Key drivers of the market growth include data protection initiatives by increasing users and governments, increasing the use of mobile devices and robust detection of fraud and increasing demand for prevention systems.
Facial recognition is a biometric technology that is used to validate and identify individuals by comparing facial features in an image with a stored facial database. This is expected to increase due to the increasing use of law enforcement and non-law enforcement applications during the forecast period. In addition, facial recognition is widely preferred over biometric technologies such as contactless processing and easy deployments (using cameras and existing surveillance tools) such as voice recognition, skin texture recognition, iris recognition, and fingerprint scanning. Currently, this technology is mainly used for security and marketing purposes. For example, billboards are created with integrated software used to identify the gender, age, and ethnicity of a targeted ad.
The facial recognition market has huge potential for growth on the global horizon. The market, which is in a state of development, however, has made a significant contribution to the global market over the next ten years. Facial recognition provides a high level of security for the public and private sectors. The recent increase in terrorist attacks on government institutions in recent years has led companies and governments to apply facial recognition biometrics. On top of this, the increasing application of physical security and intelligent signals and technology advancements such as cloud-based services and 3D-based recognition systems have led to the use of facial recognition. However, increasing sensitivity to shared personal data, lack of accuracy and high implementation costs hinders the expansion of markets in certain regions. The technologically advanced facial recognition systems with applications in mobile security and drones are likely to create huge opportunities in the future.
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Key Market Segments:
Major vendors in the global market include NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix Face Technologies (Japan), Cognitec Systems GmbH (Germany), NVISO SA (Switzerland), Daon (US), StereoVision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), IDEMIA (France), Animetrics (US), and MEGVII (China).
Based on the component:
Based on the application area:
- Software Tools
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics Recognition
- Training and Consulting Services
- Cloud-based Facial Recognition Services
Based on the vertical:
- Emotion Recognition
- Attendance Tracking and Monitoring
- Access Control
- Law Enforcement
- Others (Robotics and eLearning)
Based on the region:
- Government and Defense
- Retail and eCommerce
- Others (Manufacturing, Telecom, and Energy and Utilities)
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Application is increasing in physical safety and intelligent signs
- North America
- Latin America
Companies and governments can implement robust physical security strategies in recent years as the number of terrorist attacks on government institutions and business sectors has increased significantly. Furthermore, this technology is expected to have a higher eclipse in intelligent signage applications due to increased security concerns and the use of marketing strategies to analyze consumers based on their age, gender and other facial features. In a timely fashion, the demand for facial recognition technology will increase due to physical security and intelligent signs.
Advances in technology such as cloud-based services and 3D-based recognition systems
Technology advances are likely to reduce the cost of facial recognition systems in the future. The Software Development Kit (SDK) has improved accuracy in recognizing facial features. Therefore, the improved quality of the products raises awareness among users, which is expected to adopt facial recognition biometrics in the future.
Lack of accuracy and high implementation cost of facial recognition technology
Currently, high implementation costs and low accuracy negatively impact market growth. Costs like maintenance and middleware costs also contribute to the cost of implementation. However, some manufacturers, such as Face First Inc., have begun to use efficient algorithms such as PCA, FFT to improve accuracy and reduce the cost of facial recognition technology. Therefore, with the development of technology, the lack of accuracy and high implementation cost of facial recognition technology is likely to reduce their results during the forecast period.
Increasing mobile security and drone applications
The increasing demand for facial recognition in smart devices such as smart devices, laptops, tablets and personal digital assistants, which are used for both personal and business purposes, represents a number of growth opportunities for the facial recognition market. In addition, the number of drones contributing to the demand for facial recognition in various business sectors such as media and entertainment, testing, and surveying. For example, according to the Federation Aviation Rotor Dominator (FAA), there are expected to be up to 8,000 drones up to 8. Therefore, these factors are expected to provide immense opportunities for the development of facial recognition technologies.
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Table of Content:
Chapter 1 Global Facial recognition Market Overview
Chapter 2 Global Economic Impact on Facial recognition Market Industry
Chapter 3 Global Facial recognition Market Competition by Manufacturers
Chapter 4 Global Facial recognition Market Production, Revenue (Value) by Region (2012-2018)
Chapter 5 Global Facial recognition Market Supply (Production), Consumption, Export, Import by Regions (2012-2018)
Chapter 6 Global Facial recognition Market Production, Revenue (Value), Price Trend by Type
Chapter 7 Global Facial recognition Market Analysis by Application
Chapter 8 Facial recognition Market Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
Chapter 12 Global Facial recognition Market Forecast (2019-2025)
Chapter 13 Appendix
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