According to researchers, the Global Facial Recognition market is expected to grow from $4.05 billion in 2017 to reach $14.95 billion by 2026 with a CAGR of 15.6%.
Factors such as rising applications in various industry sectors, growing smart phone implementation and increasing instances of identity threats are fueling the market growth.
However, misinterpretation of faces or emotions and high initial costs are hindering the market growth. The major opportunities in the market are adoption of cloud-based technology solutions and increasing number of smart city projects across the world.
Facial recognition is a biometric technology capable of identifying or verifying a person by comparing the facial features from an image with the stored facial database. Moreover, facial recognition is widely preferred over other biometric technologies, such as voice recognition, skin texture recognition, iris recognition and fingerprint scanning due to its non-contact process and easy deployment.
Currently, this technology is majorly used for security and marketing purpose.
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By component, services segment is expected to have considerable growth in this market owing to the rising information among enterprises regarding the characteristics of facial recognition technologies and growing need for a more safe biometric system. However, 3D facial recognition technology segment has a significant growth in this market during the forecast period.
The 3D facial recognition technologies have a high potential to better accuracy, recognize, and authenticate the facial characteristics of individuals. The technologies are also used in application areas, such as cross-border monitoring, document verification, and identity management.
Based on geography, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Huge investments from the government sector toward security and surveillance infrastructure, improved public awareness, and the emergence of complicated technologies backed by analytics are some of the factors driving the market growth in this region.
Some of the key players in the Facial Recognition market include 3M Company, Techno Brain, Cognitec Systems, Aware, Keylemon, Herta Security , Neurotechnology, Animetrics, Gemalto, Idemia, NEC, Ayonix, Nviso, NEC Corporation, Cross Match, FaceFirst, Inc., Google and XiD Technologies .
-Facial Recognition Software and Sdk
-Modeling and Restructuring
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Use Cases Covered:
-Attendance Tracking and Monitoring
-Other Use Cases
-Photo Indexing and Sorting
End Users Covered:
-Other End Users
-Middle East & Africa
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