SELBYVILLE, Del., July 5, 2020 /PRNewswire/ -- According to the latest report "Facial Recognition Market by Component (Software [2D Facial Recognition, 3D Facial Recognition, Facial Analytics], Service), Application (Criminal Investigation, Homeland Security, ID Management, Attendance Tracking & Monitoring, Intelligent Signage, Photo Indexing & Sorting, Physical Security), End-Use (Aerospace & Defense, Automotive, BFSI, Education, Retail & E-Commerce, Healthcare), Regional Outlook, Competitive Market Share & Forecast 2026", by Global Market Insights, Inc., the market valuation of facial recognition will cross $12 billion by 2026. Growing security concerns in public places will surge the demand for advanced identification and verification technologies to ensure public safety.
The demand for 3D facial recognition systems that offer enhanced accuracy compared to traditional 2D technology will drive market growth. 3D systems offer accurate results even in dim light conditions as they use facial parameters, such as the depth of the eyes or the shape of the nose & chin of the captured image, for comparison with the available database of images. 3D systems also ensure more accuracy while capturing images from videos. These systems can also track certain parameters, such as aging or changes in the skin texture, that 2D systems usually cannot track with precision. The technology is mainly used in document verification, cross-border monitoring, and identity management.
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Intelligent signage with facial recognition will gain traction as retailers are adopting smart marketing to gain customer insights and maximize profits. Interactive digital signage with facial recognition helps in the identification of customer demographics to display interactive, relevant, and personalized advertisements. It can also offer customized promotional offers to attract potential customers. Facial recognition-based digital signage measures the effectiveness in real-time and displays targeted advertisements.
The technology is gaining popularity in the healthcare sector for various applications. Facial identification with artificial intelligence capabilities can be used to track depressed patients from their facial expression analysis. It can be deployed in hospitals to identify regular patients, staff, and doctors and to separately categorize new patients. It is also deployed to track pain levels and manage chronic pain in patients to speed up diagnosis and treatment. As of February 2019, more than 30 hospitals in Beijing, China installed cameras with facial recognition technology.
The North America facial recognition market will observe significant traction from 2020 to 2026. The rising adoption of technology across various sectors, such as defense, homeland security, retail, BFSI, and healthcare, is driving the market demand. In October 2019, an international payment solution provider, SnapPay deployed a facial recognition payment technology for merchants in North America, enabling convenient payment solutions for consumers at retail outlets.
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Some major findings of the facial recognition market report are:
- Growing demand for facial recognition from several sectors is being witnessed for precise identification of individuals for access control to ensure security. Players are developing face identification software that can easily be integrated with the existing system for attendance monitoring and identity management.
- Implementation of the technology in surveillance & security applications is driving facial recognition market growth. Cameras integrated with facial recognition are deployed on streets on a massive scale to help law enforcement agencies identify criminals or blacklisted individuals.
- Face identification systems are adopted by large stadiums and public places, such as museums, to track unwanted intrusions at the entry point itself, thereby ensuring public safety
- 3D face recognition systems have gained traction as they offer enhanced precision over 2D systems. They ensure accurate identification by tracking parameters such as depth of the eye and shape of the nose. 2D systems cannot handle pose variations and lack accuracy while capturing an image from a video.
Table of Contents (ToC) of the report:
Chapter 3. Facial Recognition Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Impact of coronavirus (COVID-19) pandemic
3.3.1. Global outlook
3.3.2. Regional outlook
126.96.36.199. North America
188.8.131.52. Asia Pacific
184.108.40.206. Latin America
3.3.3. Industry value chain
220.127.116.11. Software providers
18.104.22.168. System integrators
3.3.4. Competitive landscape
22.214.171.124. Distribution network
126.96.36.199. Business growth
3.4. Industry ecosystem analysis
3.4.1. Component suppliers
3.4.2. Software developers
3.4.3. Technology & platform providers
3.4.4. System integrators
3.4.5. Managed service providers
3.4.6. Service providers
3.4.7. Distribution channel analysis
3.5. Technology & innovation landscape
3.5.1. AI & machine learning
3.5.2. Big data analytics
3.5.3. Cloud computing
3.6. Regulatory landscape
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.2. Pitfalls and challenges
3.8. Growth potential analysis
3.9. Porter's analysis
3.10. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Facial Recognition Market revenue to cross USD 12 Bn by 2026: GMI
The North America facial recognition market will observe significant traction from 2020 to 2026 due to rising adoption of technology across various sectors, such as defense, homeland security, retail, BFSI, and healthcare.
SOURCE Global Market Insights, Inc.