The global facial recognition market size is anticipated to account for USD 9.93 billion by 2027, as per a new report by Million Insights. It is estimated that the market would register 14.5% CAGR over the forecast duration.
Facial recognition provides enhanced security; as a result, it is used in various applications including offices, law enforcement agencies and others. Ease and convenience associated with the use of this technology further make it popular among end-use industries. This technology not only provides individual identity but also provide demographic data on huge crowds.
Increasing adoption of facial recognition in offices for attendance is a major driving factor. Further, technological advancements in the field of facial recognition technology and the introduction of 3D recognition system along with cloud computing is supplementing the market growth. The rise in the usage of personal devices and the increasing trend for BYOD is also contributing to the growth of the facial recognition market.
Compared to conventional systems, facial recognition systems are more secured and less prone to security breaches. Improved security solution makes it suitable for banking applications. For example, Aware, Inc. announced in 2020 that its software solution named Knomi has been among top choices in the banking sector in Latin America. This system helps in providing an enhanced security solution for mobile application across the world.
Key players operating in the market are Gemalto NV, Precise Biometrics, NEC Corporation, TECH5, IDEMIA and NtechLab among others. These players are focusing on introducing advanced facial recognition solutions to consolidate their market position.
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Further key findings from the report suggest:
• Facial recognition solutions are easy to deploy and offer enhanced security solution, thereby, gaining traction across various end-use industries.
• Based on technology, facial analytics is projected to register over 20% CAGR from 2020 to 2027.
• Owing to the increasing adoption of various technologies, Asia Pacific is likely to register the highest growth over the forecast duration.
• The healthcare category is estimated to register the highest growth over the forecast duration.
Million Insights segmented the global facial recognition market report based on technology, application, end use and region:
Facial Recognition Technology Outlook (Revenue, USD Million, 2016 - 2027)
• Facial Analytics
Facial Recognition Application Outlook (Revenue, USD Million, 2016 - 2027)
• Emotion Recognition
• Attendance Tracking and Monitoring
• Access Control
• Security & Surveillance
Facial Recognition End-use Outlook (Revenue, USD Million, 2016 - 2027)
• Retail & E-commerce
• Media & Entertainment
• Automobile & Transportation
• Telecom & IT
Facial Recognition Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• Asia Pacific
• South America
• Middle East and Africa