At 18.1% CAGR, Facial Recognition Market Size Expected to Reach USD 11604.5 Million by 2027 Says Brandessence Market Research
09 Aug, 2021, 17:00 IST
Brandessence Market Research has published a new report title and lead analyst of the report said, "Facial Recognition Market extrapolated to grow from $ 3621.4 Million in 2020 to reach $ 11604.5 Million by 2027 at a Compound Annual Growth Rate (CAGR) of 18.1%".
PUNE, India, Aug. 9, 2021 /PRNewswire/ -- The COVID-19 pandemic has shown a positive impact on the growth of facial recognition market. During COVID-19 pandemic, growing concern for sanitation the majority of the organizations is switching toward facial recognition system as a sterile choice to control the spread of infection. The combination of artificial intelligence (AI), then again, is offering a successful solution by joining both facial recognition innovations alongside temperature detection. Moreover, with AI and infrared thermography, facial recognition frameworks are performing mask detection also. The interest for facial recognition systems has been expanded in both the private and government areas.
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Increasing importance of the surveillance industry, growing investment in facial recognition technologies by the government and defense sector and rising technological advancements across business verticals are some of the major driving factors contributing to the growth of Global Facial Recognition Market.
Facial recognition is a method of confirming or identifying a person's character utilizing their face. Facial recognition system can be utilized to distinguish individuals in photographs, recordings, or in real-time. Facial recognition is a classification of biometric security. Different types of biometric software incorporate fingerprint recognition, voice recognition, and eye retina or iris recognition. The innovation is generally utilized for security and law authorization; however there is an expanding interest in different spaces of utilization. Facial recognition frameworks make use of computer algorithms to choose out explicit, one of kind details a couple of individuals' face. Distance between eyes or state of the jaw, are then changed over into a numerical representation and compared with information on different faces gathered during a facial recognition database. Commonly, facial recognition doesn't depend on a gigantic data set of photographs to decide a person's personality, it basically identifies and remembers one individual as the sole proprietor of the device, while restricting admittance to other people.
Market share of facial recognition companies: Some of the key players for global facial recognition market are Safran SA, NEC Corporation, Gemalto, Cognitec Systems, Aware Inc., Daon Inc., FaceFirst Inc., Key Lemon Ltd., Ayonix Corporation, Face++ and others.
News: Hanvon Developed Facial Recognition that Works with Masks to Combat Coronavirus
On March 9th, 2020; Hanwang Technology developed a facial recognition system that can recognize individuals wearing masks. Facial recognition systems for surveillance and installments have been seriously impeded by the face mask which has gotten universally worn as assurance against the Covid flare-up in China. SenseTime claimed to have created facial biometric innovation that can identify individuals wearing face masks. The organization offers a solitary channel solution like for access control, and a multi-channel framework for networked observation cameras. The innovation can likewise be incorporated with a thermometer to identify fever.
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Global Facial Recognition Market Segmentation:
- 2D Recognition
- 3D Recognition
- Thermal Recognition
- Facial Recognition Software
- Media & Entertainment
- Retail & E-commerce
- Telecom & IT
- Automobile & Transportation
Increasing Importance of the Surveillance Industry, Growing Investment in Facial Recognition Technologies by the Government and Defense Sector and Rising Technological Advancement across Business Verticals Drive the Market Growth
The major factor drives the growth of global facial recognition market is increasing significance of the surveillance industry. The increasing adoption of advanced video surveillance frameworks like 360 security cameras, CCTV, open air PTZ cameras, thermal security cameras, and others by the end-user to improve safety and security are increasing the demand for face recognition. Video surveillance systems are significantly utilized in applications such as crime prevention, traffic management and industrial processes monitoring. The expanding interest for video surveillance systems at air terminals, homes, public travel vehicles, business workplaces, and stockrooms, among others is probably going to drive the market interest. For example; in January 2020, the public authority of Moscow has carried out live face recognition cameras to give security to the residents. These cameras are given by NtechLab Company to help the police force look for suspects on a live camera.
In addition, another major factor for the growth of global facial recognition market is growing investment in facial recognition technologies by the government and defense sector. Government associations are spending huge amounts on the deployment of these arrangements across various government applications, like military and defense, homeland security, and law enforcement. This has addressed various criminal examinations, accordingly working with different divisions. This has helped in the fast identification of offenders, accordingly solving various criminal examinations. For instance; as indicated by Comparitech, the quantity of CCTV cameras in China ranges from 200 million to 626 million by 2020. Facial recognition advances have been sent by means of country security, government and local law authorization offices, and other security organizations across the globe.
Furthermore, rising technological advancements across business verticals also drive the global facial recognition market. For instance; in April 2020, Microsoft Azure refreshed its facial recognition arrangement. The new version has an improved-on User Interface (UI) and addresses client feedback without any problem. It likewise helps gadgets with getting quicker and updated information, which can be sent rapidly with further developed IoT Central application work process. However, high implementation cost and lack of accuracy of facial recognition technology may hamper the global facial recognition market growth. In spite of that, increasing adoption of cloude-based facial recognition technology can provide various opportunities for the further growth of the global facial recognition market over the forecast period.
North America is Excepted to Dominate the Global Facial Recognition Market
North America is anticipated to dominate the global face recognition market due to increasing adoption of facial recognition technology in different departments such as motherland defense, justice, security, and rising infrastructural development and presence of key players. For example; MorphoTrust, an auxiliary of IDEMIA, is perhaps the most noticeable sellers of biometry items and services in the U.S. It has created facial recognition systems for state and government law requirement offices, state DMVs, state divisions, and air terminals. Rising infrastructural development also drive the market in this region. For instance; as indicated by the U.S. Office of Management and Budget and the Homeland Security Research Corporation, DHS Homeland Security subsidizing represents around 20-21 percent of all out U.S. Homeland Security Homeland Defense subsidizing, while generally 40% of the DHS spending finances civil, non-security programs like USCG search and rescue activities and customs capacities.
Asia-Pacific is predicted to be the fastest growing region over the forecast period due to wide use of face recognition technology, increasing adoption of surveillance technologies and rising government initiatives. For instance; in March 2020, India supported the deployment of its Automated Facial Recognition System (AFRS) the country over by mid 2021, permitting facial biometrics to be separated from video and CCTV which will be coordinated with the picture of people's photographs whose identity data are housed in a data set by the National Crime Records Bureau under the domain of the Minister of State for Home Affairs. As per Comparitech, in China, the quantity of CCTV cameras goes from 200 million to 626 million by 2020.
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