The global facial recognition market reached a value of US$ 5.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 15.6 Billion by 2027, exhibiting a CAGR of 21.2% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Facial recognition refers to a biometric technology for identifying faces and verifying the identity of an individual. Facial recognition software and systems use deep learning algorithms to capture, analyze and compare patterns, live captures or digital images to the stored faceprint repository to verify the identity. It eliminates the need for physical contact for verification, can be integrated with existing security infrastructure and offers an improved level of security. It also enables faster data processing and facilitates automated authentication. As a result, facial recognition finds extensive applications for homeland security, criminal investigations, identity management, intelligent signage and photo indexing and sorting.
The increasing incidences of cyberattacks, terrorist activities and identity thefts across the globe is one of the key factors driving the growth of the market. Furthermore, the widespread utilization of smart surveillance systems, such as multi-factor authentication systems, is stimulating the market growth. Facial recognition provides high-level security to public and private organizations through accurate identification of individuals for access control. This, in turn, is bolstering their demand across the corporate sector and commercial spaces. These systems are also used in the healthcare sector to replace passwords and provide healthcare providers a quick access to the patient’s medical records. Additionally, various technological advancements, such as the development of 3D recognition systems, are acting as other growth-inducing factors. 3D facial recognition systems can operate in the dark, recognize faces from multiple viewing angles and determine changes in facial characteristics, age and gender. Such advanced features are contributing to the increasing demand for efficient facial recognition solutions across various industry sectors. Other factors, including the utilization of mobile security devices, drones and cloud-based surveillance systems, along with extensive infrastructural developments, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global facial recognition market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, technology, application and end use industry.
Breakup by Component:
Breakup by Technology:
2D Facial Recognition
3D Facial Recognition
Breakup by Application:
Attendance Tracking and Monitoring
Security and Surveillance
Breakup by End Use Industry:
Retail and E-commerce
Government and Defense
Automotive and Transportation
Media and Entertainment
Telecom and IT
Breakup by Region:
Middle East and Africa
The report has also analysed the competitive landscape of the market with some of the key players being 3M Company, Animetrics Inc., Aware Inc., Ayonix Corp?oration, Cognitec Systems GmbH, Daon Inc., FaceFirst Inc., FacePhi Biometria, IDEMIA (Advent International), NEC Corporation, Safran Group and Thales Group.
Key questions answered in this report:
How has the global facial recognition market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global facial recognition market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the technology?
What is the breakup of the market based on the application?
What is the breakup of the market based on the end use industry?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global facial recognition market and who are the key players?
What is the degree of competition in the industry?