Facial recognition is a biometric technology used for authentication and identification of individuals by comparing the facial features from an image with the stored facial database. It is expected to witness robust growth during the forecast period owing to its increasing usage in both law enforcement and non-law enforcement applications. Moreover, facial recognition is widely preferred over other biometric technologies, such as voice recognition, skin texture recognition, iris recognition, and fingerprint scanning, due to its non-contact process and easy deployment (using cameras and existing monitoring devices). Currently, this technology is majorly used for security and marketing purpose. For instance, billboards have been designed with integrated software that are used to identify gender, age, and ethnicity to deliver targeted advertising.
Facial Recognition Market: Key Players
The research study includes profiles of leading companies operating in the global facial recognition market. Key players profiled in the report include: NEC, Aware, Gemalto, Ayonix, Idemia, Cognitec, nVviso SA, Daon, Stereovision Imaging & Techno Brain.
Drivers for the Global Facial Recognition Market:
The use of facial recognition provides high level of security in the private and the public sectors. In the recent years, there has been an increase in the terrorists attacks in the government organizations, thus the demand for the facial recognition is growing on a large scale. The factors that increased the use of the facial recognition is its increasing application in the intelligent signage and physical security, the technological advancements made such as 3D-based recognition systems and cloud-based services have huge implementations of the facial recognition. Thus, all these factors are responsible for the growth of the facial recognition market.
Opportunities for the Global Facial Recognition Market:
Increasing demand of facial recognition in smart devices, such as smartphones, laptops, tablets, and personal digital assistants, which are used for both personal and business purpose, presents various growth opportunities for the facial recognition market. Moreover, burgeoning number of drones in various commercial sectors, such as media & entertainment, inspection, and surveying, contribute to the demand of facial recognition. For instance, as per the Federation Aviation Administrator (FAA), around 30,000 drones are expected to be introduced by 2020. Therefore, these factors are expected to provide immense opportunity for the growth of facial recognition technology.
Restrains for the Global Facial Recognition Market:
The high implementation cost and low accuracy negatively affect the growth of the market. Costs such as maintenance and middleware costs also contribute to the implementation cost. However, few manufacturers, such as FaceFirst, Inc., have started using efficient algorithms, such as PCA, FFT, to improve accuracy and reduce the cost of facial recognition technology. Therefore, with the development in technology, lack of accuracy and high implementation cost of facial recognition technology are likely to reduce their impact. Thus all these factors are hindering the growth of the facial recognition market.
Region Wise, Global Facial Recognition Market Analysis:
Report covers the region wise analysis, global facial recognition market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global facial recognition market share followed by North America and Europe. While the Asia Pacific leads the global facial recognition market as the Asia Pacific (APAC) includes big developing economies, such as China, Japan, India, Singapore, and South Korea. Owing to high criminal activities, investments in security and surveillance are growing in the region. Countries, such as China, Japan, and Singapore, have already started implementing facial recognition across verticals, including Banking, Financial Services and Insurance (BFSI), healthcare, government, defense. These countries are planning to increase their reach across places, including airports, country and state borders, and other developing countries have also started testing the facial recognition technology. Hence, APAC is growing at a higher Rate that is boosting the facial recognition market.
Global Facial Recognition Market: Product analysis
- Software Tools
- Cloud-based Facial Recognition
Global Facial Recognition Market: Application analysis
- Government and Defence
- Retail and eCommerce
- Others (Manufacturing, Telecom, and Energy and Utilities)
Global Facial Recognition Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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