Facial Recognition Market was accounted at USD 3,123 Million in 2019 and is expected to grow at a CAGR of 16.7% during forecast period. As per the in-depth analysis of the facial recognition market by GMI Research, it encounters phenomenal growth during the forecast period due to the high-security feature and progressive technologies.
Introduction of the Facial Recognition Market
The facial recognition system is a technology that identifies and confirms an individual’s identity through a photograph or a video. It is a way of mapping, analyzing, and capturing face images without any intervention. The facial recognition system helps to map and confirm the facial expression of an individual from an image or video with the help of biometrics. This system is becoming famous across the globe, and multiple sectors like automotive, retail and e-commerce, banking and financial services, healthcare, education, and other industries are incorporating facial recognition systems regularly. The facial recognition market has multiple functions like access control, attendance tracking, emotion recognition, etc.
Key Players of the Market
Facial Recognition Market Dynamics
The crucial factor contributing to the growth of the global facial recognition market is the growing progressive technologies among the various industry verticals across the globe. The biggest concern of the private and public sector is security facial recognition systems help to enhance the level of security, which positively impacts the demand of the facial recognition market share. Furthermore, the growing terrorist attacks in several government organizations will further inspire them to adopt surveillance systems for their safety and security. However, the facial recognition system is less costly and conveniently captures a photo from a distance.
Therefore, as per the global facial recognition market forecast, the constant technological developments in these systems, such as cloud-based services and 3D-based recognition systems, will further boost opportunities for the market. The high penetration of smart devices with the rising trend of facial locks in smartphones will further stimulate market growth in the next few years. Drones are gaining popularity and have been exceedingly used in the commercial sectors, including inspection, media & entertainment, and surveying, thereby integrating the market growth. Whereas high investment in implementing facial recognition systems, the lack of accuracy, and growing sensitivity towards shared personal data are some of the main factors that negatively impact the market and restrain the facial recognition market size.
Facial Recognition Market Segmentation Drivers
Component Segmentation Market Drivers
Based on the component, the market has two segments: software tools and services. The software tools segment envisages leading the market over the forecast period due to the rising adoption of 3D facial recognition solutions worldwide. The 3D facial recognition provides various exclusive features than 2D facial recognition, such as it can easily detect facial data from an image or a video. Besides, with the constant advancements in facial recognition software tools, multiple industry verticals, like healthcare IT solutions, payments, and commerce sectors, have intensively implemented the 3D facial recognition solution.
Vertical Segmentation Market Drivers
Based on the Verticals, the market is classified into Banking, Financial Services and Insurance, Government and Defense, Retail and eCommerce, Healthcare, Education, Automotive, and Others. The Government and defense segment encounter to grow at a higher Compound annual growth rate during the forecast period. Various governments have started enforcing 3D facial recognition technology globally for finding suspected criminals, providing smarter highway patrolling, cross-border controlling from terrorist activities, documentation, and other legal activities.
The Asia Pacific region is witnesses to lead the market during the forecast period. Due to the rapid increase in criminal activities, particularly in India, China, Singapore, South Korea, and Japan. Therefore, several Asian countries are implementing the facial recognition solution in multiple sectors, like banking & financial services and insurance, healthcare, and defense sector to enhance their efficiency. Furthermore, the growing use of smart devices, such as iPads, laptops, smartphones, and other devices, will further fuel the demand in the region.
Global Facial Recognition Market Segmentation
Segmentation by Component
Segmentation by Application Area
Segmentation by Vertical
Segmentation by Region
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