Facial Recognition Market: Government Sector Is Estimated To Cater To Moderate Growth In The Forecast Period
Facial Recognition Industry Overview
The global facial recognition market size was valued at USD 3.86 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.4% from 2021 to 2028. Technology is improving, evolving, and expanding at an explosive rate. Technologies such as biometrics are extensively used in order to enhance security. These are used across various applications, such as access control, attendance tracking, security and surveillance, and others. Biometrics are universal, unique, and measurable and thus can be used to provide security solutions. There are various types of biometrics used today, such as fingerprint, iris recognition, face recognition, speech recognition, and others. Facial recognition technology is a type of image recognition technology that has gained wide acceptance over the years. This technology leverages a connected or digital camera to detect faces in the captured images and then quantify the features of the image to match against the templates stored in the database.
Gather more insights about the market drivers, restrains and growth of the Global Facial Recognition market
The facial recognition technology is very versatile in its usage and therefore is rapidly being by various end-users. For instance, in January 2020, NEC Corporation, an electronics and information technology company, announced that the company would offer facial recognition technology to the Mitsui Fudosan Co., Ltd, a Japan-based real-estate company. The offering by the company includes smart hospitality service, a solution using facial recognition technology. Further, the solution with the help of facial recognition technology would help the users with secure and safe stays at hotels. It would be used for various services, including making cashless payments, entertainment facilities, entering rooms, and check-in.
The increasing adoption of facial recognition technology across various applications is a driving force for market growth. Insecurity, the border authorities are using the technology to verify the traveler’s identity, especially in airports. The law enforcement agencies are also using face recognition software to scan faces captured on the CCTV and find the targeted person. Another application where the technology has gained prominent adoption is smartphones. In smartphones, the software finds applications in unlocking the phone, signing into mobile apps, and in payment verification. For instance, in January, Samsung’s Galaxy Note 8 and 9 smartphone models and iPhone X series are the most prevalent devices using facial recognition technology. Other smartphone devices such as OnePlus 6, Oppo Find X, MotoG6, Huawei Honor 7X, and LG G7 are using 2D technology and iris scanners for scanning the user’s face. iPhone X series face ID consists of a depth sensor, dot projector, and an infrared camera to map 30,000 points on the user’s face. From this data, the software develops an artificial 3D scan that is safe to unlock phones and authenticate digital payments through Apple Pay.
The rising adoption of the technology by the law enforcement sector is substantially contributing the market growth. For instance, in January 2020, Moscow city announced the use of live facial recognition cameras provided by NtechLab, an artificial intelligence algorithms developer. The police authority in the city would be using facial recognition to search for suspects on a live camera. The software would notify police when a match is found. In another instance, MorphoTrust, a subsidiary of IDEMIA and one of the prominent vendors of biometry products and services in the U.S., has developed facial recognition systems for state and federal law enforcement agencies, state DMVs, and state departments, and airports.
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Facial Recognition Market Segmentation
Grand View Research has segmented the global facial recognition market based on technology, application, end-use, and region:
Facial Recognition Technology Outlook (Revenue, USD Million, 2017 - 2028)
- 2D
- 3D
- Facial Analytics
Facial Recognition Application Outlook (Revenue, USD Million, 2017 - 2028)
- Emotion Recognition
- Attendance Tracking and Monitoring
- Access Control
- Security & Surveillance
- Others
Facial Recognition End-use Outlook (Revenue, USD Million, 2017 - 2028)
- Retail & E-commerce
- Media & Entertainment
- BFSI
- Automobile & Transportation
- Telecom & IT
- Government
- Healthcare
- Others
Facial Recognition Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Facial Recognition market include
- Aware, Inc.
- Ayonix Corporation
- Cognitec Systems GmbH
- FacePhi
- Fujitsu
- Gemalto NV
- IDEMIA
- NEC Corporation
- Onfido
- TECH5 SA
Order a free sample PDF of the Facial Recognition Market Intelligence Study, published by Grand View Research.
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