Facial Recognition Market Projected to Hit USD 17.35 Billion at a 16.54% CAGR by 2030 – Report by Market Research Future (MRFR)

Market Overview

According to the facial recognition market Forecast, business chiefs suggest that the global market reach USD 17.35 Billion with a CAGR of 16.54% from 2020 to 2030. 

Facial recognition technology is a biometric application used mainly for security and identification purposes in shopping malls and airports. Additionally, this technology is being used in smartphones for locking and unlocking features and signing in or paying with various mobile apps. It mainly works by capturing a picture of someone and applying face analytics combined with the available database. 

As the outbreak of the covid-19 pandemic has impacted almost the entire world, the Facial Recognition Market is no exception. During the pandemic and its restrictions, the usage of this technology has been increased to address the consequences introduced by the covid-19. Law enforcement, followed by various other organizations, have opted for this technology solution to keep the spread in control. With healthcare systems worldwide, the system has also adopted the thermal camera check. The demand for facial recognition technology to track and monitor people’s identity verification, security measures, movement, patient identification will be an increasing factor in many industries all across the globe. 

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Key players operating in the global Facial Recognition market include Cognitec Systems GmbH (Germany), Aware Inc. (US), Facefirst. All (US),  NEC Corporation (NEC), Dell Inc.(US), Thales Digital Identity and Security (US), Daon, Inc (US), Ayonix Corporation (Japan), kairos AR, Inc (US), Key Lemon Ltd (Switzerland), Safran S.A (France), Face++ (China), Fareclock (US), Nuance Commuication, Inc (US), Google LLC (US), Intel Security Group (US), 3M Company (US), Advanced Micro Devices, Inc (US), Animetrics, Inc (US), Apple, Inc (US), AsusTek Computer Inc. (Taiwan), Allied Times USA Inc (US), and  Lenovo Group Limited (China).

Report Scope:

Facial Recognition Market Segmentation:

The Facial Recognition Market Trends has been segmented based on the following:

By Component:

Based on the component segment of the Facial Recognition Market, it has:

• Software
• Hardware
• Integrated Devices
• Handheld Devices
• Scanners
• cameras

By Technology:

Based on technology, the Facial Recognition Market has:

• Facial analytics
• 2D Facial Recognition
• 3D Facial Recognition

By End-User Industry:

Based on end-user industry, the Facial Recognition Market has:

• Government
• Healthcare
• BFSI
• Security and Law Enforcement
• Retail and E-commerce
• Telecom and IT
• Automobile and transportation
• Media and Entertainment
• Others

By Application:

Based on application, the Facial Recognition Market has:

• Access control
• Emotion Recognition
• Security & Surveillance
• Attendance Tracking and Monitoring
• others

By Region:

Based on region, the market has:

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

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Facial Recognition Market Regional Analysis:

Based on research, the APAC region is likely to see the ultimate Facial Recognition Market Growth during the forecast period, especially in China, Japan, India, Singapore, and South Korea, because of increasing public awareness. In this region, the criminal cases are increasing drastically. Therefore, the increasing number of investigations and security surveillance adopting the technology are driving the growth opportunity of the Facial Recognition market. For instance, the Narita International Airport in Japan has been using face recognition technology to board a flight instead of a passport since spring 2020. 

Some of the prominent market players are as follows: 

• NEC Corporation (Japan)
• Cognitech System GmbH (Cognitech Systems) (Germany)
• Aware, Inc (Aware) (US)
• Ayonix Corporation (Ayonix) (Japan)
• Neurotechnlogy (Lithuania)
• Animetrics (US)
• NVISO SA (nViso) (Switzerland) 

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Industry News:

In April 2020, in the African region of Cape Town, the market giant Amazon expanded its business operations by setting up three availability zones. Developing the business operation in Africa is to increase cloud adoption in the African market.

In April 2020, Microsoft Azure had updated their facial recognition solution. The new version introduced can easily take customer feedback with its improved and simplified UI (User Interface). With the enhanced performance, the devices can collect faster the updated data. 

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About Market Research Future (MRFR):

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.

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