Facial Recognition Market to be Dominated by Rising Demand for Advanced Video Surveillance Systems Through 2028
The
increasing demand for advanced video surveillance systems is expected to drive
the growth of Global Facial Recognition market in the forecast period
2024-2028.
According to TechSci Research report, “Facial Recognition Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028”, global facial
recognition market is anticipated to grow at a steady rate in the forecast
period 2024-2028. This can be ascribed to the growing usage of Facial
Recognition in different fields such as infrastructure, defence, government,
among others. Additionally, growing demand for low-cost products and increasing
research activities in the defence and military industries is expected to boost
the growth of the market during the forecasted period. Also, increasing demand
for advanced video surveillance systems across the globe, along with increasing
adoption of internet of things, will further enhance the demand for the facial
recognition market in the forecasted period. Besides, growing investment and research
activities to evaluate the mechanism of action of cloud and artificial intelligence
capabilities to monitor the security and safety, are further expected to
support the market growth during the forecast period. Also, growing
advancements in the generation, rising penetration of smartphones, and
increasing application of physical security have attracted the attention of
many researchers towards facial recognition due to competitive advantages
associated with them, further driving the growth of the market during the
forecasted period.
However, high implementation
cost and lack of accuracy, along with shortage of trained and expert
professionals in the field of precise technologies among varied regions may slow
down the growth of the global facial recognition market in the forecast period.
Also, the low adoption rates and lack of awareness about the latest
technologies in middle- and low-income countries may hamper the growth of the
market during the forecast period. Additionally, improper regulatory structure
and problems regarding the efficiency and safety standards in various regions can
further restrict the growth of the global facial recognition market.
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Facial Recognition market
can be segmented by technology, application, end user and region. Based on
technology, the market can be divided into 2D facial recognition, 3D facial
recognition, and facial analytics. Based on application, the market can be
differentiated into access control, attendance tracking & monitoring,
emotion recognition, security & surveillance, and others. Based on
end-user, the market can be grouped into retail & e-commerce, media &
entertainment, BFSI, automobile & transportation, telecom & it,
government, healthcare, and others.
Based on technology, the global facial recognition market can be segmented
into 2D facial recognition, 3D facial recognition, facial analytics. The 3D Recognition category led the market in
and is anticipated to keep expanding throughout the duration of the projection.
This is explained by the rise in end-user industries' desire for 3D-capable
gadgets to obtain real-time user data. In locations that require a high level
of security, like airports, 3D recognition systems are favored over 2D ones.
The deployment of these systems for public safety solutions, such as border
protection and surveillance, is encouraged by the precision offered by 3D technology
face recognition systems, and this is another factor that is anticipated to
fuel the market's expansion throughout the projected period..
Based on application, the market can be segmented into access
control, attendance tracking & monitoring, emotion recognition, security
& surveillance, and others.
The security & surveillance segment is expected to dominate during the
forecast period on account of the increasing number of security concerns and
the growing adoption of internet protocol (IP) cameras along with collaborative
partnerships between recognition systems companies and prominent government and
defence industries. Moreover, emerging smart cities’ projects across the world
and growing initiatives taken by the varied industries such as BFSI, etc. to
include security & surveillance as a security major will further drive the
growth of the market during the forecasted period.
Major companies operating in the global facial
recognition market are:
- 3M Cogent, Inc.
- NEC Corporation Pvt Ltd
- Aware, Inc.
- IDEMIA
Group, S.A.S.
- FacePhi
Biometria SA
- Onfido Holdings Ltd
- Ayonix
Corporation
- Gemalto NV
- Cognitec Systems
GmbH
- Id3 Technologies.
Various companies operating in the market follow
strategies such as mergers & acquisitions, collaborations &
partnerships, among others, to stay competitive and have an edge over other
market players. Additionally, companies are advanced facial recognitions
systems using Artificial Intelligence, Machine Learning, etc. For instance, in
March 2022, Aware Inc., a global authentication company that validates and
secures identities announced the partnership with MIRACL, a cybersecurity
software company specializing in single-step, secure multi-factor
authentication. The partnership aims to extend cloud-based biometric
authentication to protect against data breaches and ransomware. This
partnership further cements the value Aware is bringing to the financial
services market by quickly bringing to market password-free login paradigms
delivering superior security and simplicity for users. Also, in May 2022, SALTO
Group announced the strategic acquisition of Cognitec Systems with an aim to
meet market requests for adding face recognition and artificial intelligence
technologies to the company’s renowned electronic access control and ticketing
solutions. The acquisition will further extend the capabilities, market reach
and business connections.
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“North
America is expected to dominate in the global facial recognition market due to
the rising adoption of advanced and connected technologies by the enterprises
coupled with rising infrastructural growth of the surveillance industry in this
region, especially in the United States. Additionally, well established economy
and information technology sector infrastructure within the region is further
supporting the growth of facial recognition market. Similarly, the growing
investments in facial recognition technologies by government and defense
sectors in the Facial Recognition fields is further expected to support the market
growth during the forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“Facial Recognition Market - Global Industry
Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Technology (2D Facial Recognition, 3D Facial Recognition,
Facial Analytics), By Application (Access Control, Attendance Tracking &
Monitoring, Emotion Recognition, Security & Surveillance, Others), By End User
(Retail & E-commerce, Media & Entertainment, BFSI, Automobile &
Transportation, Telecom & IT, Government, Healthcare, and Others), By Region and
Competition”, has
evaluated the future growth potential of global facial recognition market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global facial recognition market.
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