Global Facial Recognition Market - 2022-2029
The global facial recognition market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Facial recognition is a technology used to identify or verify individuals using their faces. It can identify people in photos, audio-video, or real-time. It is generally used to access the system, application or service and is a method of biometric identification to verify information through facial biometric patterns and data.
A facial recognition system is a simple process that requires any device with digital photographic technology to generate and obtain images and data necessary to generate and record the biometric facial pattern of the person that needs to be recognized. It is different from other identification solutions as it does not require passwords, verification by email, selfies or images, or fingerprint identification. Instead, it uses unique mathematical and dynamic patterns.
The technology is mostly used by security and law enforcement agencies, such as Interpol, to identify criminals by creating a unique global criminal database. Other facial recognition applications include unlocking phones, law enforcement, airports and border control, finding missing persons, reducing retail crime, banking, marketing and advertising, healthcare, tracking student or worker attendance, recognizing drivers and monitoring gambling addictions.
Facial recognition works on three simple steps: face detection, face capture and face match. Some of the benefits of using facial recognition systems include no need to physically contact a device for authentication, improved security and easy integration with the existing security feature.
The demand for facial recognition is driven primarily by the increasing need to improve the surveillance systems in both government and the private sector, which is a major driving factor for the market’s growth. Furthermore, sectors such as aviation and healthcare are increasing the investment in facial recognition to create a database of customers to provide improved services.
Integration of AI with facial recognition
Advancement in technology has led to the rise of Artificial Intelligence (AI) and machine learning (ML). Integration of these technologies with facial recognition would provide higher accuracy and scalability, enhancing the demand for facial recognition systems. For instance, in June 2015, FaceNet achieved an accuracy of 99.63% in detecting faces, suggesting that it is a highly reliable and safe method of facial detection. Microsoft Face API is also the latest AI technology in face verification face detection with the highest accuracy. Thus, the growing development of the latest technology and easy integration with facial recognition systems is expected to increase the market's growth during the forecast period.
Security and privacy concerns might hamper the growth of the market
The lack of laws that prevent an individual's biometric data might lead to a huge loss of private data. It is also a concern of ethics as it can be hacked and used to create false positives that may involve an individual for a crime they have not committed. For instance, data collected at the airport from biometrics can breach privacy and be used by government agencies or advertisers to track the individual. Thus, it might lead to the loss of freedom and cause privacy and ethical abuses. Thus, the growing security and privacy issue across the globe is a major restraining factor for the market.
COVID-19 impact analysis
The global facial recognition market experienced growth during the COVID-19 pandemic owing to the increased deployment of facial recognition to recognize the patients by the government agencies. For instance, in September 2021, Australia trialed facial recognition software by police to check people are home during COVID-19 quarantine.
China also uses facial recognition technology for surveillance to track individuals' travels and health status as they enter and exit residential areas, supermarkets, transport hubs and other public places. Despite apprehensions about privacy concerns, South Korea is also planning to roll out a pilot project to use AI-powered facial recognition to track COVID-19 cases. Thus, various government agencies' growing deployment of facial recognition systems enhances the market's growth.
The global facial recognition market is segmented into component, technology, application, end-user and region. The global facial recognition market is further segmented into 3D facial recognition, 2D facial recognition and facial analytics, the technology type. The 3D technology segment is expected to hold the largest market share during the forecast period. The high deployment of 3D systems in airports for public safety and surveillance is a factor aiding the market's growth during the forecast period.
North America is expected to hold the largest facial recognition market due to the high deployment of facial recognition technology in security & surveillance systems. Additionally, the increasing adoption of safety measures in homeland security and the defense sector in the U.S. is also a significant factor aiding the growth of the market in the region.
Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Emerging nations such as China and India are increasing the deployment of facial recognition systems for security purposes, which is a key factor in increasing the demand for facial recognition systems. Furthermore, the healthcare sector in the region is also increasing the application of facial recognition to provide enhanced services to their clients. Thus, the facial recognition market is expected to grow exponentially in the Asia-Pacific.
The global facial recognition market is highly competitive as the major automotive component manufacturers have a diverse portfolio of facial recognition for various applications. Some of the major players contributing to the growth in the segment are Animetrics, Inc., Aware, Inc., Ayonix Corporation, BioID, Clear Secure, Inc, Cognitec Component GmbH, Fulcrum Biometric, LLC, IDEMIA, NEC Corporation and Nuance Communications, Inc. The significant players adopt several growth strategies such as new product launches, acquisitions, joint ventures and collaborations, contributing to global growth in the industry.
IDEMIA partnered with SHODEN and Genetec Inc. to deploy Japan's 3D facial recognition access control. It would install a facial recognition for an access control system for a large Japanese utility company.
Overview: NEC Corporation is a multinational information and technology company that provides products and services to different industries. The company's product includes computers, data storage, embedded systems, network products, software and unified communications. It caters to various industries such as aerospace, agriculture and aviation, broadcasting, finance, government, healthcare, hospitality, logistics and manufacturing. The company is listed on the Japanese stock exchange, has approximately 115,000 employees and was established in 1899. NEC is also a member of the Sumitomo Group.
Product Portfolio: NeoFace Watch is an easy-to-use application that can be customized and integrated into existing systems and operational processes. It integrates face-matching technology with video analytics input. It can be used for matching low-resolution facial images, including images with resolutions of just 24 pixels.
Key Developments: On 01st December 2020, Lufthansa Airlines and Swiss International Airlines adopted NEC facial recognition system for identity verification at Frankfurt Airport and Munich Airport. They launched “Star Alliance Biometrics an identity verification platform utilizing biometric certification.
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