Facial Recognition Market: Current Analysis and Forecast (2022-2028)

Facial Recognition Market: Current Analysis and Forecast (2022-2028)

A facial recognition system is a technology that can match a human face from a digital image or video frame to a face database. Such systems are typically used to authenticate users through identity verification services and work by identifying and measuring facial features from specific images. Facial recognition systems use computer algorithms to extract certain characteristic details of a person's face. These details, such as eye spacing and jaw shape, are converted into mathematical representations and compared with other facial data collected in a facial recognition database.

The Facial Recognition Market is expected to grow at a strong CAGR of around 16% owing to the growing importance of surveillance in industries, increasing investment in facial recognition technologies by the government and defense sector, and increasing technological advancement across industry verticals. Moreover, the rising adoption of the technology by the law enforcement sector is substantially contributing the market growth. For instance, according to a report published by the US Government Accountability Office (GAO), ten of 24 agencies surveyed plan to broaden their use of the technology by 2023. Ten agencies are also investing in research and development for the technology.

• Based on technology, the market is segmented into 3D facial recognition, 2D facial recognition, and facial analytics. The 3D facial recognition segment catered to a significant share of the facial recognition market in 2020. The emergence of advanced technologies such as cloud-based solutions and facial analysis is expected to boost the growth of the market. Facial analytics capabilities in facial recognition software allow users to understand where faces reside in a video or image along with their facial attributes
• Based on application, the market is divided into access control, emotion recognition, law enforcement, and others. The access control segment is expected to grow at a strong CAGR during the forecast period. This is because more and more companies are focusing on improving their access control systems. Access control is a safety degree this is installed region to alter the people that may view, use, or have to get admission to a confined environment
• On the basis of end users, the market is classified into banking and financial services, information and communication technology, government, e-commerce, and others. The e-commerce segment held a commendable share of the facial recognition market in 2020 owing to the rapid adoption of facial recognition technology in the e-commerce industry to enhance operational efficiency and improve the in-store experience. Moreover, the need for a dependable identification authentication system for the safety of e-commerce is also contributing to the growth of the market
• For a better understanding of the market adoption of the facial recognition industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America captured a notable share of the market in 2020. The wide implementation of facial recognition technology in security and surveillance systems is the major factor contributing to regional growth. Moreover, the increasing adoption of facial recognition technology in various federal agencies in the United States is fueling the growth of the market in the region
• Some of the major players operating in the market include Aware Inc., Ayonix Corporation, Cognitec Systems GmbH, Facephi Biometria SA, Fujitsu Limited, Thales Group, Advent International, NEC Corporation, AnyVision Interactive Technologies Ltd., and TECH5 SA.