Global Facial Recognition Market Opportunities and Forecast 2023-2030

Market Overview

Facial recognition has gaining prominence in the recent times, due to the benefits it offers over the traditional surveillance techniques, such as biometrics. Governments all over the world have been spending significant resources in the facial recognition technology, among which, the U.S. and China are the leading adopters. Growing demand for the surveillance systems to enhance the security and safety are increasing the implementation of facial recognition systems.

The government initiatives are anticipated to contribute to double-digit growth of the technologies. For instance, the U.S. government has plans to reshape the airport security through facial recognition, so as to register and identify the people. Although the interest on multi-factor verification has been increasing, due to increasing cyber and terror attacks, and identity theft, need to incorporate the better security systems is inspiring organizations to implement the safe multi-factor authentication solutions, including facial recognition technologyand finger print sensors.

Segment Overview

3D facial recognition holds the major market share. Currently, around 94% of the smartphones features have fingerprint sensors, but this is anticipated to drop to 90% by the year 2023. With technologies such as 3D facial recognition becoming standard approach to the user authentication. Furthermore, the growing technological advancement is likely to increase its penetration rate. The growth in 3D cameras market is also anticipated to bring new applications and advancements for the 3D facial recognition technology, particularly the payments, healthcare IT solutions, and commerce sector.

In June 2018, SensibleVision launched its 3DWALLET technology, intended to let the retailers replace card and cash payments and eradicate the need for checkout lines by a 3D facial recognition platform that recognises customers robotically and charges them for their purchases.

Regional Overview

The North America region offers lucrative opportunities for the market growth, displaying a massive demand for the facial recognition technology for criminal investigation and homeland security. The largest facial recognition surveillance system in North America is operated by the FBI. The FBI’s ID system preserves a facial recognition databank with images of over 117 million Americans. The FBI commence, on average, 4,055 searches per month to identify the individuals with facial recognition systems.

Safety and security is the major factor leading to the market growth. In 2017, the U.S. alone witnessed total of 1,579 data breaches, of which, over 8% were accounted by the banking institutes. Although the number is small, the amount of delicate data available in the banking sector is very high, making it a primary target for hackers.

Canadian companies are taking advantage of this facial recognition technology. For instance, Mexia One use facial recognition systems to provide the secure event access at popular industry event, Mobile World Congress 2018.

Competitor overview

The players provide facial recognition solutions to furnish to the needs and demands of the customer. The major development strategies adopted by the players include collaborations and agreements, partnerships, and new product launches or product enhancements. The competitive rivalry in the industry is not consolidated, despite the presence of few major players functioning in the market, such as Gemalto and Aware, among others. With the number of the startups in the market growing at a considerable rate, the market is likely to witness a highly competitive development in the near future.
Caxia Bank announced the first of its kind face recognition for money withdrawal from the ATM. This was done by the company in partnership with Fijitsu and Facephi in the year 2019.

Key Players

1. NEC
2. Aware
3. Gemalto
4. Ayonix
5. Idemia
6. Cognitec
7. Nviso SA
8. Daon
9. Stereovision Imaging
10. Technobrain
11. Neurotechnologies
12. Innovatrics
13. ID3 Technologies
14. Herta Security
15. Animetrics
16. Megvii [Face++]
17. Facefirst
18. Sightcorp
19. Facephi
20. Smilepass

Market Segmentation

By Technology

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

By End User

• Security and Law Enforcement
• Healthcare
• Retail

By Application

• Emotion Recognition
• Access Control
• Others

By Geography

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Saudi Arabia
  • UAE
  • Rest of LAMEA