Facial Recognition Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, May 7, 2020 /PRNewswire/ -- The global facial recognition market was valued at USD 4.4 billion in 2019, and it is projected to be valued at USD 10.9 billion by 2025, registering a CAGR of 17.6% over the forecast period, 2020-2025. Facial recognition has been gaining prominence in recent times, owing to its benefits over traditional surveillance techniques, like biometrics. Governments across the world have been investing significant resources in the facial recognition technology, among which, the United States and China are leading adopters.
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- There is a rising interest in multi-factor authentication, owing to increasing cyberattacks, terror attacks, and identity theft. The need to incorporate better security systems is encouraging organizations to implement safe multi-factor authentication solutions, like fingerprint sensors and facial recognition technology.?
- With technology giants, like Apple, offering facial recognition features in their latest releases, the applications of facial recognition have extended to retail and banking. Mastercard has been working on a facial recognition concept for online purchases, called Selfie Pay. Such innovations have been encouraging several investments in the market.
- The benefits of facial recognition are expanding quickly into several new end-user applications. For example, in the case of the healthcare industry and hospitality sector, facial recognition is, increasingly, gaining popularity. It can replace passwords or devices to enable quick access to medical records. The National Institutes of Health (NIH) published a new study that strengthened the hypothesis about the effectiveness of AiCure's medication adherence solution.
- Vendors in the market are expected to focus on increasing the accuracy of the technology, as numerous vendors in the market faced a backlash from both consumers and government bodies, due to technologies lagging in recognizing faces in certain scenarios. For instance, Amazon's facial recognition software, 'Rekognition', was accused of falsely identifying 28 members of the US Congress as people arrested for various crimes.
Key Market Trends
3D Facial Recognition is Expected to Hold a Highest Market Share
- 3D facial recognition technology is expected to hold a prominent share of the market, due to the increasing adoption of the technology in surveillance and smartphones. The advanced features and increased accuracy offered by the technology are driving the demand, and the technology is increasingly incorporated for authentication and access control. ?
- 3D facial recognition calculates face geometry in 3D with the help of invisible light of an infrared camera, delivering an optimal user experience that combines convenience, reliability, and comprehensive security. Presently, around 94% of smartphones feature fingerprint sensors, however, this is expected to drop to 90% by 2023, with technologies, like 3D facial recognition, becoming a standard approach to user authentication.
- The accuracy offered by 3D facial recognition is witnessing increasing adoption in applications that are critical and operate over sensitive data. Over the coming years, this technology is expected to be incorporated into authenticating payments. For instance, at NRF 2020, Wordline showcased the pay-with-your-face solution, which was jointly developed with OneVisage, incorporating 3D facial biometrics. ?
- The development in the 3D cameras market is also expected to bring advancement and new applications, for 3D facial recognition technology. For instance, the automotive industry is expected to observe significant adoption rates over the coming years, as vendors are focusing on adopting the technology not only as part of access control but also as safety systems that are part of ADAS systems. IDEMIA offers 3D facial recognition and video analytics as part of its access control solutions for the automotive industry.
Asia-Pacifc is Expected to Register the Highest Market Growth
- The Asia-Pacific is the most prominent region for the adoption of facial recognition, owing to factors, such as technological development, rising in infrastructure growth, and the increasing applications in numerous areas. Massive industrialization and the growing consumer electronics industry in the region highlight the exciting opportunities for the players in the market and the scope for significant growth.
- With an increasing urban population and a rise in purchasing power, Asia-Pacific is one of the largest markets for consumer biometrics. Increasing mobile transactions for banking in countries, such as India and China, coupled with initiatives by governments, are expected to be the major drivers for the facial recognition market in the region.?
- For instance, China is witnessing a high mobile transactional volume, which is expected to create a demand for biometrics.According to the China Internet Network Information Center (CNNIC), in 2018, around 583.4 million people used mobile payment transactions in the country, up from 527 million users in 2017.
- The ongoing COVID-19 pandemic, affecting more than 140 countries in the present day, has increased the importance of facial recognition payments. Telpo, in China, is pitching this recognition technology, as a method for a sanitary alternative to fingerprint scanners, and for identifying individuals without the risk of close contact.
Competitive Landscape
The competitive rivalry is not consolidated in this market, despite the presence of a few major players operating in the market, such as Aware and Gemalto, among others. With the number of startups in the study market growing at a substantial rate, the market is expected to witness a highly competitive scenario in the near future. Some of the key developments in the market are:
- Jan 2020 - Thales partnered with Docaposte to upgrade the security of the La Poste's Identité Numérique mobile app. Docaposte integrated Gemalto's two-factor mobile authentication technology into the Identité Numérique mobile app. This partnership may leverage the smooth expansion of the company in Europe.
- Nov 2019 - Panasonic Corporation announced the availability of an application programming interface (API) for its facial recognition technology to the market in Japan. Panasonic's facial recognition technology can accurately identify faces, even under difficult conditions that had previously presented challenges to facial recognition.
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