Facial Recognition Market to Hit $12 Billion by 2025 – Global Insights on Top Trends, Key Technologies, New Investments, and Business Opportunities
Growing demand for surveillance systems by government and private organization will steer the global Facial Recognition market. On the geographical front, North America dominated the market in 2019 and is expected to do so over the forecast period 2019-2025
The “Global Facial Recognition Market by Technology (2D facial recognition, 3D facial recognition, facial analytics recognition), Application, End User (BFSI, media & entertainment, telecom & IT, Government & Defense, Healthcare, Retail & E-commerce), and By Region and Global Forecast 2018 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Acquaintance to the internet has made the user data more open to the cybercriminals, making it a worldwide concern to safeguard personal information. Facial recognition enables the use of human features that are distinctive to each individual replacing alpha-numeric passwords as a medium to protect secure and digital possessions. Facial biometrics is progressively being applied to various industries including construction, manufacturing, healthcare, and law enforcement
Growing demand for surveillance systems drives the demand for global facial recognition market
The global facial recognition market size is projected to reach over USD 12 billion by 2025.
Facial recognition technology as a method of payment is already implemented at many ATMs and stores, but the next stage is to adopt this technology for online payments. The Chinese e-commerce giant, Alibaba, and affiliate payment solution Alipay are exploring ways to utilize face recognition solutions for purchases made through the internet.
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In the United States, the Federal Bureau of Investigation (FBI) is attempting to use machine learning algorithms to recognize suspects through their driving license. The organization presently has a database that comprises half of the country’s population’s faces. This is highly valuable in giving law enforcers alternative ways of tracking criminals throughout the country. Artificial intelligence (AI) equipped cameras have also been trialed in the United Kingdom to classify those smuggling illegal imports into prisons.
The major players of the global facial recognition market are NEC Corporation, Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, Gemalto NV, Animetrics, Daon, Id3 Technologies, Idemia, Innovatrics, Megvii, Neurotechnology, NVISO SA, StereoVision Imaging, Inc., Techno Brain Group, etc. As of 2018, the market for facial recognition providers is fragmented with the presence of established global and domestic players across the globe. Moreover, the established companies are coming up with upgraded versions of facial recognition technologies with digital and automation solutions
The report also throws light on various aspects of the global facial recognition industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the facial recognition industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The global facial recognition market has strong competition among the well-established and new emerging players. These market players targets to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
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On the basis of the technology of facial recognition, the market is categorized into 2D facial recognition, 3D facial recognition, and facial analytics recognition. Stationary 3D facial recognition dominated the overall facial recognition market which occupied a 60% share in 2019 and is expected to maintain its position over the forecast period 2019 -2025. 3D face recognition systems are capable of precisely recognizing humans faced with variant facial expressions and positions and under dim lights. Using an axis of measurement and depth that is not affected by illumination, 3D face recognition is used in darkness and possesses a capability to identify a subject at various view angles with the prospective to identify up to 90 degrees of a face in profile.
On the geographical front, North America dominated the global facial recognition market in 2019 and is expected to do so over the forecast period 2019–2025. The American airport terminals are increasingly moving towards facial recognition technology. The United States Customs & Borders Protection agency has set up over 13 cameras equipped with facial recognition systems to explore different avenues for maintaining security and law enforcement. Subsequently, Orlando International Airport was selected as the first airport terminal in the country to implement the technology that keeps a check on every single global traveler. It requires just 2 seconds to capture the facial image, having a framework of over 99% accuracy.
Major points from Table of Contents:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Research Methodology
Chapter 5 Market Outlook
Chapter 6 Facial Recognition Market by Technology
Chapter 7 Facial Recognition Market by Application
Chapter 8 Facial Recognition Market by End User
Chapter 9 Facial Recognition Market By Region
Chapter 10 Competitive Landscape
Chapter 11 Company Profiles