The value of the Facial Recognition market is projected to grow to US$ 20.5 Bn with an estimated CAGR of 16.8% by 2031
.jpg "The Global Facial Recognition Market 2021-2031(USD Billion)")
Summary
Facial recognition is the procedure of verifying or identifying an individual by their face. It captures, compares, and process analyzer patterns through the person's facial particulars. The facial recognition process is an important step as it locates and detects human faces in videos as well as images. The face capture process transmutes the analog information into a set of digital big data depending on the person's facial structures. The face match procedure validates if two faces fit in with the same person.
The facial recognition software identifies over 80 nodal points on a human face which are considered as endpoints to measure variables of an individual’s face, such as the width or length of the nose, the shape of the cheekbones, and depth of the eye sockets. The system functions by capturing information for the nodal points on a digital imaging of a human’s face and storing the subsequent data as a faceprint. It is then used as a basis for comparison with the data captured from faces in a video or image. Although the facial recognition system uses only 80 nodal points, it can accurately and quickly identify target persons when the circumstances are favorable. On the other hand, if the subject’s face is partly obscured or in profile rather than facing forward, this type of technology is less reliable.
In the Chinese region of Hainan, about 50 hotels have been incorporated with check-in comprising credit authorization. The facial recognition substitutes the traditional human concierge as guests are validated through IT specialist Shiji and China’s Public Security Bureau. With the help of facial authorization, the entire procedure of onboarding and check-in requires only 30 seconds right from arrival into the room card issuance, along with the payment authorization. This can be implemented in all hotels and enable decrease wait time for visitors thereby giving hotel staff more time to assist guests.
Facial Recognition Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2031 |
| Study Period | 2018-2031 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2031 | US$ 20.5 Bn |
| Growth Rate | CAGR of 16.8% during 2021-2031 |
| Segment Covered | By Component, By Application, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | 3M Cogent, Inc., Animetrics, Inc., Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, Cross Match Technologies, Inc., FaceFirst, LLC. (Airborne Biometrics Group Inc.), IDEMIA, Mantra Softech (India) Pvt. Ltd., Microsoft Corporation, NEC Corporation |
Key Segments of the Global Facial Recognition Market
Technology Overview (USD Billion)
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics Recognition
Application Overview, (USD Billion)
- Law enforcement
- Emotion recognition
- Attendance tracking and monitoring
- Access control
- Others
End-User Overview, (USD Billion)
- BFSI
- Media & Entertainment
- Telecom & IT
- Government and Defense
- Healthcare
- Retail and e-Commerce
- Others
Regional Overview, (USD Billion)
- North America
- U.S.
- Canada
- Europe
- France
- UK
- Germany
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Singapore
- Rest of APAC
- Central and South America
- Brazil
- Argentina
- Mexico
- Rest of South America
- Middle East and Africa
Frequently Asked Questions (FAQ) :
The market value of facial recognition market in 2031 was US$ 20.5 Bn.
North America dominated the market for facial recognition market and accounted for the largest revenue share.
The top companies that hold the market share in facial recognition market are NEC Corporation, Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, Gemalto NV, Animetrics, Daon, Id3 Technologies, Idemia, Innovatrics, Megvii, Neurotechnology, NVISO SA, StereoVision Imaging, Inc., Techno Brain Group & among others.
Acquaintance to the internet has made the user data more open to cybercriminals, making it a worldwide concern to safeguard personal information. Facial recognition enables the use of human features that are distinctive to each individual replacing alpha-numeric passwords as a medium to protect secure and digital possessions. Facial biometrics is progressively being applied to various industries including construction, manufacturing, healthcare, and law enforcement.
Companies such as Apple, Facebook, Google, and Microsoft are investing heavily in their R&D infrastructure along with acquiring promising startups in the areas of image recognition, face analysis, artificial intelligence, machine learning, and more. In 2019, Google, in its annual developer conference introduced “smart display” that comprises facial recognition technology to deliver personalized information to the users, including recommendations of videos & music, messages, and calendar entries. The technology is an upgraded part of a smart speaker that enables a better sound, larger screen, and video calling.
Technology Segment
On the basis of the technology of facial recognition, the market is categorized into 2D facial recognition, 3D facial recognition, and facial analytics recognition. Stationary 3D facial recognition dominated the overall facial recognition market which occupied a 60.88% share in 2019 and is expected to maintain its position over the forecast period 2019 -2025. 3D face recognition systems are capable of precisely recognizing humans faced with variant facial expressions and positions and under dim lights. Using an axis of measurement and depth that is not affected by illumination, 3D face recognition is used in darkness and possesses a capability to identify a subject at various view angles with the prospective to identify up to 90 degrees of a face in profile.
Application Segment
On the basis of applications, this market covers categories like 52-170kV, and >170kVLaw enforcement, emotion recognition, attendance tracking & monitoring, access control, and others. In 2019, the market for facial recognition in the law enforcement segment was valued at 1,716.1 million and is anticipated to grow at a considerable rate over the forecast period.
End-User Segment
On the basis of end-user, this market covers categories like BFSI, media & entertainment, telecom & IT, government & defense, healthcare, retail & e-commerce, and others. In 2019, the government & defense sector was the highest application for facial recognition while the healthcare sector is predicted to adopt the facial recognition solutions with a higher rate.
-2018-2025-(USD-Million).png "Global Facial Recognition Market, by End User (BFSI) 2018-2025 (USD Million)")
On the geographical front, North America dominated the global facial recognition market in 2019 and is expected to do so over the forecast period 2019 – 2025. The American airport terminals are increasingly moving towards facial recognition technology. The United States Customs & Borders Protection agency has set up over 13 cameras equipped with facial recognition systems to explore different avenues for maintaining security and law enforcement. Subsequently, Orlando International Airport was selected as the first airport terminal in the country to implement the technology that keeps a check on every single global traveler. It requires just 2 seconds to capture the facial image, having a framework of over 99% accuracy.
.png "Asia-Pacific Facial Recognition Market, by Region, 2018-2025 (USD Million)")
The Asia Pacific market is expected to have the fastest growth with 22.4% CAGR over the forecast period. China leads the overall industry in deploying facial recognition technology. It has over 170 million video surveillance cameras enabled with facial recognition and artificial intelligence in them. The nation is likely to set up an additional 400 million cameras in the next three years to strengthen its law enforcement and security. It has filed about 900 facial recognition patents in the year 2017, compared to 97 patents filed by the United States in the same year.
The major players of the global facial recognition market are NEC Corporation, Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, Gemalto NV, Animetrics, Daon, Id3 Technologies, Idemia, Innovatrics, Megvii, Neurotechnology, NVISO SA, StereoVision Imaging, Inc., Techno Brain Group, etc. As of 2018, the market for facial recognition providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded versions of facial recognition technologies with digital and automation solutions.