Facial Recognition Projected to Hit USD 18,412.5 Million at a 18.8% CAGR by 2030

Market Overview

According to the Facial Recognition Forecast, business chiefs suggest that the global market reach USD 17.35 Billion with a CAGR of 16.54% from 2016 to 2030.

Facial recognition technology is a biometric application used mainly for security and identification purposes in shopping malls and airports. Additionally, this technology is being used in smartphones for locking and unlocking features and signing in or paying with various mobile apps. It mainly works by capturing a picture of someone and applying face analytics combined with the available database.

As the outbreak of the covid-19 pandemic has impacted almost the entire world, the Facial Recognition is no exception. During the pandemic and its restrictions, the usage of this technology has been increased to address the consequences introduced by the covid-19. Law enforcement, followed by various other organizations, have opted for this technology solution to keep the spread in control. With healthcare systems worldwide, the system has also adopted the thermal camera check. The demand for facial recognition technology to track and monitor people's identity verification, security measures, movement, patient identification will be an increasing factor in many industries all across the globe.

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Key players operating in the global Facial Recognition include Cognitec Systems GmbH (Germany), Aware Inc. (US), Facefirst. All (US), NEC Corporation (NEC), Dell Inc.(US), Thales Digital Identity and Security (US), Daon, Inc (US), Ayonix Corporation (Japan), kairos AR, Inc (US), Key Lemon Ltd (Switzerland), Safran S.A (France), Face++ (China), Fareclock (US), Nuance Commuication, Inc (US), Google LLC (US), Intel Security Group (US), 3M Company (US), Advanced Micro Devices, Inc (US), Animetrics, Inc (US), Apple, Inc (US), AsusTek Computer Inc. (Taiwan), Allied Times USA Inc (US), and Lenovo Group Limited (China).

Market Segmentation:

The Facial Recognition Trends has been segmented based on the following:

By Component:

Based on the component segment of the market, it has:

Software
Hardware
Integrated Devices
Handheld Devices
Scanners
cameras

By Technology:

Based on technology, the market has:

Facial analytics
2D Facial Recognition
3D Facial Recognition

By End-User Industry:

Based on end-user industry, the market has:

Government
Healthcare
BFSI
Security and Law Enforcement
Retail and E-commerce
Telecom and IT
Automobile and transportation
Media and Entertainment
Others

By Application:

Based on application, the market has:

Access control
Emotion Recognition
Security Surveillance
Attendance Tracking and Monitoring
others

By Region:

Based on region, the market has:

Asia Pacific
North America
Latin America
Europe
Middle East Africa

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Regional Analysis:

Based on research, the APAC region is likely to see the ultimate Facial Recognition Growth during the forecast period, especially in China, Japan, India, Singapore, and South Korea, because of increasing public awareness. In this region, the criminal cases are increasing drastically. Therefore, the increasing number of investigations and security surveillance adopting the technology are driving the growth opportunity of the Facial Recognition. For instance, the Narita International Airport in Japan has been using face recognition technology to board a flight instead of a passport since spring 2020.

Some of the prominent market players are as follows:

NEC Corporation (Japan)
Cognitech System GmbH (Cognitech Systems) (Germany)
Aware, Inc (Aware) (US)
Ayonix Corporation (Ayonix) (Japan)
Neurotechnlogy (Lithuania)
Animetrics (US)
NVISO SA (nViso) (Switzerland)

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Industry News:

In April 2020, in the African region of Cape Town, the market giant Amazon expanded its business operations by setting up three availability zones. Developing the business operation in Africa is to increase cloud adoption in the African market.

In April 2020, Microsoft Azure had updated their facial recognition solution. The new version introduced can easily take customer feedback with its improved and simplified UI (User Interface). With the enhanced performance, the devices can collect faster the updated data.

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