Facial Recognition Market Size to Reach USD 9.99 Billion by 2025 | Valuates Reports

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BANGALORE, India, June 8, 2020 /PRNewswire/ -- Facial recognition systems are built upon computer programs that analyze images of human faces by comparing patterns based on the person's facial details. Unlike many other biometric systems, facial recognition in combination with public video cameras can be used for general surveillance, and it can be used in a passive manner that does not require the subject's knowledge, consent, or participation.

Global Facial Recognition Market size was USD 3.54 Billion in 2019, and it is expected to reach USD 9.99 Billion by 2025, at a CAGR of 18.84%.

Increasing terrorism and crime rates have resulted in wider technology adoption in the security and surveillance sector, resulting in high market growth rates. By incorporating the facial recognition technology into the video surveillance network, the security agents can track offenders walking on streets with the aid of powerful tracking instruments. The technology also helps to easily detect and prevent crime, and thus drives its adoption.

This report covers a chapter on COVID-19 impacts in the Facial Recognition Market.

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TRENDS INFLUENCING THE FACIAL RECOGNITION MARKET SIZE

• Increasing the technology's adoption across different applications is driving the growth of Facial Recognition Market size. Border authorities, especially at airports, use the technology in security to verify the traveler's identity. The law enforcement agencies also use facial-recognition software to search faces caught in the CCTV to identify the person they are investigating.
• Another application is in smartphones, where the technology has gained prominent adoption. The software finds applications in smartphones in unlocking the phone, signing into mobile apps, and verifying payments. The growing penetration of smartphones is, in turn, expected to fuel the growth of Facial Recognition Market size. Technically advanced facial recognition systems with application drones are likely to create greater opportunities in the future.
• Increasing awareness of the features of facial recognition technologies among enterprises is a major factor expected to drive the growth of global facial recognition market size.
• Additionally, the increasing need for a more secure biometric system and the increasing demand for a facial recognition system are other major factors expected to boost the facial recognition market growth during the forecast period.
• Growing sensitivity toward shared personal data, lack of accuracy, and high cost of implementation impede market expansion in some regions.

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FACIAL RECOGNITION MARKET SHARE ANALYSIS

• The 3D facial recognition segment is expected to hold the highest market share among the software tools during the forecast period. 3D facial recognition makes use of facial contours to define and evaluate various aspects of the human face, all identical and unchanging over time. In addition, it has advantages over 2D facial recognition, such as ease in detecting facial data from videos and 2D images and being least affected by lighting problems.
• In terms of region, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific (APAC) includes large developing economies like China, Japan, India, Singapore, South Korea, and others. Investments in security and surveillance are growing in the region due to high criminal activity. Furthermore, Massive industrialization and the region's growing consumer electronics industry highlight the exciting market opportunities for players and the potential for significant growth. All these factors are expected to fuel the region's Facial Recognition Market Share.

FACE RECOGNITION MARKET, BY GEOGRAPHY

• Americas
• Canada
• Mexico
• United States
• Asia-Pacific
• China
• India
• Japan
• Europe, Middle East & Africa
• France
• Germany
• United Kingdom

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FACIAL RECOGNITION MARKET SEGMENTS

FACE RECOGNITION MARKET, BY SERVICES

• Cloud-based Facial Recognition Services
• Training and Consulting Services

FACE RECOGNITION MARKET, BY TECHNOLOGY

• 2D Facial Recognition
• 3D Facial Recognition
• Facial Analytics Recognition

FACE RECOGNITION MARKET, BY VERTICAL

• Automotive
• BFSI
• Education
• Energy and Utilities
• Government and Defense
• Healthcare
• Manufacturing
• Retail and e-Commerce
• Telecom

FACE RECOGNITION MARKET, BY APPLICATION

• Access Control
• Attendance Tracking and Monitoring
• Emotion Recognition
• Law Enforcement
• Robotics
• e-Learning

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VIEW SIMILAR REPORTS

• Facial Recognition Device Market Report

The Face Recognition Device market was valued at USD 1077.8 Million in 2019 and is projected to reach USD 3372.4 Million by 2026, at a CAGR of 17.5% during the forecast period.

China is the largest Facial Recognition Device consumer, accounting for 29.29% in 2017, and will reach 44.59% in 2023, with a CAGR of 29.53% during 2018-2023. This dominance of China in the Face Recognition Device Market is due to the introduction of "A Next-Generation Artificial Intelligence Development Plan."

The Facial Recognition Device Market is dominated by large corporations. The top three manufacturers had a 20.37% Face Recognition Device revenue market share in 2017. The Chinese giant Cloudwalk has 12.88% of the market share in 2017, is the leader in the Facial Recognition Device market. The manufacturers following Cloudwalk are Aurora, which has a Facial Recognition Device market share of 4.18% and Insigma Group, which accounts for 3.31% market share globally. 

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• Facial Recognition Systems Market Report

In 2019, the global Face Recognition Systems market size was USD 685.8 Million and it is expected to reach USD 1648.8 Million by the end of 2026, with a CAGR of 13.2% during 2021-2026.

A facial recognition system is a computer application that can identify or verify a person from a digital image or a video frame from a source. One way to do this is to compare selected facial features from the image with a facial database. 

In 2016, the 2D facial recognition technology segment contributed a significant share of revenue (about 59.67 percent) on the global market. This is because 2D facial recognition technology is implemented and accepted in surveillance, largely due to its low cost and simple deployment using existing cameras. Compared to 2D technology, the market for 3D facial recognition technology, which offers better and precise results, is expected to record steady growth.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-L341/global-face-recognition-systems 

• COVID-19 Impact on Facial Recognition Biometrics in Consumer Electronics Market Report:

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-1Q306/covid-19-impact-on-facial-recognition-biometrics-in-consumer-electronics 

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• 3D Facial Recognition Systems Market

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• Application of Facial Recognition Technology in the Financial Services Industry

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