Facial Recognition Market Bwc20014

Facial Recognition Market Bwc20014

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Global Facial Recognition Market, by Component (Software tool (2D Facial Recognition, 3D Facial Recognition and Facial Analytics), Services (Training and Consulting, and Cloud-based Facial Recognition)), By Application (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement and Others), By End-Use (BFSI, Government and Defense, Retail and e-Commerce, Healthcare, Education, Automotive and Others) By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26

  • Published Date: April 2020
  • Report ID: BWC20014
  • Available Format: PDF
  • Page: 161

Report Overview

Global Facial Recognition Market Forecast and Trends

Facial recognition contributes to high-level security for public and private sectors. The significant rise in terrorist attacks on government establishments in recent years majorly pushes the companies and governments to perform facial recognition biometric. Moreover, increasing applications in physical security and intelligent signage and advancements in technology, such as cloud-based services and 3D-based recognition systems, improved the usage of facial recognition. Facial expression plays an important role in the cognition of human emotions. The major purpose of facial expression recognition (FER) is to introduce a natural way of communication in man-machine interaction. The FER is the base of affective computing as it is used to recognize the human expression effectively. Human facial expressions contain extremely abundant information about humans and play a crucial role in high-level security. However, increasing sensitivity to shared personal data, lack of accuracy, and high implementation cost limit the expansion of the market in certain regions. Technically advanced facial recognition systems with different applications in mobile security and drones are likely to create greater opportunities in the future.

Global Facial Recognition Market: Overview

Facial recognition biometrics can be used to enhance the security of our both public as well as private lives, others fear what the future holds if their use becomes ubiquitous. This process would further disclose identity information (owing to the distinctive, unique nature of biometric data).

Face-based soft-biometrics systems extract, store, and compare person-specific templates containing attributes of the face or that the face expresses. These include physical features (large nose, goatee, scar, and so on), medical or behavioral markers (for example, paralysis from a stroke or the moon face produced by Cushing’s syndrome), or elements that describe the face’s position in the image from which the attributes were extracted. Although face-based soft biometrics could be a useful tool for, among other things, automated gender identification and age estimation in numerous consumer, business, and government applications, civil libertarians have raised concerns about their potential misuse in conjunction with enhanced face recognition technology.

Growth Drivers

Rising demand for surveillance and security

The significant rise in the number of terrorist attacks on government organizations and the commercial area in recent years propels the companies and governments to execute robust physical security strategies. Furthermore, this advanced technology is anticipated to witness high adoption in intelligent signage applications on account of growing concerns of security and the use of marketing strategies to analyze the customers based on their gender, age, and other facial attributes. Over a period, physical security and intelligent signage are expected to propel the demand for facial recognition technology.

Global Facial Recognition Market: Product Type

Based on product type, the global Facial Recognition market segmented into Software tool and Services. Software tool segment is expected to grow at a high CAGR during the forecast period due to the various advanced technologies are emerging like 3D, 2D facial recognition which is expected to propel the market growth.

Global Facial Recognition Market: End-use

Based on the End-Use, the global Facial Recognition market segmented into BFSI, Government and Defense, Retail and e-Commerce, Healthcare, Education, Automotive and Others.

Government and defense segment is expected to grow at a high CAGR during the forecast period owing to advanced facial recognition are used to for security and surveillance of various established institutions. Facial analytics is an emerging biometric technology that examiners can use to contextualize images of people without encroaching on their privacy. A facial analysis system explicitly divorces the recognition component from attribute generation: it doesn’t attempt to identify individuals or confirm their identity but instead generates descriptive metadata about them based on their faces. This metadata includes elements like facial expressions, face pose or position, face shape, face age and sex, and other non-uniquely identifiable information. Facial analytics can add powerful capabilities to existing technology used to tackle big data.

Global Facial Recognition Market: Regional Insights

Based on region, the global Facial Recognition market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific (APAC) includes big emerging economies, such as China, India, Japan, Singapore, and South Korea. Due to high criminal activities, investments in security and surveillance are increasing in the region. Countries such as Japan, China, and Singapore, have already started using facial recognition across verticals, including government, healthcare, Banking, Financial Services, and Insurance (BFSI), defense. These countries are planning to expand their reach across places, including country and state borders, airports, and other developing nations have also started testing advanced facial recognition technology. Hence, APAC is expected to grow at a higher CAGR during the projected period in the global facial recognition market.

Competitive Landscape

The major players in the global Facial Recognition are NEC Corporation, Safran Group, Keylemon, Animetrics, 3M, Aware, Daon Inc, Cognitec Systems GmbH, Ayonix, and nViso. and other prominent players.

Recent Development

  • March, 2020: NEC Corporation (NEC) and Konica Minolta, Inc. (Konica Minolta) announced that they have agreed to collaborate as partners to promote digital transformation (DX) utilizing 5G in the fields of imaging IoT/AI technologies, working styles, healthcare, and manufacturing.

  • July, 2019: Cognitec is working with RDW, the Netherlands Vehicle Authority, to provide a digital application platform for the renewal of drivers’ licenses. The platform is now operational in 15 municipalities, growing to 30 municipalities during 2019, for almost 25% of Dutch residents. In 2020, the Ministry of Infrastructure and Water Management will evaluate the system to decide on a national service that eliminates the mandatory visit at the city hall for driver’s license renewal.

By Component

  • Software tool

  • 2D Facial Recognition

  • 3D Facial Recognition

  • Facial Analytics

  • Services

  • Training and Consulting

  • Cloud-based Facial Recognition

By Application

  • Emotion Recognition

  • Attendance Tracking and Monitoring

  • Access Control

  • Law Enforcement

  • Others

By End-use

  • BFSI

  • Government and Defense

  • Retail and e-Commerce

  • Healthcare

  • Education

  • Automotive

  • Others

By Region:  

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

The objective of the Study:

  • To analyze and forecast the global Facial Recognition Market size of the market in terms of value.

  • To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.

  • The Global Facial Recognition Market segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa and their leading countries.

  • To outline, categorized, and forecast the global Facial Recognition Market based on the component, application, and end-use.

  • To examine competitive developments like technological advancement, services, and regulative framework within the global Facial Recognition Market.

  • To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

  • To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

Market Segmentation

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