Facial Recognition Market is Expected to Reach USD 8.93 Billion by 2022
The growing criminal attacks on public places such as airports, bus & railway station, multiplexes, and others has demanded for more secure safety solutions by people. Facial recognition is one of those highly secured safety solutions which is capable of identifying these critical social issues and can deliver the desired results. One of the popular facial recognition system installed at airport is SmartGate, an automated border processing system which permits self-processing passport check on the airport. Recently, on January 2017, Austrlian government has announced its goal to implement 90% automated biometric recognition system which consist of facial, Iris, and fingerprint checks, on their international airports to reduce human involvement by the end of 2020. At Paris airports, the face recognition software is been in the testing process these days in order to speed up the immigration process. After the terrorist attack occurred in 2015 and 2016, the country want to record every passenger detail passing the border control.
The growing interest of government in implementing facial recognition technology to reduce crime is developing interest in market players to invest in the technology and upgrade it for future thereby is expected to drive the facial recognition market globally.
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Government is the largest end-user of facial recognition globally due to growing need of surveillance in their respective region thereby reached USD 0.98 billion market value in 2016 and is expected to exhibit USD 3.37 billion market value by 2022 with 22.91 % CAGR. BFSI is second largest end-user of facial recognition as growing criminal activities, frauds, theft, and bank robberies is demanding high-end security solutions to be implemented in their respective premises. Retail industry on the other hand, is expected to be the fastest growing market with 23.86% CAGR during forecast period 2016-2022.
Geographically, North America is dominating the facial recognition market and holds approximately 56% share in the market in 2016 due to early adoption of face biometrics by U.S. & Canada government in order to reduce increasing crime rate in their respective region. Followed by Europe with 18% market share, Asia-Pacific (16%), and Middle East & Africa with 10% market share in 2016. Asia-Pacific is the fastest growing region in facial recognition market due to growing investment by government in the field of surveillance and security infrastructure thereby successfully occupied approximately 16% market in 2016.
The facial recognitoin Market is growing rapidly over 19.68% of CAGR and is expected to reach at USD ~8.93 Billion by the end of forecast period.
Key Players of Facial Recognition Market:
• Cognitec Systems GmbH
• Aware Inc.
• FaceFirst Inc.
• NEC Corporation
• DELL Technologies
• Daon Inc.
• Ayonix Corporation
• Kairos AR
• Key Lemon Ltd.
• Safran S.A.
• Fare clock
Facial Recognition Market Segmentation:
Facial Recognition is a biometric software application which identifies a person in a digital image by analyzing the face and comparing it with pre-loaded data. Facial recognition market is segmented on the basis of technology as 3D Facial Recognition, 2D Facial Recognition, Thermal imaging, Skin Texture. The increasing crime and terrorist attacks globally is demanding high surveillance & security solution to be implemented especially in the public places. The high accuracy and ability of identifying the suspect from large viewing angle are the major reason for adopting 3D face recognition system by law enforcement agencies, banking and commercial sectors on the large basis. 2D facial recognition technology on the other hand is showing steady growth during period 2016-2022.
The facial recognition technology is used widely and the facial recognition market is segmented based on service as consulting service and cloud-based service. Whereas, The facial recognition systems consist of two components as hardware and software. The hardware components could be listed as scanners, cameras, handheld devices, integrated devices and others. The software components consist of SDKs and APIs for facial recognition.
Market Research Analysis:
Regional analysis for Facial Recognition Market is studied in different geographic regions as Americas, Europe, Asia-Pacific and Rest of world. It has been observed that North America region would account for larger share in Facial Recognition Market. The study indicates that North America and Europe held a significant share in the global market on account of heavy applications in industrial manufacturing and healthcare sectors.
1 Executive Summary
2 Market Dynamics
2.1 Market Drivers
2.1.1 Increasing criminal activities at government and non-government sector demanding for facial recognition technology solutions
188.8.131.52 Increasing security measures at ATMs and other financial institutes
184.108.40.206 Increasing implementation of facial recognition system at airports and super-markets
220.127.116.11 High adoption of facial recognition by law enforcement agencies for better results in criminal investigations
2.2 Market Inhibitors
2.2. Technical limitation of the facial recognition system features dragging lack of accuracy in the results
2.2.2 Lack of awareness dragging security & privacy issues
2.3 Supply Chain Analysis
2.4 Porter’s Five Forces Analysis
3 Global Facial Recognition Market, By Technology
3.2 Market by Sub-segment
4 Global Facial Recognition Market, By Services
4.2 Market by Sub-segment
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