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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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The major players in the global facial recognition market are Panasonic Corporation, Gemalto, NEC Corporation, Cognitec Systems GmbH, Aware Inc., Ayonix Face Technologies, Nviso SA, and Daon, 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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