Global Facial Recognition Market Report, published by Variant Market Research, forecast that the global market is expected to reach $15.4 Billion by 2024 from $3.3 Billion in 2016; growing at a CAGR of 21.4% from 2016 to 2024. A facial recognition system is a biometric technology of verifying or identifying an individual from a digital image or a video frame from a video source. It is typically executed by comparing selected facial features from the image and a face database.
“Facial Recognition Market (By Component: Hardware and Software; By Technology: 2D Facial Recognition, 3D Facial Recognition, and Facial Analytics; By Application: Homeland Security, Criminal Investigation, ID Management, Physical Security, Intelligent Signage, Web Application, Business Intelligence, Photo Indexing and Sorting, and Other Application: By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024”
The global facial recognition market is mainly boosted by rising demand for improved surveillance and monitoring at public places
Rising demand for improved surveillance, monitoring at public places and increased use of facial recognition technologies in government and defense sectors are the major aspect driving the growth of global facial recognition market. However, high implementation cost and lack of accuracy are the major restraints for the market growth. Moreover, upsurge in application of this technology in smart phones, tablets, and laptops for commercial and personal purposes is expected to generate numerous growth opportunities for the market in the forecast timeframe.
Component, technology, application and geography are the major segments considered in the global facial recognition market. Component segment includes hardware and software. Technology segment is sub-segmented into 2D facial recognition, 3D facial recognition, and facial analytics. The application segment is further categorized into homeland security, criminal investigation, ID management, physical security, intelligent signage, web application, business intelligence, photo indexing and sorting, and other application (VIP recognition, automotive and phone, PC and banking login).
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Russia, Germany, Italy, France, UK, and Rest of Europe are analyzed under the European market. China, Japan, India, South Korea, and Rest of Asia-Pacific are included under the Asia-Pacific market. While RoW is bifurcated into South America, Middle East, and Africa.
Software, by component is likely to grow with fastest CAGR from 2016 – 2024
Global Facial Recognition Market, by Component
Software is expected to grow with fastest CAGR in the component segment during the forecast period 2016 – 2024. Moreover, hardware dominated the component segment with largest market share in 2016.
3D facial recognition held for the major market share in technology segment in 2016
Global Facial Recognition Market, by Technology
3D facial recognition accounted for the leading share in 2016, in the technology segment and is expected to continue its trend during the forecast period 2016 – 2024. The high growth is attributed to its high accuracy compared to 2D facial recognition in terms of recognizing facial features.
Homeland Security lead the application segment in 2016
Global Facial Recognition Market, by Application
Homeland security dominated the application segment in the year 2016 with highest share. In terms of growth, intelligent signage is likely to grow with fastest CAGR during the forecast period owing to its growing worries of security and use of marketing tactics to analyze the clients based on their gender, age, and other facial attributes.
North America occupied the largest share in the global facial recognition market
GLOBAL FACIAL RECOGNITION MARKET SHARE BY GEOGRAPHY, 2016 (%)
In 2016, North America generated the highest revenue accounting for 37.4% of the total market share. In terms of growth Asia-Pacific is expected to attain the fastest CAGR during the forecast period 2016 – 2024, owing to factors such as huge investments from the government sector toward security and surveillance infrastructure, increased public awareness, and mandatory regulations imposed by the government regulatory entities in the region.
Major players operating in the market include 3M, Aware, Inc., NEC Corporation, Cognitec Systems GmbH, Crossmatch, Nuance Communications Inc., International Business Machines Corporation (IBM), FaceFirst, Inc., Daon, and Animetrics Inc., among others.