Global Statistics Representing Facial Recognition Market Scenario
The growing number of cyber threats has taken the world by storm, where the traditional access method for digital identity is no longer safe. To secure the credentials, the influx of various biometrics recognition technologies essayed to bring forth an unbreachable system. Facial recognition is one of the technologies succoring the security and agility of personal digital identities. The technology uses biometrics to map the facial contours from a video or an image, analyzing information with the database that assists in verifying the personal identity. Facial recognition technology is employed across several application areas — airports, smartphones, social networking platforms, education institutes, and retail stores, among others. According to Symantec, the facial recognition market is expected to climb from USD 4 billion in 2017 to USD 7.7 billion in 2022, owing to its utilization in several fields from surveillance to marketing. The growing awareness regarding the facial recognition technology across the industry verticals are attributed to propel the demand for facial recognition technology market in the near future. For instance, in September 2019, the Norfolk Animal Care and Adoption Center partnered with Finding Rover to help in finding lost pets in Norfolk, Virginia.
The global facial recognition market is expected to grow at a CAGR of 17.1% during the forecast period, 2019–2026.
The global facial recognition market is segmented by component, technology, application area, and industry.
The 3D facial recognition technology segment, among other technology segments, offers intricate details of facial contours. It provides improved identification and verification of facial expressions of an individual with cameras that sense depth using sensors at dark or low light areas. Thus, resulting in several organizations and companies embracing the technology. For instance, in June 2018, SensibleVision launched 3DWallet technology to replace cash and card payments via 3D facial recognition platform. This would automatically identify the customers and charge them according to their purchases by expediting and simplifying the payment process with robust security. Such instances are attributed to fuel the demand for the 3D facial recognition segment in the global facial recognition market.
The emotion recognition segment, among other application area segments, is projected to hold a strong share in the global facial recognition market on account of its ability to track facial expressions for emotions — happiness, anger, and surprise, among others. Additionally, it also assists in other facial profiling viz. biometric image resolution for enhanced security purposes. For instance, in November 2018, Robbie.AI — a company that provides facial recognition and emotion prediction in natural settings and real-time, announced a partnership with SureID — biometrics and fingerprint services company. This partnership will result in joint research and development of the United Nation’s first nationwide biometrics gathering systems for a broad spectrum of consumer-focused initiatives. The future expansion of the technology includes multiple layers of biometric authentication, which will ensure that the fingerprints belong to the registrant.
Geographically, the global facial recognition market is studied across North America, Europe, Asia-Pacific, and Latin America and the Middle East and Africa (LAMEA).
North America is expected to witness dynamic growth in the facial recognition market during the forecast period, 2019–2026. This is attributed to the presence of key players and burgeoning investments into facial recognition technology for innovation and research purposes. For instance, in August 2019, Texas A&M University researchers collaborated with MoodMe to enhance algorithms used in the company’s facial recognition analysis. Thus, by adopting AI and deep learning techniques, the researchers are strengthening the state-of-the-art algorithms in human facial analysis thereby boosting the regional facial recognition market.
In Europe, the facial recognition market is expected to witness significant growth on account of the government agencies and organizations increasingly adopting facial recognition technology undeterred by several acts and data protection legislation in the region. For instance, in September 2019, the U.K court allowed police to use facial recognition technology stating that the use of facial recognition technology is legal and does not violate the Human Rights Act or Data Protection legislation.
Asia-Pacific is expected to witness significant growth in the facial recognition market during the forecast period as developing countries — China, India, and others, are readily embracing advanced technologies to be on the vanguard of technological evolution. For instance, in April 2019, Jinan in Shandong province, China, incorporated 3D facial recognition technology in its Metro Line 1, where the passengers have to face a verification device at the 3D facial recognition technology-empowered gate. This 3D recognition technology is equipped with a built-in 3D camera, capturing 3D facial features and permitting entry upon validation. Besides, in September 2019, the Gujarat government of India launched a facial recognition-based biometric online attendance system for nearly 2.5 lakh government teachers in the state; thus, promoting the operational efficiency and fostering the growth of facial recognition market during the forecast period, 2019–2026.
The LAMEA region is expected to observe a considerable growth rate in the facial recognition market during the forecast period, 2019–2026. With technology propagating cross borders, adopting advanced technologies plays a vital role in the economic development of the country. Brazil is embracing technological advancements; thus, influencing the market growth in the region. For instance, in July 2019, the Brazilian city São Paulo announced to deploy surveillance system with facial recognition. The company operating the city’s subway network launched a tender for a new set-up to replace its current legacy system of 2200 cameras by 5200 digital cameras to control it centrally.
Some of the notable players in the global facial recognition market are NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix Face Technologies (Japan), Cognitec Systems GmbH (Germany), NVISO SA (Switzerland), Daon (US), StereoVision Imaging (US), Neurotechnology (Lithuania), Animetrics (US), Leidos (US), and Smilepass (UK)
Facial Recognition Market Segmentation
By Application Area