Facial Recognition Market

Global Facial Recognition Market Size (2024 to 2029)

The global facial recognition market is predicted to reach USD 4.65 billion in 2024 and USD 10.03 billion by 2029, growing at a CAGR of 16.6% during the forecast period.

Facial recognition is biometric software that can uniquely identify, recognize, and authenticate a person by comparing and analyzing models based on the contours of the subject's face. The report under review deals with facial recognition software in accordance with technologies such as 3D and 2D facial recognition and facial analysis. The study provides applications, market trends, influencing factors, and growth data for end-user software, such as security and law enforcement, healthcare, retail, and other end users.

Facial recognition has gained importance in recent times because of its advantages over traditional surveillance techniques, such as biometrics. Governments around the world have invested significant resources in facial recognition technology, with the United States and China being the main adopters. There is a rising call for multifactor authentication owing to the surge in cyber-attacks, terrorist threats, and data breaches. The need to integrate better security systems encourages organizations to implement secure multi-factor authentication solutions, such as fingerprint sensors and facial recognition technology.

With tech giants like Apple offering facial recognition features in their latest versions, facial recognition apps have expanded to retail and banking. Mastercard is working on a concept of facial recognition for online shopping called Selfie Pay. These innovations have encouraged various investments in the market.

Market Growth and Trends:

3D facial recognition technology is expected to gain significant market share due to the increasing adoption of technology in surveillance and smartphones. The advanced functionality and increased accuracy technology provide are driving demand, and technology is increasingly being incorporated for authentication and access control.

3D facial recognition calculates the geometry of the 3D face using the invisible light of an infrared camera, offering an optimal user experience that combines convenience, reliability, and complete security. Currently, about 94% of smartphones are equipped with fingerprint sensors, but this percentage is expected to reach 90% by 2023, with technologies such as 3D facial recognition becoming a standard approach for user authentication.

The precision offered by 3D facial recognition is growing in adoption in critical applications that run on confidential data. In the coming years, this technology should be integrated into authentication payments. For example, at NRF 2020, Wordline presented the payment solution with its face, developed jointly with OneVisage, integrating 3D facial biometrics.

Development in the 3D camera market should also bring advancements and new applications for 3D facial recognition technology. For example, the auto industry is expected to experience significant adoption rates in the coming years as providers focus on adopting the technology not only as part of access control but also as part of security systems as part of ADAS systems.

Market Drivers and Restraints:

The global facial recognition market has significant growth potential with increasing applications. Facial recognition offers high-level security for the public and private sectors. The surge in terrorist attacks against governments worldwide in recent years has encouraged several companies to implement biometric facial recognition technology. In addition, the rise of physical security and smart signage applications and technological advancements such as cloud-based services and 3D-based recognition systems have increased the use of facial recognition. However, an increasing sensitivity to shared personal data, lack of precision, and high implementation costs are hampering market expansion in certain regions. Technically advanced facial recognition systems with mobile security apps and drones are likely to create more opportunities in the future.

Impact of COVID-19 on the global facial recognition market:

The current COVID-19 pandemic, which affects more than 140 countries today, has increased the importance of facial recognition payments. Telpo in China is launching this recognition technology as a health alternative to fingerprint scanners and to identify people without the risk of close contact.

GLOBAL FACIAL RECOGNITION MARKET REPORT COVERAGE:

The global facial recognition market is separated on the basis of components, technology, and application.

Global Facial Recognition Market - By Technology:

• 2D Recognition      

• 3D Recognition      

• Facial Analytics 

The technology segment includes 2D, 3D, and facial analysis. Among these, the 3D facial recognition technology segment has a significant share of the global market due to its high accuracy in terms of facial feature recognition compared to 2D facial recognition.

Global Facial Recognition Market - By Component:

• Hardware

• Software  

• Services    

The component segment is divided into hardware, software, and services.

Global Facial Recognition Market - By Application:

• Emotion Recognition          

• Access Control       

• Law Enforcement 

The applications segment includes emotion recognition, access control, law enforcement, and others.

Global Facial Recognition Market - By Region:

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus

Asia-Pacific is the most important region for facial recognition adoption due to factors such as technological development, increased infrastructure growth, and increased applications in many areas. The massive industrialization and growth of the consumer electronics industry in the region highlight the exciting opportunities for market players and the prospects for significant growth.

With the increase in urban population and their purchasing ability, the Asia-Pacific is likely to witness the highest demand in the biometrics market in the future. The increase in mobile banking transactions in countries like India and China, combined with government initiatives, is expected to be the main driver of the facial recognition market in the region. For example, China is experiencing a high volume of mobile transactions, which should create demand for biometric data in the future.

Key players in the market:

The main players in the global facial recognition market are NEC Corporation, Safran Group, Cognitec Systems GmbH, Keylemon, Animetrics, 3M, Aware, Daon Inc., Ayonix, and nViso.

Recent Developments:

• In January 2020, Thales teamed up with Docaposte to update the security of La Poste's Digital Identity mobile application. Docaposte has adopted Gematlo's two-step mobile authentication in its Digital Identity mobile application. This partnership can benefit from the company's gentle expansion in Europe.

• In November 2019, Panasonic Corporation introduced an application programming interface (API) for its facial recognition technology in Japan that identifies faces precisely in harsh conditions that used to present challenges earlier.