VANCOUVER – The global facial recognition market size is expected to reach USD 13.87 Billion at a steady CAGR of 15.7% in 2028, according to latest analysis by Emergen Research. This steady market revenue growth can be attributed to increasing demand for biometric identity based on cloud technology and continuous adoption of intelligent signage technologies. Rising investments by market leaders in technology to launch facial expression, emotion to identify users, and development of more user-friendly technologies are other key factors boosting facial recognition market growth.
Rising need for advanced security and surveillance in commercial and banking, financial services, and insurance sectors is another key factor contributing to global market growth. Rising concerns regarding the rapid increase in the number of terrorist attacks on institutional, industrial, and governmental organizations in recent years are also boosting the need for the deployment of facial recognition solutions.
Key Highlights From the Report
- In January 2021, Aware Inc., which is a global provider of biometrics software products, announced launch of an Automated Biometric Identification System (ABIS), used for large-scale biometric identification and DE duplication. ABIS is a modular identity management framework that supports fingerprint, face, and iris modalities, and is designed to serve between 1 and 30 million identities. It has a modular architecture that allows security teams to configure and customize the system for civil or criminal applications.
- Software segment accounted for largest revenue share in the facial recognition market in 2020. Increasing cloud-based biometric technology, identification of user, and increasing accuracy in face detection tools are other factor boosting facial recognition market growth.
- 3D facial recognition segment revenue growth rate is projected to incline rapidly during the forecast period. Increasing concerns regarding physical security and use of AI in biometric information are some other factors driving market growth segment.
- Government accounted for largest revenue share in the facial recognition market in 2020. Increase prevalence of infectious diseases resulting in rapid adoption of face recognition technology in healthcare sectors is expected to boost market growth during the forecast period.
- Asia Pacific revenue is expected to expand at a rapid CAGR during the forecast period. Rising need for video surveillance technology, increasing AI-based technology such as face identification, biometric recognition of persons in various sectors in developing economies are other factors expected to contribute to growth of the facial recognition market in the region during the forecast period.
- Key players in the market include NEC Corporation, Cognitec Systems, Aware Inc., FaceFirst Inc., Safran SA, Panasonic Corporation, Gemalto NV, Key Lemon Ltd., Ayonix Corporation, and Face++.
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. They offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.