The facial recognition market size is projected to reach $12.67 Bn by 2028 from $5.01 Bn in 2021; it is expected to grow at a CAGR of 14.2% from 2021 to 2028.
NEW YORK, Feb. 25, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Facial Recognition Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Software, Hardware, and Services), Application (Security & Surveillance, Access Control, and Others), and Vertical (BFSI, Retail & Ecommerce, Government, Healthcare, Education, Automotive & Transportation, and Others)". The facial recognition market growth is driven by the increasing demand from government and defense sectors, increasing deployment of facial recognition technology by governments and the deployment of advanced biometric technology including facial recognition software have gained major traction.
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Report Coverage | Details |
Market Size Value in | US$ 5,012.71 Million in 2021 |
Market Size Value by | US$ 12,670.22 Million by 2028 |
Growth rate | CAGR of 14.2% from 2021 to 2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
No. of Pages | 165 |
No. Tables | 77 |
No. of Charts & Figures | 89 |
Historical data available | Yes |
Segments covered | Component, Application, and Vertical |
Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Facial Recognition Market: Competitive Landscape and Key Developments
Tech5, IDEMIA, Aware Inc., Cognitec Systems GmbH, Ayonix Corporation, Fujitsu Limited, Onfido, NEC Corporation, Thales Group, and Face PHI are among the key players profiled during the facial recognition market study. In addition, several other essential market players were studied and analyzed to get a holistic view of the global market and its ecosystem.
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In 2022, BAXE and Haventec partnered with IDEMIA to launch the first blockchain ecosystem using a facial authentication solution for identification. The solution will ensure user data, digital assets and communications are protected and secure.
In 2021, Onfido's announced partnership with FaceTec to offers the company's flagship biometric identity verification to authentication. The user can access the existing account in a second.
On a global scale, the facial recognition market has a lot of room for expansion. For the public and private sectors, facial recognition provides a high level of protection. Terrorist attacks on government organizations have risen significantly in recent years, prompting businesses and governments to adopt facial recognition biometrics. Furthermore, the use of facial recognition has grown due to rising applications in physical security and intelligent signage, as well as increasing technological improvements such as cloud-based services and 3D-based recognition systems. However, in some places, rising sensitivity to shared personal data, lack of accuracy, and a high implementation cost stymie industry progress. Face recognition systems that are technologically advanced and have applications in mobile security and drones are anticipated to provide lucrative opportunities for the facial recognition market in the future.
Facial Recognition Market: Application Overview
Based on application, the facial recognition market is segmented into security & surveillance, access control, and others. In 2020, the security & surveillance segment led the market and accounted for the largest market share. The facial recognition offers enhanced level of search automation and efficiency to the investigation workflow and thus saves significant amount of time and manual efforts. Moreover, advanced facial recognition tools used by security and surveillance agencies can analysis several faces in real-time for security and surveillance application. Thus, with the growing use of advance screening and security system by security and surveillance agencies owing to rising emphasis on homeland security and increasing allocation of funds for domestic security, the facial recognition market players are projected to witness significant traction during the forecast period.
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Impact of COVID-19 Pandemic on APAC Facial Recognition Market Growth:
The facial recognition demand was increased for monitoring and tracking people's movement, verification identification, security measures, and patient identification due to the pandemic, which positively influenced the growth of the facial recognition market. In addition, the large scale deployment of facial recognition systems in various applications such as biometric sign-in, public security, travel security, authorized healthcare services, and eLearning platforms is expected to drive the facial recognition market growth in the coming years. These contactless verification technologies have become important amid the pandemic. Moreover, two companies in China have developed AI-based coronavirus diagnostic software to detect lung problems using CT scans. At least 34 Chinese hospitals used this technology to screen 32,000 suspected cases in February 2020. Hence, the overall impact of COVID-19 pandemic on the APAC facial recognition market is low to moderate.
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