Facial Recognition Market was accounted at USD 3,123 Million in 2019 and is expected to grow at a CAGR of 16.7% during forecast period.

The facial recognition system refers to the technology which helps in identifying or verifying a person from a digital image or a video frame. It helps in capturing face images without any physical interaction with the respective person. The facial recognition system uses biometrics to map the facial features of a person from a photograph or video. This system is gaining popularity around the world and is widely used in numerous sectors such as banking and financial services, retail and e-commerce, healthcare, education, automotive, and many other industries. The facial recognition market involves numerous application areas such as emotion recognition, attendance tracking, access control, and others.

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One of the major factor which is responsible for the growth of the global facial recognition market is the increasing technological advancement across different industry verticals at the global level. The private and public sector are mainly focusing on enhancing their high level of security, which will have a positive impact on the growing demand of the market. In addition to this, the rising number of incidences of terrorist attacks in various government organizations will further encourage them to opt for surveillance systems to improve their level of safety and security. The facial recognition system is highly cost-effective and can easily capture an image from a distance. The continuous technological advancement in these systems, such as 3D-based recognition systems and cloud-based services, will bring innumerable growth opportunities in the market. The growing trend of facial locks in the smartphones and increasing penetration of smart devices will strengthen the market growth in the coming years. Drones have been increasingly used in the commercial sectors, such as media& & entertainment, inspection, and surveying, thereby complementing the market growth. On the other hand, the lack of accuracy, rising sensitivity towards shared personal data, and the high cost of implementation of facial recognition system are some of the key factors which will have a negative impact on the market.

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Based on the component, the market is segmented into software tools and services. The software tools segment is projected to lead the market during the forecast period owing to the increasing adoption of 3D facial recognition solutions across the globe. The 3D facial recognition offers exceptional benefits as compared to the 2D facial recognition, such as easy detection of facial data from a photograph or a video. Apart from this, with the continuous development in the facial recognition software tools, various industry verticals, including healthcare IT solutions, payments, and commerce sector, have increasingly implemented the 3D facial recognition solution.

Based on the Verticals, the market is segmented into Banking, Financial Services and Insurance, Government and Defense, Retail and eCommerce, Healthcare, Education, Automotive, and Others. The Government and defense segment is expected to grow at a higher CAGR over the forecast period. Several governments across the globe have started implementing 3D facial recognition technology for identifying suspected criminals, providing smarter highway patrolling, cross-border controlling from terrorist activities, documentation, and other legal activities.

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Based on the region, the Asia Pacific region is anticipated to lead the market during the forecast period owing to the rapid increase in the number of criminal activities, especially in China, Japan, India, Singapore, and South Korea. Various asian countries are implementing the facial recognition solution in banking and financial services and Insurance, healthcare, and defense sector to improve their efficiency. In addition to this, the increasing penetration of smart devices, such as laptops, iPad, smartphones, and other devices, will further drive growth in the market of the region.

Various notable players in the facial recognition market include NEC Corporation, Aware, Inc., Gemalto NV, Ayonix Corporation, IDMEA, Cognitec Systems GmbH, Daon Inc., NVISO SA, StereoVision Imaging, Inc., and Techno Brain Group, among others.

Key Developments:

• • In 2020, NEC Corporation partnered with the software developer in New Zealand to develop NEC iQuarantine, a facial recognition mobile app that will provide health and location updates to people staying at remote locations.
  • In 2019, Aware, Inc. launched its automated biometric identification system (ABIS). This software will help bring rich web services, easy configured workflows, unlimited data access, and support for the user’s choice of algorithms.
  • In 2019, IDEMIA announced the launch of its video analytics Application Area, Augmented Vision. This Application Area will support the security officers in identifying person of interest in real-time.

The global Facial Recognition market has been segmented on the basis of Component, Application Area, Vertical, and Region. Based on component, the market is segmented into Software Tools and Services. Based on Software Tools, the market is segmented into 2D Recognition, 3D Recognition, and Facial Analytics. Based on Services, the market is segmented into Training and Consulting and Cloud-based Facial Recognition. Based on Application Area, the market is segmented into 2D Recognition, 3D Recognition, and Facial Analytics. Based on vertical, the market is segmented into Banking, Financial Services and Insurance, Government & Defense, Retail & eCommerce, Healthcare, Education, Automotive, and Others.

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Key questions answered in this research report:

• • At what pace is global Facial Recognition market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Facial Recognition market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Facial Recognition market?
  • Which component generated maximum revenues in 2019 and identify the most promising component during the forecast period?
  • What are the various Application Area areas of global Facial Recognition market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 3,123 Million
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Component, By Application Area, By Vertical, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	NEC Corporation, Aware, Inc., Gemalto NV, Ayonix Corporation, IDMEA, Cognitec Systems GmbH, Daon Inc., NVISO SA, StereoVision Imaging, Inc., and Techno Brain Group; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Facial Recognition Market by Component

• • Software Tools
    • 2D Facial Recognition
    • 3D Facial Recognition
    • Facial Analytics
  • Services
    • Training and Consulting
    • Cloud-based Facial Recognition

Global Facial Recognition Market by Application Area

• • Emotion Recognition
  • Attendance Tracking & Monitoring
  • Access Control
  • Law Enforcement
  • Others

Global Facial Recognition Market by Vertical

• • BFSI
  • Government & Defense
  • Retail & eCommerce
  • Healthcare
  • Education
  • Automotive
  • Others

Global Facial Recognition Market by Region

• • North America Facial Recognition Market
    (Option 1: As a part of the free 25% customization)
    • North America Market by Component
    • North America Market by Application Area
    • North America Market by Vertical
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Facial Recognition Market
    (Option 2: As a part of the free 25% customization)
    • Europe Market by Component
    • Europe Market by Application Area
    • Europe Market by Vertical
    • United Kingdom (UK) Market All-Up
    • Germany All-Up Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Facial Recognition Market
    (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Component
    • Asia-Pacific Market by Application Area
    • Asia-Pacific Market by Vertical
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Facial Recognition Market
    (Option 4: As a part of the free 25% customization)
    • RoW Market by Component
    • RoW Market by Application Area
    • RoW Market by Vertical
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Facial Recognition Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • NEC Corporation
  • Aware, Inc.
  • Gemalto NV
  • Ayonix Corporation
  • IDMEA
  • Cognitec Systems GmbH
  • Daon Inc.
  • NVISO SA
  • StereoVision Imaging, Inc.
  • Techno Brain Group