This research report provides analytical insights on the ‘global facial recognition market’. The market overview section of the report emphasizes on the market dynamics and trends, which include the drivers, restraints, and opportunities that influence the current nature and future growth of the market. The market estimates have been analyzed by keeping in mind the several factors, which affect the market including but not limited to technological, economic, social, environmental, and legal factors.
Facial recognition is a biometric technology used for the identification and authentication of people by capturing facial images using a camera and then comparing the captured images with an existing database. These systems perform identification of facial images on the basis of various facial features, such as distance between eyes, cheek bones, eye-brows, and others.
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Facial recognition technology is preferred over other biometric techniques such as iris, fingerprint, and voice recognition as it does not require physical contact with the apparatus and is, thus, non-intrusive. Moreover, the facial recognition technology is easily deployable using existing cameras and monitoring devices. However, the facial recognition systems face criticism due to privacy issues, such as data cloning and misuse of personal information. Technological advancements paved way for the introduction of efficient surveillance systems to monitor rising crime, frauds, and terrorist activities which, in turn, resulted in the rise in demand for facial recognition solutions. These applications include access control, intruder identification, and detection of gender, age, and ethnicity, among others.
The global facial recognition market is segmented on the basis of the type of technology into 2D facial recognition technology, 3D facial recognition technology, and facial analytics. The 2D technology deals with face recognition of an image based on its two-dimensional appearance. It is a widely used technology and has low cost of installation and operation compared to 3D technology. However, 2D technology fails in its operation if the facial image to be identified varies in light conditions, position, and facial expressions. 3D technology overcomes the drawbacks of 2D technology by analyzing a facial image in a three-dimensional view.
With the use of 3D technology, various drawbacks such as varying angles and environmental conditions can be overcome, which results in ensuring more accurate recognition of facial images. The 3D technology includes use of complex algorithms and High-Definition (HD) technology. Thus, with the growing technological advancements, the 3D facial recognition technology is expected to witness much faster adoption compared to the 2D facial recognition technology in the near future. Moreover, facial analytics is another emerging technology that deals exclusively with facial expressions. This technology is used for determining different attributes such as age, gender, and other facial characteristics. This technology is majorly used in the retail industry for better marketing of products, and is being increasingly used by the police for identification of criminals based on their changing facial expressions.
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All these product types find wide applications in sectors such as government and utilities, military, homeland security, retail, banking, financial services, insurance (BFSI), and others (digital signage, web, and mobile applications). Facial recognition systems are majorly used in the government sector and law enforcement agencies for security purposes. Furthermore, due to the rise in frauds in the BFSI sector, facial recognition systems are being increasingly used in this sector to ensure security and reduce crimes. Additionally, facial analytics systems are used in the retail industry to determine the age, gender, and facial expressions of the customers in order to target them for marketing suitable products of the concerned company. In terms of geographical distribution, the global facial recognition market has been classified into regions such as North America, Europe, Asia-Pacific, Middle East and Africa (MEA) and Latin America.
Major players have been profiled with focus on their competitive details such as company and financial overview, business strategies, and their recent developments. These players are focused on developing efficient technologies that will ensure better surveillance or monitoring of people. Some of the market participants profiled in this report include NEC Corporation, Morpho S.A.S. (Safran Group), Cognitec Systems Pty Ltd, Aware, Inc., Animetrics, Inc., Ayonix, Inc., Cross Match Technologies, Inc., 3M Cogent Inc., FaceFirst, Inc. (Airborne Biometrics Group Inc.), ZK Software, Inc., and Aurora Computer Services Ltd., among others. The report analyzes the global facial recognition market in terms of revenue (US$ Mn) for each segment for the period from 2012 to 2022, along with the CAGR for the forecast period from 2015 to 2022.