Facial Recognition Industry Overview
The global facial recognition market size is expected to reach USD 12.11 billion by 2028 according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 15.4% from 2021 to 2028. Facial recognition is a contactless biometric solution that is a critical factor contributing the market growth. Contactless solutions enable easy deployment in consumer devices. It is also effortless and convenient to use, further contributing to rising adoption. Apart from individual identities, the technology can gather demographic data on crowds; thus, increasing its usability. Such factors are anticipated to drive market growth.
Facial recognition technology is being combined with the latest marketing advancements to improve customer experience. For instance, in April 2021, Sberbank, a Russian banking company, is expanding its footprints in food delivery, taxi services, cloud computing, and cybersecurity. For this, the company launched facial recognition payments known as face pay to make payments using at a glance pay option during checkout. Thus, offering a quick payment service compared to paying with cash or a payment card. Therefore, the market has a vast opportunity in different verticals, including security and surveillance, healthcare, retail, and transportation. For another instance, in June 2019, Ayonix Corporation launched its IP camera-embedded application, namely the AICam Platform. The application can execute high-performance face detection and matching. The company demonstrated this product at the annual security technology conference called ISC West.
Facial Recognition Market Segmentation
Grand View Research has segmented the global facial recognition market based on technology, application, end-use, and region:
Based on Technology Insights, the market is segmented into 2D, 3D, and Facial Analytics
- The 3D segment led the facial recognition market in 2020, accounting for over 36% share of the global revenue.
- 3D recognition systems are preferred over 2D systems in high-security spaces, such as airports.
Based on the Application Insights, the market is segmented into Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Security & Surveillance, and Others
- The access control segment led the market in 2020, accounting for over 37% share of the global revenue.
- The security and surveillance segment is expected to record a significant CAGR over the forecast period due to the increased adoption of facial recognition technology in security and surveillance systems to have its implementation in high-security areas.
Based on the End-use Insights, the market is segmented into Retail & E-commerce, Media & Entertainment, BFSI, Automobile & Transportation, Telecom & IT, Government, Healthcare, and Others
- The retail and e-commerce segment dominated the market in 2020, accounting for over 21% share of the global revenue.
- The government sector is estimated to cater to moderate growth in the forecast period owing to demand in law enforcement and security.
Facial Recognition Regional Outlook
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Vendors in the market are undertaking numerous strategic initiatives, such as acquisitions and mergers, collaboration, new product development and partnerships with other prominent players in the market. Continuous R&D to offer product differentiation is expected to be the major success factor for industry participants.
Some prominent players in the global Facial Recognition market include:
- Aware, Inc.
- Ayonix Corporation
- Cognitec Systems GmbH
- FacePhi
- Fujitsu
- Gemalto NV
- IDEMIA
- NEC Corporation
- Onfido
- TECH5 SA
Order a free sample PDF of the Facial Recognition Market Intelligence Study, published by Grand View Research.
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