Facial Recognition Market Size By Component (Software [2D Facial Recognition, 3D Facial Recognition, Facial Analytics], Service), By Application (Criminal Investigation, Homeland Security, ID Management, Attendance Tracking & Monitoring, Intelligent Signage, Photo Indexing & Sorting, Physical Security), By End-Use (Aerospace & Defense, Automotive, BFSI, Education, Retail & E-Commerce, Healthcare), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jul 2020  |  Report ID: GMI2593  |  Authors: Preeti Wadhwani, Saloni Gankar

Report Format: PDF   |   Pages: 220   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Facial Recognition Market size valued at over USD 3 billion in 2019 and is projected to grow at a CAGR of 18% between 2020 and 2026. The rapid adoption of advanced face identification systems for security and surveillance is driving the market growth. Deployment of these solutions with camera networks will enable the police to track suspects, thieves, or criminals on roads or in crowded places.
 
 

Facial Recognition Market
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The global industry will witness a high market demand from police departments to improve criminal investigation. The integration of AI allows officers to submit images taken in the field or collected from photos or videos and instantaneously match them to photos in government databases.
 

The ongoing coronavirus (COVID-19) pandemic will surge the market expansion for facial recognition solutions to track quarantine violators. Several countries are actively deploying facial recognition techniques to tackle and combat the coronavirus pandemic. A wide network of cameras with face identification technology has been deployed in China to track individuals violating isolation rules. Several China-based AI market players, such as SenseTime and Hanwang Technology, have launched the solutions that can accurately recognize citizens even if they are masked.
 

Facial Recognition Market Report Coverage
Report Coverage Details
Base Year:2019
Market Size in 2019:USD 3.5 Billion
Forecast Period:2020 to 2026
Forecast Period 2020 to 2026 CAGR:18%
2026 Value Projection:USD 12 Billion
Historical Data for:2016 to 2018
No. of Pages:220
Tables, Charts & Figures:291
Segments covered:Component, Application, End-Use and Region
Growth Drivers:
  • Ongoing technological advancements
  • Increasing adoption of the technology in consumer electronics globally
  • Demand for cloud-based facial recognition solutions in the U.S.
  • Adoption of the technology for surveillance by the government sector in Europe and Asia Pacific
  • Rising adoption of the technology in public places in Latin America and MEA
Pitfalls & Challenges:
  • Data security and privacy concerns
  • High cost of implementation

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Rising demand for 3D face identification systems that ensure enhanced precision will drive the U.S. region

The U.S. 3D facial recognition market dominated more than 50% of revenue share in 2019. 3D solutions are more precise & accurate and eliminate the disadvantages of 2D systems. The requirement for more accuracy in capturing the real-time image of a person's facial surface has led to the rapid acceptance of an effective software using a 3D model.
 

The technology uses depth and axis of measurement, which is not impacted by light and can also be used in darkness. It can recognize a subject at different viewing angles with the potential to identify a face in a profile up to 90-degrees. In the U.S., the market demand for this 3D technology is growing in the consumer electronics sector.
 

Use of facial recognition systems by law enforcement agencies to identify criminals will propel the European market expansion

Europe Facial Recognition Market

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In Europe, growing concerns over criminal intrusions in public places have boosted the demand for advanced solutions to ensure public safety. Police authorities can use these systems to capture the images of every individual entering the concerned premises at the entry point to stop unwanted intrusions. The INTERPOL Face Recognition System (IFRS) contains facial images from more than 160 countries, making it a unique global criminal database. Around 650 criminals, fugitives, missing people, or individuals of interest have been identified by the IFRS since its launch in 2016.
 

Implementation of facial recognition in the retail sector for targeted advertising and improved customer satisfaction

The retail & e-commerce end-use segment in the facial recognition market will showcase more than 20% growth rate till 2026. Facial recognition can be used for targeted advertising and marketing. The algorithm can be used to identify a customer’s age and gender, enabling store owners to evaluate the efficiency of a marketing strategy and determine the commercial target audience. When a client is identified by the system, purchase history and preferences can be tracked to offer relevant offers. Retailers can keep track of products that are being glanced for a longer period by clients.
 

The solution can also enhance customer experience by instantly recognizing major & important customers. Retailers can send personalized messages on discounts, recommendations, and other offers to customers in stores. The technology can also be used to send meaningful alerts to store employees so that they can provide enhanced assistance to customers. It can be integrated with other technologies in the retail store, such as POS, loyalty systems, and CRM, helping store associates to gain deeper insights into their client base.
 

Growing market usage of advanced biometric technologies across several sectors in APAC region

Asia Pacific Facial Recognition Market

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The Asia Pacific facial recognition market will expand at a CAGR of 19% during 2020 to 2026. The advent of digitalization in countries including China, India, Japan, and South Korea will favor the market adoption of advanced technologies. The face identification technology is used in several end-use verticals to enhance access control in corporate offices, improve security, and ensure safe & fast transactions. In April 2020, LG CNS, a global IT service company, launched a ‘face recognition community currency’ system in South Korea, which combines AI, blockchain, and cloud server technologies. When employee identification is done with the aid of facial recognition, the system automatically proceeds with payment through blockchain-based community currency encrypted in the cloud server.
 

Industry players are focusing on research & development to launch innovative facial recognition solutions

Market leaders are focusing on research & development to launch innovative solutions that cater to the industry demand of several end-use sectors. Major companies operating in the market include Aware. Inc., Ayonix Corporation, Cognitec Systems GmbH, Daon, Inc., Idemia, Facefirst, Inc., Thales Group, Herta Security, NEC Corporation, Ntechlab, Stereovision Imaging, Inc., Panasonic Corporation, and VisionLabs B.V.
 

The facial recognition market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2026 for the following segments:

Market, By Component

  • Software
    • 2D facial recognition
    • 3D facial recognition
    • Facial analytics
  • Service

Market, By Application

  • Criminal investigation
  • Homeland security
  • ID Management, attendance tracking & monitoring
  • Intelligent signage
  • Photo indexing & sorting
  • Physical security
  • Others

Market, By End-Use

  • Aerospace & defense
  • Automotive
  • BFSI
  • Education
  • Retail & e-commerce
  • Healthcare
  • Government
  • Others

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Singapore
    • Australia & New Zealand (ANZ)
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

 

Frequently Asked Questions (FAQ) :

The market size of facial recognition surpassed USD 3 billion in 2019.
The industry share of facial recognition is poised to grow at a CAGR of over 18% between 2020 and 2026.
The retail & e-commerce sector in the market will expand at over 20% CAGR through 2026, says this research report by Global Market Insights, Inc.
According to the analysts GMI, the Asia Pacific market is anticipated to witness growth of around 19% during the forecast timespan.
Major players operating in the industry include Aware. Inc., Ayonix Corporation, Cognitec Systems GmbH, Daon, Inc., Idemia, Facefirst, Inc., Thales Group, Herta Security, NEC Corporation, Ntechlab, Stereovision Imaging, Inc., Panasonic Corporation, and VisionLabs B.V.
3D solutions are more precise & accurate and eliminate the disadvantages of 2D systems. The demand for more accuracy in capturing the real-time image of a person's facial surface has led to the rapid market adoption of an effective software using a 3D model.

Premium Report Details

  • Published Date: Jul 2020
  • Pages: 220
  • Tables: 260
  • Charts / Figures: 31
  • Companies covered: 25
  • Countries covered: 21

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