India Facial Recognition Market was valued at USD280.06
million in FY2022 and is anticipated to project a robust growth in the forecast
period with a CAGR of 18.71% due to the rise in adoption of facial recognition
technology among various law and enforcement agencies.
Facial
recognition system is a way of recognizing a human face through technologically
advanced AI-based software. A facial recognition system uses biometrics to map
facial features from a photograph or video. The system then compares the information
with a database of known faces for finding a match. Moreover, the accuracy of
facial recognition systems has improved way better in the past decade. For
instance, according to tests by the National Institute of Standards and
Technology in April 2020, best face identification algorithm boasted an error
rate of just 0.08%, which is a big improvement from 2014, when the best
algorithm had an error rate of 4.1%. The biometric information is being
captured, stored, and analyzed in increasing quantities, often by organizations
and governments, with a mixed record on cybersecurity at
the India level.
Adoption
of Face Detection Systems based on AI (Artificial Intelligence) Driving Market
Growth
Growing
adoption of face recognition technologies based on AI platforms for large
enterprises is projected to be one of the major drivers of the market. The
system uses AI technology and machine learning (ML) algorithms to identify and
verify a person from the digital source or the video source. These technologies
help the user to increase the safety and security of a crowded place. Thus, Artificial
Intelligence (AI) act as a catalyst to promote sustainable development and
fulfill future generation's demands.
Growing Demand for Security
With
the increasing countrywide incidences of identity theft, data forgery,
ransomware attacks (WannaCry, Cloud bleed), rising terrorism, criminal
activities, violence, fraudulent financial transactions, etc., the need for
more accurate, verified and authentic security solutions is on the rise across
all the sectors ranging from offices, retail stores, hotels, shopping
complexes, healthcare to more critical sectors like government, banking and
finance. All these factors are driving the facial recognition market in India,
resulting in increased deployment of facial recognition technology in offices,
educational institutions, hotels & healthcare for time-attendance and
employee management, banking and finance sectors for authentic financial
transactions being more accurate, touch less and user convenient, facial
biometrics in criminal investigation (along with CCTV).
Increasing Government Initiatives
The
growing government initiatives like Digital India, which further comprises
programs like digital identity (Aadhar, e-visas, e-passports, e-driving
licenses etc.), e-yatra enabling e-tickets to facilitate secure travelling,
etc., other initiatives such as UMANG (Unified Mobile Application for New-Age
Governance, integration with PayGov, DigiLocker), mobile payment platform like
BHIM, etc., have resulted in increasing deployment of biometrics technologies
such as facial recognition across all government projects and services.
Moreover, with new infrastructure projects for metros, airlines, bus stops,
etc., renovation of existing government institutions like offices, railway
stations, ATMs, etc., an increasing number of energy & power projects, the
adoption of facial recognition technology is anticipated to rise. Facial
biometrics are required for national identity verification, Iris is more
accurate and convenient in border security management programs, and facial
recognition is used in infrastructure projects to ensure continuous monitoring
and worker security. This will lead to an increase in demand for facial
recognition in the coming years.
Burgeoning
Smartphone & Technology Penetration
Rapid
urbanization, modernization, technological advancement, changing lifestyles and
improved purchasing power of consumers have led to the rapid smartphone and
technology adoption by both rural and urban Indian population, resulting in
diversified number of consumer electronics and bottleneck competition among the
technology and devices providing giants like Apple, Samsung and other players
like Huawei, Asus etc. This rapid adoption is driving the deployment of facial
recognition technology in consumer electronics such as smartphones, tablets,
smart healthcare wearables, etc. The growing demand for security and data
privacy concerns are driving the India Facial Recognition Market.
Growing Acceptance by Law Enforcement Agencies
The
acceptance of biometric scanners in law enforcement agencies is picking up pace
in the country. By using facial recognition, the police aim to enhance the poor-quality
latent images, search against their databases and identify the suspects. The
system will also enable the police department to match faces in real time
against the watch list of individuals to trigger an alert.
Increasing
Investments in Facial Recognition Technologies by Government and Defense
Sectors
The
country's government adopted surveillance technologies, which is one of the
primary reasons for the facial recognition market growth. The country currently
has the most extensive public surveillance system. Facial recognition
technologies have been deployed by homeland security, federal and regional law
enforcement, and other security agencies. This has aided in the resolution of
numerous criminal investigations, thereby assisting various departments. This
has aided in the rapid identification of offenders, resulting in the resolution
of numerous criminal investigations. Government agencies are investing heavily
in the deployment of these solutions across a variety of government
applications, including law enforcement, military and defense, and homeland
security.
Rising Demand for Advanced
Video Surveillance Systems to Favor Growth
One of the emerging drivers
of the facial recognition market is the rising adoption of advanced video
surveillance systems such as thermal security cameras, 360 security cameras,
CCTV, and others by end users in order to improve security and safety Video
surveillance systems are primarily used in industrial process monitoring,
traffic management, and crime prevention. The increased demand for video
surveillance systems at commercial offices, homes, warehouses, public transit
vehicles, among others, is likely to spur the market demand.
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Market Segmentation
The India Facial
Recognition Market is
segmented based on Component, Deployment, End User Industry, Region and by Company.
Based on Component, the market is further fragmented into Software and Services.
Based on Deployment, the market is segmented into 2D Face Recognition, 3D
Face Recognition and Thermal Face Recognition. Based on End User Industry, the market
is further divided into Government & Transportation, Military &
Defense, BFSI, Retail and Hospitality. The market analysis also studies the
regional segmentation divided among South India, North India, West India and
East India. The South India Facial Recognition Market stood at USD87.0 million
in the year FY2022 and is projected to grow at a CAGR of 19.34% during the
forecast period. A Chennai-based company (FaceTagr) provides facial
recognition technology to police departments in three south Indian states.
Company Profiles
NEC Corporation India Pvt Ltd., IDEMIA, N-TECH.LAB
LTD, Intellvisions Software Limited, CamfyVision Innovationd Pvt. Ltd, Herta
Security, True Face Ai, AnyVision, Affectiva, face++, among others are among
the major market players in the India Facial Recognition Market.
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Attribute
|
Details
|
|
Market
size value in FY2022
|
USD280.06
million
|
|
Revenue
Forecast in FY2028F
|
USD777.64 million
|
|
Growth
Rate
|
18.71%
|
|
Base
Year
|
FY2022
|
|
Historical
Years
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FY2018 –
FY2021
|
|
Estimated
Year
|
FY2023
|
|
Forecast
Period
|
FY2024
– FY2028
|
|
Quantitative
Units
|
Revenue in
USD Million, and CAGR for FY2018-FY2022 and FY2023E-FY2028F
|
|
Report
Coverage
|
·
Revenue forecast, company share, competitive landscape, growth
factors, and trends
|
|
Segments
Covered
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·
Component
·
Deployment
·
End User Industry
|
|
Regional
Scope
|
South
India, North India, West India, East India
|
|
Key
Companies Profiled
|
·
NEC Corporation India Pvt Ltd., IDEMIA, Intellvisions Software
Limited, CamfyVision Innovationd Pvt. Ltd, Herta Security, True Face Ai,
AnyVision, Affectiva, face++N-TECH.LAB LTD.
|
|
Customization
Scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel through
Email (We can also provide the editable version of the report in PPT/pdf
format on special request)
|
Report Scope:
In this report, India Facial
Recognition Market has been segmented into following categories, in addition to
the industry trends which have also been detailed below:
- India Facial
Recognition Market, By Component:
- India Facial Recognition
Market, By Deployment:
- 2D Face Recognition
- 3D Face Recognition
- Thermal Face Recognition
- India Facial
Recognition Market, By End User Industry:
- Government & Transportation
- Military & Defense
- BFSI
- Retail
- Hospitality
·
India Facial Recognition
Market,
By Region:
- South India
- North India
- West India
- East India
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in India Facial Recognition Market
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).