Pune, Nov. 25, 2020 (GLOBE NEWSWIRE) — The global facial recognition market size is expected to hit USD 12.92 billion by 2027, while exhibiting a promising CAGR of 14.8% between 2020 and 2027. This is ascribable to factors such as increasing demand for advanced video surveillance systems and increasing adoption of modern technologies such as artificial intelligence (AI) and machine learning by the manufacturers. Fortune Business Insights, in its latest report, titled “Facial Recognition Market Size, Share & Covid-19 Impact Analysis, By Component (Solutions, Services), By Technology (2D Facial Recognition, 3D Facial Recognition, Thermal Face Recognition, Skin Texture Analysis, and Others, By Application (Face Identification, Access Control, Security & Surveillance, and Others, By End-user (BFSI, Healthcare, Government & Defense, IT & Telecom, Retail & ecommerce, Automobile & Transportation, and Others, and Regional Forecast, 2020-2027.”, observes that the market was worth USD 4.35 billion in 2019 and is likely to gain momentum during the forecast period.
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Facial recognition is a type of method used to identify the credentials of an individual through their facial features. This method can efficiently verify people by viewing photos and videos in real-time. In addition to this, these systems adopt biometrics to accurately map the facial features by analyzing a video or photograph of the person. It then compares the information with the stored database to find a match for the facial features. Facial recognition is a vital system adopted by several government and commercial offices to verify personal identification of the person. For instance, in several US airports, the method is adopted by the Customs and Border Protection to screen the passengers travelling on international flights.
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What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2019 and 2026.
Increasing Demand for Advanced Video Surveillance Systems to Foster Growth
Advanced video surveillance systems consist of thermal security cameras, CCTV, 360 security cameras, and outdoor PTZ cameras, among others. These systems are designed efficiently to provide enhanced safety and security by using this technology when adopted by several companies. In addition to this, they are widely used by the investigation bureaus to prevent fraud and criminal activities. Besides this, they are adopted in several industrial processes such as traffic management, monitoring, and maintaining security. Increasing adoption of the advanced video surveillance system at the airports, commercial offices, and warehouses is expected to bolster the global facial recognition market growth during the forecast period.
COVID-19 to Propel the Demand for Contactless Biometrics Technology
The widespread effect of the novel coronavirus, COVID-19 has resulted in complete standstill of the global economy across the globe. The ongoing lockdown across several regions has forced people to remain at the confines of their home space. The government agencies are advising the people to maintain social distancing and avoid direct contact with the people to curb the limit of the deadly pandemic. Taking this into consideration, the companies are supporting contactless biometric technology, while maintaining ample security and privacy. This development is effected to boost the demand for these systems amid the ensuing chaos across the globe in the forthcoming years.
Increasing Adoption of Advanced Facial Recognition Solutions in North America to Favor Growth
Among all the regions, the market in North America is expected to witness exponential growth and register the highest global market revenue during the projected horizon. The market was worth USD 1.73 billion in 2019 and is anticipated to grow owing to high demand for infrastructural growth and increasing adoption of this technology. On the other hand, the market in Asia Pacific is likely to gain momentum in the forthcoming years. This is attributable to factors such as increasing mobile transactions that is propelling the need for effective biometric solutions technology. Additionally, countries such as China in the region are witnessing tremendous growth in the rate of mobile transactions that will favour the market growth.
NEC Corporation Launches New Facial Biometric System
In May 2020, NEC Corporation, a Japan-based information technology solutions provider, announced the launch of a dual face biometric and fever detection system, NeoFace Thermal Express. According to the company, the ongoing global pandemic has propelled them to provide safety and security for its employees, and the system is designed in a way that it provides contactless access control to several applications while rendering a touch-less experience. Adoption of strategies such as the introduction of novel products, merger and acquisition, and collaboration by the companies to gain a major share of the global facial recognition market is anticipated to bode well for growth during the forecast period.
List of the Companies Proliferating in Facial Recognition Market:
- NEC Corporation (Japan)
- Polaris Sensor Technologies, Inc. (U.S.)
- Aware, Inc. (U.S.)
- Ayonix Corporation (Japan)
- Cognitec Systems GmbH (Germany)
- Herta Security (Spain)
- Thales Group (Gemalto NV) (Netherlands)
- Animetrics (U.S.)
- Daon (Ireland)
- ID3 Technologies (France)
- Idemia (France)
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Detailed Table of Content
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Key Industry Developments – In Response to the COVID-19 Impact
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Facial Recognition Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size and Forecast – By Component (Value)
- Market Size and Forecast – By Technology (Value)
- 2D Facial Recognition
- 3D Facial Recognition
- Thermal Face Recognition
- Skin Texture Analysis
- Others (Holistic Matching, etc.)
- Market Size and Forecast – By Application (Value)
- Face Identification
- Access Control
- Security & Surveillance
- Others (Image Database Investigations, Identifying Genetic Disorders, etc.)
- Market Size and Forecast – By Industry (Value)
- Government & Defense
- IT and Telecom
- Retail and Ecommerce
- Automobile & Transportation
- Others (Manufacturing, Media & Entertainment, etc.)
- Market Size and Forecast – By Region (Value)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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