Facial Recognition Market Will Grow at a Healthy CAGR by 2024 Profiling Aware, Inc., 3M, Cognitec Systems, Safran, Daon

Facial Recognition Market 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.

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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.

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.

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.

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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.

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. The U.S. facial recognition market is anticipated to dominate owing to the large-scale smartphone penetration and the need to provide security solutions.

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Players operating in the facial recognition market include Aware, Inc., CROSS MATCH TECHNOLOGIES LIMITED, FaceFirst, Inc., 3M, Cognitec Systems, Ayonix, Safran, Wild Face, Daon, and others.

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