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(Wireless-NewsWire.Com, May 25, 2022 ) The report "Facial Recognition Market by Component (Software Tools (3D Facial Recognition) and Services), Application (Law Enforcement, Access Control, Emotion Recognition), Vertical (BFSI, Government and Defense, Automotive), and Region - Global Forecast to 2025",The global post-COVID-19 Facial recognition market size is expected 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% during the forecast period. The major factors driving the growth of the facial recognition market are the growing importance of the surveillance industry, increasing investment in facial recognition technologies by the government and defense sector, and increasing technological advancement across industry verticals.
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Driver: Increasing investments in facial recognition technologies by government and defense sectors
Governments across the world have been investing a significant amount of their resources in the adoption of facial recognition technologies, among which the US and China can be considered as the leading adopters. China is considered as one of the major adopters and exporters of facial recognition tools. The government in the country adopted surveillance technologies, which is one of the main reasons for the growth of the facial recognition market in the region. Currently, the country has the most extensive public surveillance system. According to Comparitech, the number of CCTV cameras in China range from 200 million to 626 million by 2020. Facial recognition technologies have been deployed via homeland security, federal and regional law enforcement departments, and other security agencies across the globe. This has helped solve numerous criminal investigations, thereby facilitating various departments. This has helped in the rapid identification of offenders, thus solving numerous criminal investigations. Government organizations are spending large amounts on the deployment of these solutions across different government applications, such as law enforcement, military and defense, and homeland security. The Defense Advanced Research Products Agency (DARPA), an agency of the US Department of Defense, funded the Facial Recognition Technology (FERET) evaluation from 1993–1997, to boost the advancement of face recognition algorithms and technologies This, in turn, has helped in evaluating the prototypes of facial recognition systems and propelled these systems from to become commercial market products.
Opportunity: Adoption of the cloud-based facial recognition technology
The adoption of IoT is witnessing exponential growth also proves to be a prerequisite for facial recognition technologies, such as facial recognition, middleware, modeling and restructuring, and analytics. The growing cloud storage, which is expected to reach USD 65.41 billion by 2020, has provided a robust cloud-based storage platform, enabling the captured data to be stored and accessed easily from mobile devices and platforms. Cloud-based solutions reduce various upfront costs and eliminate concerns related to the maintenance of servers. Hence, cloud-based solutions are best-suited for Small and Medium Enterprises (SMEs) and organizations that find on-premises solutions expensive. The increasing adoption of cloud-based technology and IoT is a great opportunity for the growth of the facial recognition vendors, which would eliminate the barriers related to high costs.
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Asia Pacific to grow with fastest growing CAGR during the forecast period
APAC includes big and developing economies, such as China, Japan, India, Singapore, and South Korea. The growing number of investments in security and surveillance, due to high criminal activities, leads to increased public awareness. Owing to these factors, the market in witnessing growth opportunities in the region. The use of facial recognition technology is used across verticals, such as BFSI, healthcare, government, defense and places, including airports, country, and state borders. The growing number of investments in security and surveillance, due to high criminal activities, leads to increased public awareness. Owing to these factors, the market in witnessing growth opportunities in the region.
Key market players
Major vendors in the global facial recognition market include 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).
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