Facial Recognition Market Size to reach US$ 20.5 billion by 2031: TMR Study

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Jul 17, 2022, 20:30 ET

Adoption of facial recognition biometrics in multiple industries rising on back of use of technology for enhancing customer experiences; widespread adoption of facial recognition on smartphones driven by better user experience and security
Massive applications of facial recognition to reinforce enormous opportunities in North America and Europe; adoption of AI technology and 3D expanding avenues

WILMINGTON, Del., July 17, 2022 /PRNewswire/ -- Numerous companies using facial recognition solutions seek novel technologies for advanced surveillance and security, supported through increasing deployment of cameras and monitoring devices. Businesses in the BFSI, retail, and education are increasingly adopting facial recognition for boosting customer experience, generating massive lucrative opportunities, notes the study on the facial recognition market. The market is projected to advance at CAGR of 16.8% from 2022 to 2031.

Technological advancements have resulted in widening preference of facial recognition over other types of biometrics. Particularly the demand has risen in monitoring criminal activities and terrorist incidents, thus expanding facial recognition global market size. Various types of facial recognition systems aim at improving user experience in digital identity verification system. Recent facial recognition trends have witnessed innovative applications emerging. A case in point is the use of the technology for real-time emotional recognition for patients in healthcare sector.

Rising penetration of electronic medical record (EMR) in life-sciences industries and healthcare organizations has helped augment facial recognition market share in biometrics. In recent years, the proposition of contactless biometrics has opened up value-grab opportunity for players in the facial recognition market.

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Key Findings of Facial Recognition Market Study

Demand in Healthcare Sector to Propel Abundant Avenues: The analysts of the study have found rise in utilization of facial recognition in the healthcare industry for multiple applications. It is extensively used to improve the security of patient health information and employee access security, thus generating substantial profitable avenues in facial recognition market. The popularity of facial recognition pivot on the growing preference of contactless biometrics. The demand for facial recognition is expected to grow in e-health, given their role in improving clinical decision making.
Use of Digital Identity Verification Especially in BFSI Sector to Underpins Vast Avenues: Increasing trend of digitalization of processes in the BFSI industry has catalyzed the deployment of facial recognition systems. The technology has grown in use for digital identity verification of customers, and eventually enhancing customer experience by offering quick, convenient, and reliable financial services. The retail industry has also witnessed rise in application of facial recognition technology, leading to uptick in sales in the facial recognition market.
R&D into New Biometric Modalities to Open up New Frontiers: The past few years have witnessed extensive R&D on contactless biometrics for corporate sector. The utilization has risen in employee and visitor verification. New modalities integrated with artificial intelligence will expand the canvas for players in facial recognition market.

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Facial Recognition Market: Key Drivers

Increasing shift from traditional user identification and authentication toward advanced biometrics is a key factor pivoting evolution of facial recognition market. Firms offering security solutions to law enforcement agencies are leaning on cutting-edge facial recognition technology with the help of AI and 3D algorithms.
Rise in demand for convenient and quick contactless payments has spurred R&D in facial recognition market

Facial Recognition Market: Regional Growth Dynamics

North America and Europe have witnessed substantial revenue growth over the past few years. North America held a major share amounting to 29.9% in 2021. Rise in demand for facial recognition technology for preventing terrorist and criminal activities in North America will contribute sizable revenues during the forecast period.
Asia Pacific is a lucrative facial recognition market. The regional market is forecast to expand at CAGR of 18.6% during 2022–2031. Abundant demands for security solutions in aviation industries and border protection underpin vast revenue potential. India, South Korea, and China are prominent country markets in Asia Pacific.

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Facial Recognition Market: Key Players

A high degree of fragmentation characterizes the competitive dynamics of the facial recognition market. Some of the key players are:

Cross Match Technologies, Inc.
Cognitec Systems GmbH
Ayonix Corporation
Aware, Inc.
Animetrics, Inc.
3M Cogent, Inc.

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Facial Recognition Market Segmentation

By Component

Software/Tools
2D Facial Recognition
3D Facial Recognition
Facial Analytics
Services
Training and Consulting
Support & Maintenance

By Application

Law Enforcement
Access Control
Emotion Recognition
Attendance Tracking and Monitoring
Others

By End-user

Banking, Financial Services and Insurance
Retail and E-commerce
Healthcare
Education
Automotive
Others (Government and Defense, Transportation)

Regions Covered

North America
Europe
Asia Pacific
Middle East & Africa (MEA)
South America

Countries Covered

U.S.
Canada
Mexico
Germany
U.K.
France
Spain
Italy
Japan
China
India
ASEAN
Saudi Arabia
United Arab Emirates
South Africa
Brazil
Argentina

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