Facial Recognition Market: More than Meets the Eye—An Overview of Facial Recognition and its Applications in Retail

Market Highlights

Facial recognition is a biometric technology used for authentication and identification of individuals by comparing the facial features from an image with the stored facial database. It is expected to witness robust growth during the forecast period owing to its increasing usage in both law enforcement and non-law enforcement applications. Moreover, facial recognition is widely preferred over other biometric technologies, such as voice recognition, skin texture recognition, iris recognition, and fingerprint scanning, due to its non-contact process and easy deployment (using cameras and existing monitoring devices). Currently, this technology is majorly used for security and marketing purpose. For instance, billboards have been designed with integrated software that are used to identify gender, age, and ethnicity to deliver targeted advertising.

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Market Outlook:

The facial recognition market holds a substantial scope for growth on the global horizon. The market, which is in its growth stage however, is expected to contribute significantly to the global market within the next 10 years. Facial recognition provides high-level security for public and private sectors. The significant increase in terrorist attacks on government organizations in recent years majorly drives the companies and governments to implement facial recognition biometric. Furthermore, increasing application in physical security and intelligent signage and technology advancements, such as cloud-based services and 3D-based recognition systems, increased the usage of facial recognition. However, increasing sensitivity toward shared personal data, lack of accuracy, and high implementation cost hinder the expansion of the market in certain regions. Technically advanced facial recognition systems with application in mobile security and drones are likely to create greater opportunities in the future.

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Top Industry Players:

The major players in global Facial Recognition market include Cognitec Systems GmbH, Griaule Biometrics, NEC Corporation, FaceFirst, ZKTeco, FST, Crossmatch Technologies, Smartmatic, Aware, Nok Nok Labs, MorphoTrak, 3M Cogent, Aurora, Global Biometric Solutions, KeyLemon Inc., Morpho (Safran), Fujitsu Limited, HID Global Corporation, Suprema HQ, Precise Biometrics AB, IrisGuard Incorporated, Smartmatic International Corporation, SecuGen Corporation., Nuance Communications, Inc., RCG Holdings Ltd., Hitachi, Ltd., ZK Technology LLC, AOptix Technologies Inc., Iris ID Systems Inc. and LexisNexis Group Incorporated.

Key Benefits

• This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global Facial Recognition market from 2018 to 2022 to identify the prevailing market opportunities.
• The key countries in all the majors regions are mapped based on their market share.
• Major countries in each region are mapped according to their revenue contribution to the global industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.
• The report includes in details the analysis of the regional as well as global market, key players, market segments, and application areas, and growth strategies.

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