Facial Recognition Market is segmented into Component, Technology, Application, End User Industry, and Region

The facial recognition market is forecasted to grow at a high rate owing to the accelerating demand for surveillance industry

The Global Facial Recognition Market was valued USD 3.6 Bn in 2020 is expected to reach USD 11.0 Bn by 2027, with a growing CAGR of 17.3% during the forecast period.

Face recognition is the process of detecting and recognizing an individual's identity with human facial features, utilizing images, videos, or real-time images for identification. Face recognition systems use computer algorithms to detect and select features and characteristics of a person's face. These features can include eyes gap, chin shape, skin texture, and iris.

The global facial recognition market is accounted to drive at a significant pace majorly owing to rising government initiatives to restructure and improve the existing security systems at varied applications such as airport security, state borders, law enforcement, crime sector, and much more. For instance, in August 2019, the USA government announced its plan to implement facial recognition systems at the airport. US government is extensively taking initiatives to restructure its security systems on airports in the nation.

Furthermore, multiple North American Free Trade Agreement (NAFTA) member banks are planning to use face and voice recognition technology for online identification. Companies have worked with the federal government to implement technologies for surveillance and identity management. For instance, in April 2018, Alibaba, a China-based e-commerce company has invested USD 600 million in SenseTime, a Hong Kong-based company that provides facial recognition software to companies and governments across China.

Global Facial Recognition Market by Region Outlook (Revenue, USD Million, 2021-2027)

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

The North American region is accounted to hold the largest market share in terms of geography. The growth is attributed to various factors such as the presence of well-developed technological infrastructure and increasing government initiatives in favor of the facial recognition market. Moreover, the Asia Pacific region is anticipated to grow at the fastest rate during the forecast period. The facial recognition systems are significantly being utilized by developing countries such as India, and China in solving crime cases and other investigation cases. For instance, in April 2018, in India, the police of New Delhi employed facial recognition technology to identify and rescue around 3000 missing children in the city itself. 

The Global Facial Recognition Market Segmentation:

Global Facial Recognition Market by Component Outlook (Revenue, USD Million, 2021-2027)

• Software     
• Hardware
  • Cameras
  • Integrated Devices
  • Scanners
  • Handheld Devices

Global Facial Recognition Market by Technology Outlook (Revenue, USD Million, 2021-2027)

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

Global Facial Recognition Market by Application Outlook (Revenue, USD Million, 2021-2027)

• Access Control
• Attendance Tracking and Monitoring
• Emotion Recognition
• Security & Surveillance
• Others

Global Facial Recognition Market by End User Industry Outlook (Revenue, USD Million, 2021-2027)

• Government
• BFSI
• Healthcare
• Security and Law Enforcement
• Telecom and IT
• Retail and E-commerce
• Media and Entertainment
• Automobile and Transportation
• Other

Key Findings:

• Based on the component, the hardware segment held the largest market share in 2020
• Based on technology, 3D facial recognition accounted for a fastest growing market share in 2020 followed by mobile facial recognition
• Based on application, access control segment was accounted to hold largest market share in the year 2020
• Retail and e-commerce industry segment, based on end user industry, held the largest market share in the year 2020
• Based on regions, the North America region is anticipated to hold a dominating market share in the year 2027 in the facial recognition market analysis

Company Profiles and Competitive Intelligence

The key players operating in the market are:

1. Microsoft Corporation
2. Amazon
3. Thales
4. SightCorp Inc.
5. Nuance Communications, Inc.
6. TrueFace.AI
7. BioID
8. Stereovision Imaging, Inc.
9. NEC Corporation
10. Aware, Inc.
11. NVISO SA
12. Daon
13. Neurotechnology
14. Ayonix Corporation
15. FacePhi 
16. Techno Brain
17. Cognitec Systems GmbH
18. Gemalto NV
19. Innovatrics
20. Fujitsu
21. id3 Technologies
22. Onfido
23. IDEMIA
24. Kairos AR, Inc.s
25. TECH5 SA
26. Herta Security
27. Fulcrum Biometrics, LLC.
28. Clear
29. SenseTime
30. Jumio
31. Veritone
32. Clarifai
33. AnyVision
34. Affectiva

Recent News:

• In June 2020, Panasonic Corporation of North America announced a strategic partnership with PopID, a Cali Group company. The partnership is aimed at implementing facial recognition technology in ordering and payment processes for cafes, restaurants, and retail stores.
• In January 2020, FaceFirst Inc., a US based software company announced a launch of its Software Development Kit (SDK). The SDK enables developers of identity verification and security products to incorporate enhanced facial recognition technology easily.