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Facial Recognition Market worth over $12bn by 2026
- Published Date: July 3, 2020
Facial Recognition Market size is set to surpass USD 12 billion by 2026, according to a new research report by Global Market Insights Inc.
Facial recognition helps in capturing images and comparing face parameters with an existing database of images to identify individuals. Deployment of the cloud with facial recognition solutions enables end-users to collect information from a large database. The face is captured and transmitted to the cloud server and authenticated with the database. This offers scalable, seamless, and real-time data processing at faster speeds.
Cloud computing has gained prominence in the market over recent years with an unprecedented rise in data traffic. Cloud-based market players, such as Amazon.com, Inc. and Microsoft Corporation, are offering sophisticated cloud technologies in response to the mounting digital data. Cloud-based solutions are being developed and hosted at the location of the service provider. Moving database and engine onto the cloud enables a system to work seamlessly. The cloud model is deployed by commercial applications to perform security checks will further propel the industry growth.
The ongoing coronavirus (COVID-19) pandemic will positively impact the facial recognition market expansion as the technology offers contactless identification. Several government organizations globally have urged their citizens to follow social distancing norms to curb the spread of the virus. Government administrations are deploying a network of cameras with integrated facial recognition technology at public places and airports to identify quarantine violators. Rapid adoption of solution among government agencies is fueling the market value.
Facial analytics software to gain traction due to growing requirement for real-time accurate analysis of captured images
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The market demand for facial analytics is increasing across several sectors, such as hospitality, retail, and restaurants, for real-time analysis of customers to make data-driven decisions. For instance, the estimation of emotions and behavior using analytics helps retailers track suspicious behavior of customers, thereby aiding them to catch shoplifters. The integration of technologies, such as AI and machine learning, is further enhancing the capabilities of facial analytics software and creating demand for the technology.
Digitalization in the banking sector will augment the facial recognition market value
The rise in digital banking has been a major impetus behind the introduction of facial recognition technology in the BFSI sector. Financial institutes are adopting two-factor authentication systems for digital transaction, and facial recognition solutions are being used to provide an added layer of security. Banks, such as Chase, HSBC, and USAA, have also adopted Apple’s Face ID as a security measure to the existing two-factor authentication feature. Several industry players, such as Facefirst, Inc., Aware, Inc., and Herta Security, are offering advanced facial recognition solutions, specially designed for the banking sector.
Browse key industry insights spread across 220 pages with 260 market data tables and 31 figures & charts from the report, “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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The developed automotive sector in Europe region to provide several market growth opportunities
The Europe facial recognition market accounted for over 30% of the revenue share in 2019. The incorporation of facial identification techniques in automobiles improves safety as they provide access to only authorized drivers. They can also be used to automatically adjust car settings according to users’ personal preferences. Automobile market players are incorporating advanced face identification systems in cars to offer differentiated products with added levels of security.
The solution is being increasingly adopted in automotive gesture recognition systems to create an effective non-contact interface between the driver and the recognition system. For instance, in July 2019, Hyundai Mobis launched a new Driver State Warning (DSW) system that utilizes eye tracking and face biometrics to determine the driver’s mood. The technology enables detection of the driver’s facial features, such as nose, mouth, eyes, and ears, preventing careless driving.
New product launches and strategic initiatives are key strategies among market participants
Companies operating in the facial recognition market include Cognitec Systems GmbH, Daon, Inc., Aware, Inc., Ntechlab, Stereovision Imaging, Inc., Panasonic Corporation, Thales Group, Herta Security, Ayonix Corporation, Idemia, Facefirst, Inc., NEC Corporation, and VisionLabs B.V. Major industry leaders are undertaking strategic initiatives to strengthen their market position and are offering innovative solutions to their end-users.