFSI), and retail, and other consumers. A number of key companies operational in the facial recognition market have been profiled in the report in order to present qualitative and quantitative scenario of the market, and studies their product portfolio as well as recent strategic decision to evaluate the future.
Facial recognition refers to a complex computer application used to robotically identify a creature from a video mount or digital image source. One of the methods of doing this is by equating the selected facial features from a facial database and the image fed by the video mount or the digital image source. Technological developments in the field have significantly improved the accuracy with which the target is identified.
Facial recognition systems are generally used for surveillance and security purposes, however, the range of applications using these complex systems is rising at a significant pace in the global market. Some advanced systems are also used to compare and match other biometrics such as eyes and fingerprints by comparing this data with digital databases.
Facial recognition is increasingly emerging as one of the most preferred technologies for authentication and identification of a variety of subjects, ranging from animals to humans. The technology is not restricted to its traditional application of facial detection any longer. Its present usage includes photo tagging, refining search engine searches based on facial images, identifying age, sex, and ethnicity of a person in retail stores, gathering intelligence on buying pattern in retail shops, and identifying missing persons.
This report on the global facial recognition market presents a thorough overview of the present growth dynamics of the market and its key segments. The report also includes vast projections related to the growth prospects of the market on global and regional fronts over the period between 2017 and 2025. The report includes a detailed analysis of the notable factors expected to have a significant influence on the market’s growth prospects, including drivers, challenges, opportunities, trends, regulatory scenario, and state of competition.
The report also includes a detailed overview of the competitive landscape of the global facial recognition market, wherein detailed profiles of some of the key vendors in the market and recent developments, in terms of aspects such as technology, product, and M&A activities are analyzed. Companies are profiled with the help of a detailed SWOT analysis and details regarding aspects such as product portfolio, finances, growth strategies, and geographical presence.
The key drivers of this market include increase in surveillance market and enormous spending on biometric technologies by government agencies, which is the leading end-use segment contributing to the revenue of the market. Some of the factors restraining the market growth are issues regarding interoperability with existing security systems, delay in execution due to apprehension and bureaucracy about privacy intrusion.
The facial recognition market could be segmented on the basis of technology and solutions into 2D, thermal, emotion, 3D, forensic, and mobile facial recognition technologies. In addition the market has been segmented on the basis of software types, including which includes face recognition algorithm, database, modeling, middleware, restructuring, and analytics software.
Some of the key players operating in the market are Airborne Biometrics, Animetrics Inc., Afix Technologies Inc., Aware Inc., Cognitec Systems, Fujitsu, ZK Software, and 3m Cogent.
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