Facial Recognition Market Analysis - Global Industry Size, Share, Trends and Forecast, 2014 - 2024

Category : Process Control and Automation | Delivery Format : PDF | Status: Forthcoming | Report ID : ARC477

Introduction

The biometric technique used for identification and authentication of individuals by analyzing different facial features from an image with the help of stored facial database is termed as facial recognition. This technique is expected to witness high growth during the future years due to its widespread adoption in applications that require both, law enforcement and non-law enforcement. The technology of facial recognition is highly preferred as compared to other biometric techniques such as skin texture recognition, iris recognition, voice recognition, and fingerprint scanning, owing to its easy deployment with the help of cameras and other monitoring devices. In the present era, this technology is increasingly used for marketing and security purpose.

Market Dynamics

The facial recognition market foresees immense growth opportunities in the future years. This technique helps to provide high-level security for private and public sectors. Owing to the rising incidents of terrorist attacks on various government organizations, a majority of firms and governments are further implementing facial recognition biometric technology. Also, rising applications in intelligent signage and physical security and varied technology advancements such as 3D-technology based recognition systems and cloud-based services has led to an increased use of facial recognition technology. However, high concerns pertaining to the shared personal data, lack of accuracy, and high cost of implementation are set to hamper the market expansion of facial recognition in some regions. Also, technologically advanced facial recognition systems with varied application in drones and mobile security will further create better opportunities in the upcoming years.

The major factors driving the market growth includes high demand for advanced security & surveillance systems in government and civil agencies to augment security and safety. The incidents pertaining to data breach cases has increased significantly during the period from 2011 to 2015, due to lack of laws related to data security and rising generation of digital content. The increasing number of cases related to data breach and senseless force attacks have raised the demand for advanced surveillance systems that has further led to the increased demand for facial recognition solutions. However, high cost of implementation and reduced accuracy has hampered the growth of this market. Maintenance costs and middleware costs also add up to the implementation cost. However, some manufacturers, such as FaceFirst, Inc., have initiated the usage of efficient algorithms such as FFT, PCA, in order to improve accuracy and limit the cost of facial recognition technology. Therefore, with the development in technology, the market is expected to witness increased adoption in varied applications in coming years.

Market Classification and Overview

The market is segmented based on component, technology, and application. On the basis of technology, the facial recognition market is divided into 3D, 2D, and facial analytics. Among all of these, the global 3D facial recognition technology segment commands the largest share in facial recognition market due to its higher accuracy in predicting facial features when compared to 2D facial recognition technique. On the basis of components, the global facial recognition market can be divided into hardware which includes cameras, integrated devices, scanners, handheld devices; and software. Based on application, the facial recognition market can be segmented into criminal investigation, homeland security, physical security, ID management, web application, photo indexing & sorting, intelligent signage, business intelligence, and others that include automotive and phone, PC & banking login, and VIP recognition among others.

Report Coverage

Market

Facial Recognition Market

Analysis Period

2014 – 2024

Historic Data

2014 – 2015

Base Year

2016

Forecast Data

2017 – 2024

Market Stratification

Component, Technology, Application, Geography

Regional Scope

North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

Report Coverage

Market Trends, Drivers, Restraints, Porter's Five Forces Analysis, Competitive Analysis,

Player Profiling, Value Chain Analysis

 

Market Participants

The major companies included in the global facial recognition market are NEC Corporation, 3M Company, Safran Group, KeyLemon, Aware Inc., Daon Inc., Ayonix, nViso, Cognitec Systems GmbH, and Animetrics among others.

Market Segmentation

Market By Component

·         Hardware

o   Cameras

o   Integrated devices

o   Scanners

o   Handheld devices

·         Software

Market By Technology

·         3D technology

·         2D technology

·         Facial analytics

Market By Application

·         Criminal investigation

·         Homeland security

·         Physical security

·         ID management

·         Web application

·         Photo indexing & sorting

·         Intelligent signage

·         Business intelligence

·         Others (automotive and phone, PC & banking login, VIP recognition, others)

Market By Geography

·         North America

o   US

o   Canada

o   Mexico

·         Europe

o   UK

o   Germany

o   France

o   Rest of Europe

·         Asia-Pacific

o   China

o   Japan

o   India

o   Australia

o   Rest of Asia-Pacific

·         Latin America

o   Brazil

o   Rest of Latin America

·         Middle East and Africa (MEA)

o   South Africa

o   Saudi Arabia

o   Rest of MEA


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