Facial Recognition Market is Predicted to Observe a Tremendous Growth, With a CAGR of 15.4% From 2021 To 2028: Grand View Research Inc.

San Francisco, 22 June 2021: The Report Facial Recognition Market Size, Share & Trends Analysis Report By Technology (2D, 3D, Facial Analytics), By Application (Access Control, Security & Surveillance), By End-use, By Region, And Segment Forecasts, 2021 – 2028

The global facial recognition market size is expected to reach USD 12.11 billion by 2028 according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 15.4% from 2021 to 2028. Facial recognition is a contactless biometric solution that is a critical factor contributing the market growth. Contactless solutions enable easy deployment in consumer devices. It is also effortless and convenient to use, further contributing to rising adoption. Apart from individual identities, the technology can gather demographic data on crowds; thus, increasing its usability. Such factors are anticipated to drive market growth.

Facial recognition is highly used for security and law enforcement applications, as it is led mainly by the need to combat terrorism and crime. For instance, in the U.S., 26 states permit law enforcement agencies to access facial recognition systems to perform searches against the databases of ID photos and driver’s licenses, to find drug dealers, bank robbers, amongst others who have left behind the images on social media platforms. Also, facial recognition CCTV systems are being used to improve performance in conducting public security missions, such as find missing children or adults, identifying and tracking criminals, and accelerating investigations. Furthermore, the trend of KYC (Know-Your-Customer) has undoubtedly boosted the growth of facial recognition in retail and marketing.

Facial recognition technology is being combined with the latest marketing advancements to improve customer experience. For instance, in April 2021, Sberbank, a Russian banking company, is expanding its footprints in food delivery, taxi services, cloud computing, and cybersecurity. For this, the company launched facial recognition payments known as face pay to make payments using at a glance pay option during checkout. Thus, offering a quick payment service compared to paying with cash or a payment card. Therefore, the market has a vast opportunity in different verticals, including security and surveillance, healthcare, retail, and transportation. For another instance, in June 2019, Ayonix Corporation launched its IP camera-embedded application, namely the AICam Platform. The application can execute high-performance face detection and matching. The company demonstrated this product at the annual security technology conference called ISC West.

3D recognition is a newly emerging trend in the market for facial recognition that aims to provide more accuracy and better authentication. 3D facial recognition uses the unique characteristics of an individual’s face, such as the face curves, the shape of the nose, the chin, to identify the individual. With the introduction of 3D facial recognition, identification has taken a step toward recognizing an individual’s face even if it is dark and can identify the person at different angles (up to 90 degrees). Although 2D face recognition has made significant progress over the years, its accuracy and authenticity are highly dependent on the conditions of light and individual poses. For instance, Ayonix Corporation (Japan) is a developer of 3D face recognition technologies. It uses an algorithm that converts 2D still images or videos into data, which is then analyzed to reconstruct faces in 3D form. It also has a patented 3D recognition engine that captures a facial image and identifies critical points at the eyes, nose, and mouth. Besides, it can identify age, gender, and person-specific features from the image and match them from the images stored in databases to generate a matching score between 0.0 and 0.1.

The Asia Pacific (APAC) region is estimated to project the highest growth rate in the market. This is due to the increased adoption of facial recognition technology in different verticals. For instance, in September 2019, NEC Corporation, Japan-based biometry solutions provider, announced a partnership with Seven Bank, Ltd., a Japanese Bank, to develop ATMs that incorporate facial recognition technology. In addition to facial recognition technology, other technologies used for the development of ATMs include Artificial Intelligence (AI), the Internet of Things (IoT), and QR codes. IoT and AI would help in detecting warning of component failures and predicting cash demand more accurately, which would further help in streamlining ATM operations.

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Facial Recognition Market Report Highlights

• End-use industries have started integrating facial recognition into their business processes to streamline their operations. Facial recognition technology is gaining momentum as it assists end-user organizations to become more efficient and result-oriented. The growing adoption of facial recognition is encouraging new entrants to venture into the marketplace by offering niche application-specific products and solutions
• In terms of technology, the 3D segment captured the largest revenue share in 2020. The technology is gaining popularity due to its attributes such as border protection and surveillance, which makes them particularly suitable for high-security areas such as airports
• The banking and financial services industry is one of the major verticals for the deployment of facial recognition technology as consumers are increasingly transitioning towards mobile banking. Financial institutions use facial-recognition software to provide an additional layer of security to mobile banking applications to authenticate users

List of Key Players in the Facial Recognition Market

• Aware, Inc.
• Ayonix Corporation
• Cognitec Systems GmbH
• FacePhi
• Fujitsu
• Gemalto NV
• IDEMIA
• NEC Corporation
• Onfido
• TECH5 SA

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Facial Recognition Market Research Report Analysis And Forecast: Grand View Research Inc.

Facial Recognition Market has seen a steady growth since the inception of technology and is expected to maintain the momentum of growth in the upcoming years. Recent rise in demand for the security enhancements, identification, tracking and law & order purposes, among others at public and private places is set to keep the growth potential up for the market.

Nitty-Gritties Of The Market

Facial Recognition technology has rocketed the efficiency of several systems and has proved its worth in multiple arenas. This resulted in increase in demand in Facial Recognition Market, for which it has many potent factors to thank.

Security Need Is An Important Factor

Rising security threats along with the need for identification in public and private places are one of the most important factors to have influenced the market on a large scale. With 1 in 5 violent crimes in USA taking place in public and open places, government has pushed the need for security enhancements and identification at public places. These enhancements are mostly dependent on the facial recognition technology. Also, face biometric systems are deployed at several airports for reducing the security threats, along with hassles for passengers and boost reduction in time as well. For example, in 2017, Thales was responsible for supplying the new automated control gates for the PARAFE system (Automated Fast Track Crossing at External Borders) at Roissy Charles de Gaulle airport in Paris.

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Policing and maintaining law and order in the cities have become easy with facial recognition technology. Face biometrics can be used in police checks, although some countries are against it. In 2016, the “man in the hat” responsible for the Brussels terror attacks was identified thanks to FBI facial recognition software. The South Wales Police implemented it at the UEFA Champions League Final in 2017.

Technological Enhancements Set To Boost The Growth

Several projects from technology behemoths like Google, Amazon, Facebook, Apple and Microsoft are vying for the top spot in the facial recognition arena. This has led to plethora of advancements such as, 3D recognition, Cloud-based services, Facial analytics among others. For example, Rekognition by amazon is being considered as a viable option for law enforcement agencies. It is able to recognize as many as 100 people in a single image and can perform face match against databases containing tens of millions of faces.

Dampeners – High Initial Cost Of Implementation & Privacy Threats

High initial cost of implementation of facial recognition technology becomes a dampener for the growth of market. Although recent technological advancements have resulted in the reduction of costs, there is still long way to traverse in reducing the cost. Along with it, threats related to privacy of the users being voiced around all over the world, has resulted in regulatory measures which provides hindrances to the market. Hong Kong being the prominent example for strict regulatory measures for the Automatic Facial Recognition.

Regional Crucial Developments

North America is estimated to be the key regional market over the forecast period owing to the wide use of this technology in the U.S. departments such as homeland security, justice, defense, etc.

Government initiatives such as UIDAI project in India and e-KTP project in Indonesia to generate electronic id generation of individuals are also expected to provide new opportunities for the facial recognition in Asia Pacific.

Market Players

Competition is intense in this market with several major players investing heavily to deploy advanced developments and boost growth. Market comprises companies including 3M Cogent, Animetrics Inc., Aurora Computer Services Ltd., Aware Inc., Ayonix Inc., NEC Corporation, Precise Biometrics, FaceFirst, and Nuance Communications, etc.