Market Insights
Facial recognition refers to a biometric security system that is based upon identifying a person from a digital image or video frame. Unlike conventional security systems such as fingerprints and iris recognition, facial recognition systems work on human beings’ facial features. Facial recognition technology conducts identification based on various facial features such as cheekbones, the distance between eyes, and eyebrows. This technology does not require any physical contact with the subject for identification. Additionally, facial recognition technology can be deployed in the existing surveillance systems. Thus, it can be used in public places for monitoring and identification purposes.
The rising expenditure on surveillance systems worldwide is the most significant factor fueling the facial recognition market growth. Due to rising terror threats, surveillance systems are mandatorily installed at public places. Furthermore, these facial recognition systems are deployed in combination with surveillance systems.
Thus, rising expenditure over security and surveillance systems is expected to boost the facial recognition market in the coming years. Nevertheless, the facial recognition systems market is majorly hindered due to privacy concerns such as misuse of personal information and data cloning. Also, these systems are less accurate and reliable as compared to fingerprint and iris recognition. Nevertheless, with ongoing advancements in facial recognition algorithms, the market is expected to witness significant growth in the coming years.
The report titled “Global Facial Recognition Market- Growth, Share, Opportunities and Competitive Analysis, 2015 – 2022” offers strategic insights into the global facial recognition market along with the market size and estimates for the duration of 2013 to 2022. The said research study covers an in-depth analysis of multiple market segments based on types, end-users, and cross-sectional study across different geographies. In addition, the study covers the comparative analysis of different segments for the years 2014 & 2022. The report also provides a prolific view on market dynamics such as market drivers, restraints, and opportunities.
In order to help strategic decision makers, the report also includes competitive profiling of the leading facial recognition system vendors, their SCOT (Strength, Challenges, Opportunities, and Weaknesses) analysis, market positioning, and key developments. Some of the major players profiled in the report are NEC Corporation, Cognitec Systems Pty Ltd., Morpho S.A.S. (Safran Group), Aware, Inc., Ayonix, Inc., Cross Match Technologies, Inc., Animetrics, Inc., FaceFirst, Inc. (Airborne Biometrics Group Inc.), ZK Software, Inc., 3M Cogent, Inc., Aurora Computer Services Ltd., and others.
Other in-depth analysis provided in the report includes:
- Current and future market trends to justify the forthcoming attractive markets within the security systems industry
- Market fuelers, market impediments, and their impact on the market growth
- In-depth competitive environment analysis
- Trailing 2-Year market size data (2013 – 2014)
- SRC (Segment-Region-Country) Analysis
Overall, the research study provides:
- A holistic view of the global facial recognition systems market.
- Offering market size and estimates for the period from 2015 to 2022.
- Keeping in mind the above-mentioned factors.
Based on end-user, the facial recognition market is segmented into the following categories:
- Government & Defense
- Banks, Financial Services and Insurance (BFSI)
- Retail Industry
- Others (Automotive, Web Applications, Electronic Devices etc.)
As of 2014, the global facial recognition market was dominated by the government & defense segment. The segment comprises various government organizations and applications, including homeland security, defense sector, public surveillance, and others. As a result, the segment accounted for a market share of more than forty percent of the total market in terms of revenue. The prime function of the facial recognition system is to serve the homeland security and law enforcement departments for identifying suspects.
The BFSI segment accounts for the second largest share, in terms of revenue, of the global market. However, BFSIs are among the most vulnerable organizations for fraudulent activities. Thus, these systems are installed along with surveillance systems to keep track of the suspects.
Further, the retail industry is expected to emerge as the highest-growing segment in the facial recognition market. Facial recognition is used for analyzing consumer behavior. Facial analytics solutions are used in the retail industry in order to determine and analyze various consumer parameters such as the age, facial expressions, and gender of the consumers. This helps the retailers target the consumers for suitable marketing products. As a result, the retail industry is expected to penetrate facial recognition solutions strongly during the forecast period.
Based on geography, the global facial recognition market is segmented as per the following regions and countries.
North America
- U.S.
- Rest of North America
Europe
- EU7 (U.K., France, Germany, Spain, Italy, Belgium, and the Netherlands)
- CIS
- Rest of Europe
Asia Pacific
- Japan
- China
- South Asia
- Australasia
- Rest of Asia Pacific
Rest of the World
- Middle East and Africa
- Latin America
In 2014, the North American region dominated the global facial recognition market, contributing to more than one-third of the total market revenue. The market here is mainly backed by the government & defense segment. Due to high expenditure upon security systems in the region, the market is estimated to continue showing strong growth in the coming years.
Facial recognition solutions have been used by the law enforcement department of the U.S. for a significant time. Additionally, various companies such as Facebook, Inc. and Google, Inc. are already working on facial recognition algorithms. Thus, the market here is expected to remain dominant, in terms of revenue, in the global market.
The Asia Pacific is expected to emerge as the fastest-growing market for facial recognition solutions during the forecast period. The growth is majorly expected from Japan, China, South Korea, and India. However, the overall market growth across different geographies is hindered majorly due to privacy concerns over public use and limited accuracy of facial recognition.
