MarketsandMarkets forecasts the Facial Recognition Market size 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% from 2020 to 2025. Growing importance of the surveillance industry, increasing investments in facial recognition technologies by government and defense sectors and Increased technological advancements across industry verticals to boost the growth of facial recognition market across the globe during the forecast period.
By component, software tools segment to have highest market share during the forecast period
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 increasing crime rate and terrorist activities drive the demand for advanced technologies, such as facial recognition. Currently, 3D facial recognition software is gaining traction in among 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
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=995
By application, law enforcement segment to have highest market share during the forecast period
By application area, the facial recognition market has been mainly categorized 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 into the space of facial recognition due to the increasing demand for this technology.
With the COVID-19 outbreak, the demand for biometric recognition technologies, such as facial recognition, has increased for analyzing 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 color, and skin pores, has also increased. Law enforcement agencies are investing in the R&D of advanced technologies. For instance, 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.
The major facial recognition vendors include 27 major vendors, namely NEC Corporation (NEC) (Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan), Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso) (Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland), Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics (Bratislava), id3 Technologies (id3) (Israel), Thales (France), Idemia (France), Nuance Communications, Inc. (Nuance) (US), BioID (Germany), Fulcrum Biometrics, LLC. (Fulcrum Biometrics) (US), TrueFace.AI (US), Amazon (US), FacePhi (Spain), Herta Security (Herta) (Spain), Kairos AR, Inc. (Kairos) (US), SightCorp Inc. (SightCorp) (The Netherlands), and Microsoft Corporation (Microsoft) (US).
These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global facial recognition market. Partnerships, new product launches, acquisitions, and product enhancements have been the dominating strategies adopted by the major players from 2018 to 2020, which has helped them innovate their offerings and broaden their customer base.
NEC partnered with software developers in New Zealand to develop NEC iQuarantine, a facial recognition mobile app which people can be used for location tracking, identity verification through biometrics, symptom monitoring of Covid-19, triage, case escalation and case intervention. It offers self-assessment to the citizen and guide them on daily monitoring, capturing and update the centralized system. In March 2020, Mark Ikeno, CEO, NEC Corporation of America announced that the health of his firm’s customers, partners, employees, and their families is important and hence NEC would adopt guidance from the US Center for Disease Control. NEC reduced staff strength in Bay Area and only business critical functions were allowed. Moreover majority of the employees are suggested to work remotely. Similarly in Europe, NEC implemented several precaution measures in accordance with guidance by the government and the World Health Organization to protect employees, customers, partners and business in the region. NEC, partnered with VeriTrans to provide facial recognition technology for a cashless payment trial for 7-Eleven Japan. In Japan, NEC has also implemented facial recognition solutions for its employees and employees can now even have mask and sunglasses on while entering or exiting the premise.
Request a Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=995
Aware was incorporated in 1986 and is headquartered in Massachusetts, US. The company is among the leading software and services providers in the biometrics industry, with most of its sales in the US, followed by the UK, Brazil, and the rest of the world. As of December 2018, the company had an employee strength of 67, with about 70% of its employees representing its engineering staff with a strong R&D focus. Aware offers a range of biometric solutions from discrete “building blocks,” such as Software Development Kits (SDKs), Application Program Interfaces (APIs), and applications that customers can use to develop their systems. Customers can further make use of these systems to build more comprehensive suits, which eliminates the time taken to develop the base systems and corresponding exposure to software support and maintenance risks. The company’s services include a variety of software engineering services, including project planning and management; system design; and software design, development, customization, configuration, testing, integration, and installation. Services are typically, but not always, sold in conjunction with software licenses.
Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/facial-recognition-market-995.html
