SecurityWorldMarket

10/12/2020

Facial recognition set to become a lucrative market

Northbrook, Il (USA)

The facial recognition market is expected to grow from USD 3.8 billion in 2020 to USD 8.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.2% during the forecast period, according to the latest information from Marketsandmarkets. The researchers aniticipate that the market will experience substantial growth over the next five years due to  increased investments by the government and defense sectors. Additionally, the growing surveillance industry, particularly in North America and Europe, could push companies to deploy or develop facial recognition solutions in the coming years, and a high adoption rate is also expected to be registered in the APAC region.

Since the 1960s, facial recognition technology has witnessed major changes due to rising investments in the surveillance space by enterprises globally. One of the major factors for the high growth of the facial recognition market is the rising expenditure on the technology by various government organisations.  The technology has helped criminal investigations and facilitated various departments in the rapid identification of offenders. Government applications such as law enforcement, military and defence, homeland security, and state and national government together constitute approximately 60% of the facial recognition technology revenue, and this trend is expected to continue during the forecasted period. The Defense Advanced Research Products Agency (DARPA) funded the Face Recognition Technology (FERET) Evaluation from 1993-1997 to boost the advancement of facial recognition algorithms and technology. This helped in evaluating the prototypes of facial recognition systems and propelled these systems to become commercial product.

Software tool

The software tool provides quicker and easier identification and verification based on facial features, which helps in easing numerous processes, such as immigration, attendance tracking, and access control. Software tools are further divided into 2D facial recognition, 3D facial recognition, and facial analytics.

The increase in crime rate and terrorist activities are found to be driving the demand for advanced technologies, such as facial recognition. Currently, 3D facial recognition software is gaining traction with end users, as it can accurately detect and identify various facial expressions and positions. Companies such as NEC, Ayonix, Idemia, and Stereovision Imaging are offering 3D facial recognition software tools for facial recognition. It is expected that 3D facial recognition would grow with fastest growing CAGR during the forecast period

By application area, within the report, the facial recognition market has been mainly categorised into emotion recognition, attendance tracking and monitoring, access control, law enforcement, and others. Over the past decade, many major technology players have acquired companies that are operating in the facial recognition domain to add value to their own services. For instance, technology giants, such as Microsoft, Amazon, and Google, are exploring the space of facial recognition.

Covid has increased demand

With the COVID-19 outbreak, the demand for biometric recognition technologies, such as facial recognition, has increased for analysing and identifying subjects wearing facial masks, especially in high security applications. Wearing masks has made face recognition difficult, which leads to the need to modify or upgrade the existing algorithms, involving the iris, pupil, sclera, upper and lower eyelids, eye folds, eye corners, skin texture, fine wrinkles, skin colour, and skin pores. Law enforcement agencies are investing in the R&D of advanced technologies. For instance, according to Marketsandmarkets, the US Department of Defense’ DARPA planned to invest around USD 2 billion on AI-based technologies, such as facial recognition. This is expected to fuel the growth of law enforcement application market in the coming years.

North America has a history of investment in facial recognition

Owing to their strong economies, the analysts expect the US and Canada to be major contributors to the growth of the facial recognition market. With technologies advancing every single day and growing economies of North America, companies in the region can afford to invest huge amounts on the adoption of these technologies. North America has a history of the use of facial recognition solutions and services. Flourishing technologies, such as smart infrastructures, smart city initiatives, the use of epassports, and evisas, are factors driving the growth of the facial recognition market.

Major vendors named by Marketsandmarkets as being active in the global facial recognition market include NEC, Aware, Ayonix, Cognitec, NVISO, Animetrics, Neurotechnology, Daon, Stereovision Imaging, Techno Brain, Innovatrics, Id3 Technologies, Thales, Idemia, Nuance Communication, Bio ID, Fulcrum Biometrics, Trueface.AI, Amazon, Facephi, Herta Security, Kairos AR, Sightcorp, and Microsoft.


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