By Components (Hardware, Software Tools, Services), Applications (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement, Others), technology (middleware, modelling and restructuring, facial recognition software and SDK (Software Development Kit), databases, and analytics solutions)Verticals (BFSI, Government and Defence, Retail and e-commerce, Healthcare, Education, Automotive, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
Facial recognition market is expected to reach USD 15487.35 million by 2029 in the forecasted period of 2020-2029 with a substantial CAGR of 17.08%. The high adoption of IoT devices and rising need to assess the health of aging assets also propel the growth of the NDT Market and inspection market.
The key factor which is driving the market in the forecasted period is a technological improvement in non-destructive testing. In addition, the growing industrialization and urbanization trend and the fast IoT deployment fuel demand. The increasing complexity of NDT systems, however, will impede market growth. Nonetheless, potential convergence of new technologies will expand the demand in the coming years.
Facial recognition produces a "template” for the facial picture of the target and compares the prototype to representations of previously existing (known) facial images. The known photographs can be found in a number of places, including databases of the conductor's licenses, government IDs, mugshots or social media accounts such as Facebook. Software uses facial recognition technology
Facial recognition market Scope and Market Size
Facial recognition market has been segmented on the basis of components, applications, and verticals.
- On the basis of components, the Facial recognition market is segmented into hardware, software tools and services. Software tools segment is further segmented into 2D facial recognition, 3D facial recognition, and facial analytics and services are further segmented into training and consulting, cloud-based facial recognition. 3D facial recognition sub- segment are expected to hold the highest market share during the forecast period due to uses facial contours to identify and analyze the different features in the human face that are unique and do not change over time. The implementation of face recognition, especially in the IT services, payouts and trade sectors, is increasing with the development of 3D facial recognition software and services.
- Based on applications, facial recognition market is segmented into emotion recognition, attendance tracking and monitoring, access control, law enforcement, others.
- On the basis of technology the facial recognition market is segmented into middleware, modelling and restructuring, facial recognition software and SDK (Software Development Kit), databases, and analytics solutions.
- Basis of verticals, the Facial recognition market is segmented into BFSI, government and defence, retail and e-commerce, healthcare, education, automotive, others. Government and defense vertical to hold the highest market share during the forecast period. They started to invest more in facial recognition technology. The most common technology used for 3D facial recognition is for identification and verification of suspected criminals, intelligent and secure road patrolling, forensic videos, border control for terrorist activities, cross border surveillance, document verification, and identity management.
Country Level Analysis of Facial recognition market
- On the basis of region, the Facial recognition market is segmented into North America and South America, Asia Pacific, Europe and Middle East and Africa.
- Countries covered under North and South America region are Canada, Mexico, Brazil, Rest of Americas, along with Germany, France, United Kingdom, Italy, Spain, Rest of Europe covered under Europe region and Japan, China, India, Australia, Rest of Asia-Pacific covered under Asia-Pacific region.
- In the forecasted period, Asia Pacific grows at the highest CAGR. There are big emerging economies in the area, such as China, Japan, India, Singapore and South Korea. Investments in defense and monitoring in the area are growing due to high criminal activity. Countries such as China, Japan and Singapore, like banking, financial services and insurance (BFSI), education, governments and security, have already begun to introduce facial recognition across the vertical. Some countries intend to reach places like airports, nations and State borders and have begun development of facial recognition technology in other developing countries.
- The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands impact of sales channels are considered while provided forecast analysis of the country data.
Key Developments in the Market:
- In December 2019, Nets, a European digital payment firm, have conducted a facial recognition project in Denmark on payments for up to 1,000 employees. The system would require up to 1000 people at 25 companies in the Kokkenes Kokkens Cafeteria to link their faces with an ID card for their employees and to pay for their lunch. Company officials said face recognition offers a number of unique identity verification features similar to other biometric approaches.
- In November 2019, CaixaBank in Spain announced the launch of a payment system check for a Nestle Store, signalling the start of a facial recognition technology from a supermarket or retail store there according to a statement. The Payments System built by sponsors of the Visa, Samsung, CaixaBank, Global Payment Inc. and Arval Technology Hub enables customers to pay without the need of a vehicle or cash by using the biometric identification on their faces
Competitive Analysis and Facial recognition market Share Analysis:
Facial recognition market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of facial recognition market for Global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Facial recognition market competitive landscape provides details by competitors. Details included are company overview which includes Company focus, business segment, product categories, revenue generated, and global presence. Facial recognition market report also provides information on recent financials and R&D expenditures over the years from 2020 to 2029.
Key Market Competitors:
Few of the major competitors currently working in the facial recognition market are 3M, Techno Brain., Cognitec Systems GmbH, Aware, Inc., KeyLemon Ind., Neurotechnology, Alphabet Inc, Gemalto NV, IDEMIA, Ayonix Corporation, NVISO SA., NEC Corporation, HID Global Corporation, FaceFirst, Xid Techonologies., Hi-Tech Facial Recognition and many others.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved