The global facial recognition market is estimated to grow with a CAGR of 14.41%, during the forecast period of 2019 to 2028. The key factors promoting the market growth include the growing need for surveillance systems to enhance safety and security, technological advancements in recognition systems, and rising adoption of facial recognition in consumer electronics division.
Facial recognition is characterized by a biometrics software technology used for individual authentication and identification. The process is implemented by comparing an individual’s facial features extracted from an image, which are then stored within a database. Several facial recognition systems integrated with cloud computing are gradually being initiated into the market because of technological innovations. Moreover, manufacturers have developed superior technologies, like, ’spin-off from terotechnology’ to deliver a cloud-based recognition and face detection service. Improvements in facial recognition software, like SDK, improve the precision and accuracy by recognizing distinct facial characteristics. Thus, the enhanced quality of products increases awareness among users, subsequently causing an increased and worldwide adoption of facial recognition biometrics.
On the other hand, consumers refrain from choosing facial recognition solutions, as governments across the world regulate data usage without their consent, which in turn restricts data storage. As a result, the rising data privacy apprehensions among consumers are expected to hamper the global facial recognition market growth.
The geographical segmentation of the global facial recognition market comprises Europe, the Asia Pacific, North America, and the rest of the world. Technical advancements in recognition systems and the thriving Artificial Intelligence (AI) sector, integrated with governments’ initiative to ensure the safety of masses across the Asia Pacific, are attributed to the region’s fastest-growing CAGR.
Vital competitive strategies implemented by market vendors include partnerships and acquisitions with industry participants and the introduction of innovative service and products. Moreover, the market comprises established companies that are also prevalent across the hardware and network infrastructure enterprises. Some of the renowned companies in the market are Cognitec Systems GmbH, FaceFirst Inc, Crossmatch, 3M, NEC Corporation, Nuance Communications Inc, etc.
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