Pune, India, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global Facial Recognition Market size was worth USD 4.35 billion in 2019. It is projected to reach USD 12.92 billion by 2027, exhibiting a CAGR of 14.8% during the forecast period, 2020-2027. This is ascribable to factors such as increasing demand for advanced video surveillance systems and increasing adoption of modern technologies such as artificial intelligence (AI) and machine learning by manufacturers. Fortune Business Insights™ has published this information in its latest research report titled, “Facial Recognition Market Forecast, 2022-2027.”
KEY INDUSTRY DEVELOPMENTS:
Any Vision received an investment of around USD 235.0 million from Softbank Vision Fund. The investment would assist Any Vision to increase its face recognition product offerings and expand its geographical presence globally.
Cognatic launched Face VACS-Entry CS, a dedicated camera to capture ISO-compliant images. This camera is deployed for face biometrics identification across border crossing and entry product lines.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 14.8% |
| 2027 Value Projection | USD 12.92 Billion |
| Base Year | 2019 |
| Facial Recognition Market Size in 2019 | USD 4.35 Billion |
| Historical Data for | 2016 to 2018 |
| No. of Pages | 180 |
| Segments covered | Component, Technology, Application, End-User and Geography |
| Facial Recognition Market Growth Drivers | Increasing Demand for Advanced Video Surveillance Systems to Foster Growth |
COVID-19 to Propel the Demand for Contactless Biometrics Technology
The widespread effect of the novel coronavirus, COVID-19 has resulted in a complete standstill of the global economy across the globe. The ongoing lockdown across several regions has forced people to remain at the confines of their home space. The government agencies are advising the people to maintain social distancing and avoid direct contact with the people to curb the limit of the deadly pandemic. Taking this into consideration, the companies are supporting contactless biometric technology, while maintaining ample security and privacy. This development is effected to boost the demand for these systems amid the ensuing chaos across the globe in the forthcoming years.
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Driving Factors:
Increasing Demand for Advanced Video Surveillance Systems to Foster Growth
Advanced video surveillance systems consist of thermal security cameras, CCTV, 360 security cameras, and outdoor PTZ cameras, among others. These systems are designed efficiently to provide enhanced safety and security by using this technology when adopted by several companies. In addition to this, they are widely used by the investigation bureaus to prevent fraud and criminal activities. Besides this, they are adopted in several industrial processes such as traffic management, monitoring, and maintaining security. Increasing adoption of the advanced video surveillance system at airports, commercial offices, and warehouses is expected to bolster the global facial recognition market growth during the forecast period.
Regional Insights:
Increasing Adoption of Advanced Facial Recognition Solutions in North America to Favor Growth
Among all the regions, the market in North America is expected to witness exponential growth and register the highest global market revenue during the projected horizon. The market was worth USD 1.73 billion in 2019 and is anticipated to grow owing to the high demand for infrastructural growth and increasing adoption of this technology. On the other hand, the market in the Asia Pacific is likely to gain momentum in the forthcoming years. This is attributable to factors such as increasing mobile transactions that are propelling the need for effective biometric solutions technology. Additionally, countries such as China in the region are witnessing tremendous growth in the rate of mobile transactions that will favor market growth.
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Competitive Landscape:
NEC Corporation Launches New Facial Biometric System
In May 2020, NEC Corporation, a Japan-based information technology solutions provider, announced the launch of a dual face biometric and fever detection system, NeoFace Thermal Express. According to the company, the ongoing global pandemic has propelled them to provide safety and security for its employees and the system is designed in a way that it provides contactless access control to several applications, while rendering a touch-less experience. Adoption of strategies such as the introduction of novel products, merger and acquisition, and collaboration by the companies to gain a major share of the global facial recognition market is anticipated to bode well for growth during the forecast period.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments as well as several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreaks across industries to help you prepare for the future.
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Top key players in Facial Recognition Market:
- NEC Corporation
- FaceFirst, Inc.
- IntelliVision
- Polaris Sensor Technologies, Inc.
- Aware, Inc.
- Ayonix Corporation
- Cognitec Systems GmbH
- Herta Security
- Thales Group
- Animetrics
- Daon
- ID3 Technologies
- Idemia
Major Table of Contents:
- Global Facial Recognition Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size and Forecast – By Component
- Solution
- Services
- Market Size and Forecast – By Technology
- 2D Facial Recognition
- 3D Facial Recognition
- Thermal Face Recognition
- Skin Texture Analysis
- Others
- Market Size and Forecast – By Application
- Face Identification
- Access Control
- Security & Surveillance
- Others
- Market Size and Forecast – By Industry
- BFSI
- Healthcare
- Government & Defense
- IT and Telecom
- Retail and Ecommerce
- Automobile & Transportation
- Others
- Market Size and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- North America Facial Recognition Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size and Forecast – By Component
- Solution
- Services
- Market Size and Forecast – By Technology
- 2D Facial Recognition
- 3D Facial Recognition
- Thermal Face Recognition
- Skin Texture Analysis
- Others
- Market Size and Forecast – By Application
- Face Identification
- Access Control
- Security & Surveillance
- Others
- Market Size and Forecast – By Industry
- BFSI
- Healthcare
- Government & Defense
- IT and Telecom
- Retail and Ecommerce
- Automobile & Transportation
- Others
- Market Size and Forecast – By Country
- United States
- Canada
- Europe Facial Recognition Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size and Forecast – By Component
- Solution
- Services
- Market Size and Forecast – By Technology
- 2D Facial Recognition
- 3D Facial Recognition
- Thermal Face Recognition
- Skin Texture Analysis
- Others
- Market Size and Forecast – By Application
- Face Identification
- Access Control
- Security & Surveillance
- Others
- Market Size and Forecast – By Industry
- BFSI
- Healthcare
- Government & Defense
- IT and Telecom
- Retail and Ecommerce
- Automobile & Transportation
- Others
- Market Size and Forecast – By Country
- Germany
- The U.K.
- France
- Scandinavia
- Rest of Europe
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