Facial Recognition Market Analysis Report, Share, Growth, Trend, and Forecast, 2024

The segmentation of the facial recognition market based on technology includes 2D, 3D, and analytics. The 3D segment is anticipated to dominate in terms of revenue. This is mainly attributed to the functional drawbacks of 2D technology and the advantages 3D offers in comparison to it. For instance, 2D systems are highly susceptible to illumination changes and pose variations where any variations can result in a mismatch and a false alarm. The analytics segment of the facial recognition market is anticipated to experience a high adoption as it aids in the collection of descriptive metadata about a given face such as scars and expressions.

Facial Recognition Market size is projected to experience a substantial growth during the forecast time-period owing to the high penetration in the commercial and government sectors for work enhancement and security management purposes. Rampant crime and terroristic activities across the world have led to government bodies, such as the FBI, CIA and other law enforcement agencies, in undertaking stringent counter-measures for the identification of criminals and offenders post the occurrence of a crime. In high-risk locations, such as public events and rallies and public transit locations with a high proclivity for terroristic activities, the technology provided by facial recognition market vendors is more beneficial than the conventional video surveillance systems as these can cross reference facial points with the data stored in the criminal database and identify the potential dangers.

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In organizations, irrespective of the industry, data is permitted to be accessed by only select individuals. Security breaches can result in the theft and loss of critical organizational information, such as a customer’s personal and financial data, and result in reputational damage. Such crimes can be committed from within an organization by an employee or by an external entity. To combat such situations, the technology restricts access to individuals that have permissions listed in the databases, fueling the demand for the facial recognition market.

The potential threat of privacy invasion is a major factor hindering the growth of the facial recognition market. FindFace; for instance, is a software that was launched in Russia, which allowed users to photograph people in a crowd through their smartphones and reveal their identities with approximately 70% success rates. This can lead to the loss of anonymity and can inversely increase crime rates as the major portion of data is readily available. Many technologies are unable to identify features that are partially covered or disguised allowing criminals to conduct nefarious activities. However, to tackle this issue, companies operating in the facial recognition market, such as Google and IBM Corporation, are investing heavily in the development of intelligent systems by leveraging their deep learning-based and video analytics software.

An increasing number of retail and commercial businesses is anticipated to adopt these systems, driving the growth of the facial recognition market. For instance, in China, KFC in collaboration with Baidu is developing a technology to predict customer’s orders based on their age and mood. The companies are also developing their ‘Smile-To-Pay’ service that allows customers to process their payment by smiling at a 3D camera. Large organizations are utilizing biometric solutions to obtain the feedback of events, such as training programs, to gauge employee interest and receptivity to the training programs. The growing trend of smart cities and smart homes is generating massive demand for the facial recognition market to provide a better security to the inhabitants.

Facial recognition market is segmented based on end users as government and law enforcement, military, retail, BFSI, consumer, automotive, and others. The government and law enforcement segment of the facial recognition market is projected to experience a high growth during the forecast time span owing to the adoption of these technologies to prevent criminal activities. Law enforcement agencies, such as correctional facilities, utilize face identification technology to keep track of inmates and ex-convicts. These technologies also are finding increasing adoption in the consumer electronics segment owing to the high demand for security features; for instance, iPhone’s FaceID software and the Facebook feature to tag the user and user’s contacts from the user’s friend list in pictures.

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The segmentation of the facial recognition market is bifurcated into identification and verification, indicating that the identification segment will experience a significant growth as it aids users, such as airport authorities, to recognize terrorists from among a group of individuals. The verification segment of the facial recognition market will dominate over the forecast timespan as these are largely used by home and business owners to authenticate whether the person is allowed the permission for entry.

The industrial and retail sector in the Asia Pacific countries including China and India is anticipated to experience a high growth owing to which companies are increasingly adopting this software to control the access of their employees. Furthermore, governments of various economies have undertaken initiatives aiding in the growth of the facial recognition market. For instance, in July 2017, the Australian government had awarded a contract of USD 22.5 million for airports to Vision-Box. The U.S. facial recognition market is anticipated to dominate owing to the large-scale smartphone penetration and the need to provide security solutions.

Players operating in the facial recognition market include Aware, Inc., Cross Match Technologies, Inc., FaceFirst, Inc., 3M, Cognitec Systems GmbH, Ayonix, Safran Group, Animetrics, Inc., Daon, and others. The companies invest heavily in the development of new technologies to improve the existing software. For instance, in April 2017, NEC Corporation announced the launch of NC7000-3A, which is a data utilization platform software that leverages this technology in mobile devices and is anticipated to improve its position in the facial recognition market. 

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