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  • Facial Recognition Market Size Forecast to Reach $47.28 Billion by 2026

    (I-SoftwareNews.Com, February 18, 2022 ) The market for Facial Recognition Market is forecast to reach $47.28 billion by 2026, growing at a CAGR of 7.9% from 2021 to 2026. The Facial Recognition Market is estimated to witness substantial growth over the forecast period primarily due to high adoption of facial recognition technology in various applications and increasing investment in facial recognition technologies by government and defense sector. Facial recognition technology is a type of thermal recognition biometric technology that is used for Identity verification services using their face. This technology leverages a connected or digital camera to detect faces in the captured images and then quantify the features of the image to match against the templates stored in the database. Facial recognition for human computer interaction is applied in different industries such as media and entertainment, automobile and transportation, and public bodies such as law enforcement agencies.

    Facial Recognition Market Segment Analysis – By Technology

    The market segment by technology type is classified into 2D, 3D and facial analytics. 3D segment is the leading segment with the highest revenue. 3D technology facial recognition systems encourage the deployment of these systems for public safety solutions, such as border protection and surveillance. 3D recognition systems are preferred over 2D systems in high-security spaces such as airports. 3D face recognition systems could accurately recognize human faces even under dim lights and with variant facial positions and expressions, in such conditions 2D face recognition systems would have immense difficulty to operate. 3D sensors reveal a new path for face recognition that could overcome the fundamental limitations of 2D technologies.

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    Facial Recognition Market Segment Analysis – By Application

    The market segment by core type into emotion recognition, attendance tracking and monitoring, access control, security and surveillance and others. The access control segment is the leading segment of all the segments in terms of revenue. Access control is a security technique that regulates who or what can view or use resources in a computing environment. Access control systems perform identification authentication and authorization of users and entities by evaluating required login credentials that can include passwords, personal identification numbers (PINs), biometric scans, security tokens or other authentication factors. Security and surveillance have its implementation in high-security areas as law enforcement agencies use security and surveillance to find and identify people or to uncover criminal faces.

    Facial Recognition Market Segment Analysis – By Geography

    Global Application Processor by Geography has been segmented into North America, Europe, APAC, South-America and RoW. APAC is projected to hold the largest share of 45% in the forecast period due to the growing number of investments in security and surveillance, due to high criminal activities, leads to increased public awareness. Owing to these factors, the market in witnessing growth opportunities in the region. This varied application of facial recognition technology across various countries is driving the facial recognition market in APAC.

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    Facial Recognition Market Drivers

    Increasing investments in facial recognition technologies by government driving the market growth

    Governments across the several countries are heavily investing significant amount of resources in order to adopt the advanced facial recognition technology as it provides high security and surveillance to prevent violent crimes, terrorist threats and human trafficking. United States and China are the leading adopters of facial recognition technology and China is the top exporter of facial recognition tools. Chinese government has invested hugely as Chinese government prioritizes public security, promotes the development of artificial intelligence and works to prevent the spread of covid-19. Leading facial recognition and surveillance companies including Hikivison, Dahua, iFlyTek, SenseTime, and most recently Jiadu Technology have been tapped to advance AI technologies with applications advancing facial recognition and surveillance as part of China’s “National AI Team”. This brings demand for facial recognition market.

    Covid-19 accelerating the shift to cashless payments

    The coronavirus pandemic is accelerating the trend toward a cashless economy as people limit their contact with one another. Cashless transactions help to curb corruption and flow of black money which consequently growing the nation’s economy. In 2020 China’s WeChat Pay introduced its “Frog Pro” device, which has a 3D depth-sensing camera that can scan customer’s faces to make payments. Such innovations and technologies from companies helps facial recognition market.

    Facial Recognition Market Challenges

    Lack of knowledge and awareness in technology posing the challenge

    Facial recognition is the high-end technology which is been highly adopted in developed countries in different sectors. The technical challenges faced in the process needs immediate attention in facial imaging approach which is posing a challenge as not many people are aware of technical issues. On the other hand, many organisations in the developing countries lack artificial intelligence skills and understanding the algorithms for governing a facial recognition system. An organization should have skilled workforce in order to deal with certain challenges as it is lacking in most part of world it has become a biggest challenge for the market growth.

    Facial Recognition Market Landscape

    Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Facial Recognition Market. The Facial Recognition Market is dominated by major companies such Aware Inc., Face Phi., NEC Corporation, IDIMIA, TECH5 SA, Onfido, Ayonix Corporation, Gelmalto NV, Cognitec Systems GmbH, Fujotsu

    Acquisitions/Technology Launches/Partnerships

    In April 2020, Microsoft Azure updated its facial recognition solution. The new version has a simplified User Interface (UI) and addresses customer feedback easily. It also helps devices to get faster and updated data, which can be sent quickly with improved IoT Central application workflow.

    In Jan 2021, Intel RealSense ID has launched as a facial recognition system that lets users unlock things with a glance. Intel RealSense ID combines an active depth sensor with a specialised neural network which is deliver secure, accurate and user-aware facial authentication.

    Key Takeaways

    Facial Recognition Market is estimated to witness substantial growth over the forecast period primarily due to increasing investments by governments and public bodies and rising usage in different applications.

    Technological advancements in payments and transactions have enhanced security protection thereby increasing demand for the market.

    Facial recognition payment is being implemented in different applications such as E-commerce, ATMs which increasing its demand.

    Asia-pacific is projected to hold the largest share of Facial Recognition Market during the forecast period due to growing number of investments in security and surveillance as high criminal activities is taking place which creates increased public awareness.

    Related Reports:

    A. Emotion Detection And Recognition Market

    B. Image Recognition Market

    For more Information and Communications Technology Market reports, please click here

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    Venkat Reddy

    (+1) 970-236-3677

    Source: EmailWire.Com


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