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15/05/2022

China shows fastest uptake in facial recognition technology

Newark, De (USA)

According to a recent study from ESOMAR-certified market research company, Future Market Insights, the facial recognition market is expected to reach US$ 22.5 billion by 2032, up from US$ 5.2 billion in 2022, expanding at a high CAGR of 15.7%. This study explains that increased government investments in emerging technologies of CCTV cameras in most public places to minimize criminal activities and terrorist attacks, and to enhance public safety, is boosting the facial recognition market growth.

Factors such as the rise in demand for face detection systems to enhance safety and security, and increase in applications in physical security and intelligent signage are expected to propel the growth of the global facial recognition market during the forecast period. Further, the report opines that the technological advancements such as 3D recognition systems and cloud-based solutions are anticipated to augment the market growth in the coming years.

In addition, post the Covid-19 pandemic, there is a gradual rise in the number of use cases of facial recognition, which is one of the factors that has boded well for the facial recognition’s market demand. Moreover, the application of thermal camera checks through these systems and are being adopted by healthcare systems globally.

The key points suggested by the researchers show that by component, it is the software tools segment that has expanded strongly at a CAGR of 16.8% up to 2021; the law enforcement application was dominant in the facial recognition market with a CAGR of 16.7% to 2021; and in terms of geographical uptake of the technology, the analysts predict that it will be China that accounts for the highest value share of US$ 1.6 Bn of the global market demand for facial recognition market by 2032.

Increasing mobile transactions for banking in countries, such as India and China, coupled with their governments’ initiatives, are expected to be the major drivers for the facial recognition market in the region, suggest the research analysts.

Competitive landscape

Players in the global Facial Recognition market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

In March 2022, Aware, a biometrics software and services company, partnered with Miracl to expand its cloud-based biometric authentication technology. The partnership is a through a mutual reseller arrangement whereby each company can both sell each other’s products and integrate them within their own product lines, quickly bringing to market password-free login paradigms delivering both security and simplicity for users.

In March 2022, Salto’s acquisition of Cognitec Systems is initiating strong partnership of business synergy and innovation. This acquisition is expected to meet market requests for adding face recognition and artificial intelligence technologies to the company’s electronic access control and ticketing solutions. In addition, both companies appreciate a similar innovative work environment and corporate culture.

Key players mentioned and covered within the report include: NEC Corporation, Aware, Idemia, Daon, Innovatrics, Facefirst, Facephi Biometria, Sightcorp, Neurotechnologies, Technobrain, Smilepass, Stereovision Imaging, ID3 Technologies, Herta Security and Animetrics.


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