Pune, Aug. 16, 2018 (GLOBE NEWSWIRE) -- Market Research Future’s in-depth market study on the global facial recognition market to reach a valuation in access of USD 8 Bn by the year 2022. The market is projected to witness a robust CAGR of 19.68% during the forecast period (2016-2022). Increase focus toward improving surveillance security reflecting favorably on the market.
Facial Recognition Market
Facial recognition is a cutting-edge biometric technology, which identifies people by using facial analytics and matching it with the database that is stored in its memory in the form of images and graphics. The technology is gaining momentum in security applications, particularly the ones that involve high-level surveillance, but more recently facial recognition is also being explored for non-security application opportunities such as billing and ticketing. As per the latest report published by Market Research Future (MRFR), the global market for facial recognition set to surpass a valuation of USD 8 Bn in 2022 up from USD 3.04 Bn in 2016, expanding at an impressive compound annual growth rate of 19.68% CAGR. Facial recognition is emerging as an effective tool to tackle anti-social elements and issues of felony.
Facial recognition systems are being installed in places that need optimum security such as ATMs, banks, railway station and shopping malls among others. In the coming years, demand for such systems is expected to growth further. Governments are introducing new frameworks to improve public security, which is creating opportunities for facial recognition systems. Factors as such are expected to support the growth of the global facial recognition market during the forecast period. Nonetheless, facial recognition is yet to reach its fullest potential and continues to be a technology of the future. Moreover, high cost of installation and maintenance also limits its access to a small consumer pool.
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Market Segmentation: Insights
MRFR’s report offers a comprehensive segmental analysis of the global facial recognition market based on technology, hardware & software and vertical. By technology, the market has been segmented into 2D facial recognition, 3D facial recognition, skin texture and thermal imaging. The 3D facial recognition segment currently holds the largest market share and is expected to remain highly attractive over the forecast period (2016-2022). By hardware & software, the market has been segmented into analytics and face recognition software. In terms of revenues, global sale of hardware components of facial recognition system account for a significant market share. Meanwhile, market revenue from the sale of software components of facial recognition system is also expected to surge upwards in the forthcoming years. By vertical, the market has been segmented into government, home security, large organizations, and airports. Among these, the government segment is likely to retain its dominant position over 2022 and increasing at a CAGR of 22.9%.
North America - Most Attractive Market for Facial Recognition
On the basis of region, the global Facial Recognition Market is segmented into North America, Europe, Asia Pacific and the Rest of the World. The facial recognition market in North America is expected to remain highly attractive over the next couple of years. The U.S. federal government continues to priorities homeland security with the Trump administration proposing a USD 3.5 Bn or 7.8 percent increase from the FY 2018 President’s Budget for the Department of Homeland Security (DHS). National security is a top priority in both the U.S. and Canada, which is a major positive for the North America facial recognition. Over the years, technological apparatus utilized in security application has continued to evolve, and the arrival of facial recognition make it more dynamic. Europe is also expected to remain an important market for facial recognition. Security budgets have grown substantially in many of the European countries, which is partly supporting the growth of the market in the region. The market in APAC is expected to exhibit the highest CAGR during the assessment period. This is primarily owing to the increased efforts by local policymakers to ramp up public security barriers.
Competition Tracking
NEC Corporation (Japan), Safran SA (France), Aware Inc. (U.S), Cognitec Systems (Germany), FaceFirst Inc. (U.S.), Daon Inc. (U.S.), Ayonix Corporation (Japan), Gemalto (Netherlands), Face++ (China), Key Lemon Ltd. and (Switzerland) are some of leading market players profiled in MRFR’s report.
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Industry News
Panasonic Business recently launched its latest deep learning facial recognition system in Europe at IFSEC 18. The company developed this new system by collaborating with National University of Singapore. The National Institute of Standards and Technology (NIST) found that Panasonic’s latest deep learning facial recognition system industry’s most accurate yet. The system has already been put to work in Tokyo’s Haneda airport. Panasonic also introduced a next-gen video management system and a quad 4K multi-sensor camera at IFSEC 2018.
Technology giant Alibaba is reportedly plotting to set up a demonstration center in Singapore later this year for exhibiting its ‘new retail’ technologies such as payment systems that use facial recognition and AR-drive shopping experience technologies. This indicated towards the company’s future strategies for competing against leading cloud computing service providers such as Amazon and Google. Alibaba has been proactively focusing on expanding the tech product portfolio to gain a strong market position.
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