Facial recognition is a software application that enables biometric devices to identify individuals’ biometric features using facial specification. The facial recognition application is used to scan, store, identify, and verify the features of human faces by associating the digital images with those that are saved in databases. Facial recognition identifies a person by comparing the person’s image with that stored in the database, thus providing a high level of security.
The Facial Recognition Market has been segmented on the basis of components (software tools and services), technology, use cases, end-users, and regions. The facial recognition software tools include 2D facial recognition, 3D facial recognition, and thermal face recognition. The services segment includes training and consulting services, and cloud-based facial recognition services. The technologies segment includes facial recognition software and Software Development Kit (SDK), middleware, databases, modeling and restructuring, and analytics solution. On the basis of use cases, the facial recognition market is divided into emotion recognition, attendance tracking and monitoring, access control, and law enforcement. On the basis of end-users, the facial recognition market is segmented into government, enterprises, and other end-users. The other end-users segment includes casinos, public places, automotive, mobile application, and home security systems.
Drivers:
- Increased Need for Enhanced Surveillance and Monitoring at Public Places
- Increased Awareness and Need of Facial Recognition Technology in the Government Sector
- Increasing Applications in Various Industry Sectors
The global facial recognition market is expected to grow from USD 4.05 Billion in 2017 to USD 7.76 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.9%.
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The major facial recognition vendors include Aware (US), NEC Corporation (Japan), Ayonix Corp. (Japan), Cognitec Systems (Germany), KeyLemon (Switzerland), nViso (Switzerland), Herta Security (Spain), Techno Brain (Kenya), Neurotechnology (Lithuania), Daon (US), Animetrics (US), 3M Company (US), IDEMIA (France), and Gemalto (Netherlands). New product launches, acquisitions, collaborations, and partnerships are the key strategies adopted by these market players to offer feature-rich products and services to their customers and penetrate deeper into the unserved regions.
