Global Facial Recognition Market to Grow at a CAGR of 17.2% over the Forecast Period of 2024-2032

The global facial recognition market is being driven by the growth in the demand for enhanced surveillance systems to achieve improved safety and security. While North America is the largest market for the product, the Asia Pacific is expected to witness the fastest growth rate over the forecast period owing to the growing acceptance of technology and the increasing penetration of smartphones in the region. The increased expenditure by the government and defence vertical in facial recognition technology for various applications is driving the industry growth. Further, the development of 3D facial recognition technology, which is used for purposes like document verification, providing smarter and safer highway patrolling, accelerating forensic video investigations, and identity management, among others, is expected to aid the industry growth in the forecast period.

The ongoing research and development activities by such players are expected to aid the facial recognition market globally. In June 2018, Gemalto showcased its Live Face Identification System (LFIS) and excelled at the 2018 biometrics rally, organised by the US Department of Homeland Security's (DHS) Science and Technology Directorate (S&T) in collaboration with the National Institute of Standards and Technology (NIST), where the company’s innovative solution obtained a 99.44% acquisition rate under 5 seconds. The solution developed by the company aids in traveller identification and automated border control. Further, the growing demand for accurate results is influencing manufacturers to enhance their products. In July 2018, Cognitec Systems, the face recognition company, launched an extensive research and developed a high-performance algorithm, which has been integrated into Cognitec’s FaceVACS engine and is also available in new releases of all market-focused Cognitec products. Such developments are expected to aid the growth of the facial recognition market globally in the forecast period.

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Market Breakup by Types, Applications, and Regions:

• By type, the global facial recognition market can be divided into 2D facial recognition, 3D facial recognition, and facial analytics.

• Facial recognition technology is finding applications in security and law enforcement, healthcare, and retail sectors, among others. 

• Region-wise, the global facial recognition market can be divided into North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global facial recognition market is being driven by the growing need to enhance the security system to achieve better surveillance. 

• The growing incidences of cyber-crimes across the globe are resulting in increased demand for systems with enhanced features, which is further aiding the industry.  

• The rising disposable incomes and incorporation of such technologies in devices like smartphones and others are further propelling the industry forward. 

• The growing R&D by major players in the industry and increased expenditure by the governments across the nation in the defence sector is providing a further boost to the industry.

Key Offerings of the Report:

• The EMR report gives an overview of the global facial recognition market for the periods (2018-2023) and (2024-2032), providing various trends in the industry for these periods. 

• The report offers historical (2018-2023) and forecast (2024-2032) market information for the type, applications, and regional markets of the global facial recognition industry.

• The report also gives the regional historical (2018-2023) and forecast (2024-2032) price trends of facial recognition. 

• The report provides an analysis of the industry based on the Porter’s Five Forces model, along with a SWOT and value chain analysis.

The major players in the global facial recognition market are Panasonic Corporation, Thales SA, NEC Corporation, Cognitec Systems GmbH, Aware, Inc., Ayonix Face Technoligies Inc., Microsoft Corporation, FaceFirst, Inc., Fujitsu Limited, and FACEPHI BIOMETRÍA SA, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the leading players in the global facial recognition industry.

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