According to a new market research report “Facial Recognition Market by Component (Software Tools (3D Facial Recognition) and Services), Application (Law Enforcement, Access Control, Emotion Recognition), Vertical (BFSI, Government and Defense, Automotive), and Region – Global Forecast to 2025″, published by MarketsandMarkets, the 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. 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, software tools segment to have highest market share during the forecast period
The software tool provides quicker and easier identification and verification based on facial features, which helps in easing numerous processes, such as immigration, attendance tracking, and access control. Software tools are further divided into 2D facial recognition, 3D facial recognition, and facial analytics.
The increasing crime rate and terrorist activities drive the demand for advanced technologies, such as facial recognition. Currently, 3D facial recognition software is gaining traction in among end users, as it can accurately detect and identify various facial expressions and positions. Companies such as NEC, Ayonix, Idemia, and Stereovision Imaging are offering 3D facial recognition software tools for facial recognition. It is expected that 3D facial recognition would grow with fastest growing CAGR during the forecast period
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.
With the COVID-19 outbreak, the demand for biometric recognition technologies, such as facial recognition, has increased for analyzing and identifying subjects wearing facial masks, especially in high security applications. Wearing masks has made face recognition difficult, which leads to the need to modify or upgrade the existing algorithms, involving the iris, pupil, sclera, upper and lower eyelids, eye folds, eye corners, skin texture, fine wrinkles, skin color, and skin pores, has also increased. Law enforcement agencies are investing in the R&D of advanced technologies. For instance, the US Department of Defense’ DARPA planned to invest around USD 2 billion on AI-based technologies, such as facial recognition. This is expected to fuel the growth of law enforcement application market in the coming years.
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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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