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Facial Recognition Market 2018 Global Size, Growth, Profit Analysis Segments and Trends by Forecast to 2022(March 14, 2018)
The growing criminal attacks on public places such as airports, bus & railway station, multiplexes, and others has demanded for more secure safety solutions by people. Facial recognition is one of those highly secured safety solutions which is capable of identifying these critical social issues and can deliver the desired results. One of the popular facial recognition system installed at airport is SmartGate, an automated border processing system which permits self-processing passport check on the airport. Recently, on January 2017, Austrlian government has announced its goal to implement 90% automated biometric recognition system which consist of facial, Iris, and fingerprint checks, on their international airports to reduce human involvement by the end of 2020. At Paris airports, the face recognition software is been in the testing process these days in order to speed up the immigration process. After the terrorist attack occurred in 2015 and 2016, the country want to record every passenger detail passing the border control.
The growing interest of government in implementing Facial Recognition Market technology to reduce crime is developing interest in market players to invest in the technology and upgrade it for future thereby is expected to drive the facial recognition market globally.
Government is the largest end-user of facial recognition globally due to growing need of surveillance in their respective region thereby reached USD 0.98 billion market value in 2016 and is expected to exhibit USD 3.37 billion market value by 2022 with 22.91 % CAGR. BFSI is second largest end-user of facial recognition as growing criminal activities, frauds, theft, and bank robberies is demanding high-end security solutions to be implemented in their respective premises. Retail industry on the other hand, is expected to be the fastest growing market with 23.86% CAGR during forecast period 2016-2022.
The global facial recognition market had been valued at USD 3.04 billion in the year 2016, which is expected to reach USD 8.93 billion by the end of the forecast period growing at 19.68% CAGR.
Major Key Players:
- Safran SA (France),
- NEC Corporation (Japan),
- Cognitec Systems (Germany),
- Aware Inc. (U.S),
- Daon Inc. (U.S.),
- Gemalto (Netherlands)
- FaceFirst Inc. (U.S.),
- Ayonix Corporation (Japan),
- Key Lemon Ltd. (Switzerland),
- Face++ (China)
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Facial Recognition Global Market Competitive Analysis:
IBM Corporation is the leading market player in Facial Recognition market and has occupied highest market share globally in 2016. They offer i2 facial recognition software kit for intelligent video analytics application. Recently the company has partnered with Rice University to develop elder care robots that can assist seniors which stay alone. These robots would have many features like sensors, cameras that would read facial expressions, sensors to capture vital signs, and Watson-powered speech recognition to know when to call for help.
Safran S.A., NEC Corporation, Gemalto NV, and 3M Company are some other growing companies which are fuelling the growth of Facial Recognition in coming years.
Facial Recognition Global Market Regional Analysis:
The global facial recognition market is estimated to grow at a promising rate in upcoming years. North America is dominating the market followed by Europe. Law enforcement agencies of U.S. and Canada are early adopter of facial recognition technology to control the increasing crime rate in the country. Mexico government has also implemented this technology to reduce fraud at elections and to control the criminal activities in the country.
Asia-Pacific is the fastest growing region which is estimated to show high growth during forecast period. China is dominating the market in Asia-Pacific. In China, government and private companies has deployed facial recognition technology for various purposes such as public safety, fraud prevention, and reducing crime rate. In India also, Government and NGO’s are promoting facial recognition technology based biometrics service. However, lack of technical awareness about facial biometrics process and benefits is the major reason behind slow growth in the country.
December 2017 – Intel Corporation in collaboration with Foxconn introduced use cases for 5G based edge computing facial recognition technology to serve emerging requirement of safety in application areas such as payments, retailing, and residential & business security. This technology allows consumer to make transactions within 0.03 seconds of payment process.
December 2017 – Vision Labs announced a strategic partnership with BS/2, a Lithuanian banking technology company, to develop an interbank services for contactless identification using facial recognition technology. This solution is expected to capture user data including gender, age, and emotional response with video stream analysis.
November 2017 – OnePlus, an emerging smartphone company, launched its new product named “OnePlus 5T” featuring facial recognition technology for device unlock.
February-2017– Apple Buys Face Biometrics Company RealFace, an Israel based facial recognition company. With this acquisition, Apple is looking to introduce password based login on its iPhone with facial biometric solution.
Facial Recognition Global Market- Segmentation:
The Facial Recognition Market can be classified into 5 key segments as follows:
Segmentation by Technology: 3D Facial Recognition, 2D Facial Recognition, Thermal Imaging, and Skin Texture Analysis
Segmentation by Services: Consulting and cloud based
Segmentation by Component: Hardware and Software
Segmentation by End-User: Government, BFSI, Commercial, Retail, Automotive, Education, Healthcare and others.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, Asia Pacific and Rest of the World.
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