Facial recognition market size to reach US$20.5 billion by 2031: TMR study
- Adoption of facial recognition biometrics across multiple industries due to the use of technology to improve customer experience; widespread adoption of facial recognition on smartphones thanks to better user experience and better security
- Massive applications of facial recognition to empower huge opportunities in North America and Europe; adoption of AI technology and 3D expansion paths
WILMINGTON, Del., July 17, 2022 /PRNewswire/ — Many companies using facial recognition solutions are seeking new technologies for advanced surveillance and security, supported by an increasing deployment of cameras and surveillance devices. Companies in BFSI, retail and education are increasingly adopting facial recognition to improve customer experience, generating huge lucrative opportunities, notes the study on the facial recognition market. The market is expected to grow at a CAGR of 16.8% from 2022 to 2031.
Technological advancements have resulted in a growing preference for facial recognition over other types of biometrics. In particular, the demand has increased in the monitoring of criminal activities and terrorist incidents, thereby expanding the size of the global facial recognition market. Different types of facial recognition systems aim to improve the user experience in the digital identity verification system. Recent trends in facial recognition have seen innovative applications emerge. A concrete example is the use of real-time emotional recognition technology for patients in the healthcare sector.
The growing penetration of Electronic Medical Records (EMR) in life science industries and healthcare organizations has helped increase the market share of facial recognition in biometrics. In recent years, the proposition of contactless biometrics has opened a valuation opportunity for players in the facial recognition market.
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Key Findings from the Facial Recognition Market Research
- The demand in the health sector to propel abundant avenues: The study’s analysts found an increase in the use of facial recognition in the healthcare industry for multiple applications. It is widely used for improving patient health information security and employee access security, thereby generating significant profitable avenues in the facial recognition market. The popularity of facial recognition is based on the growing preference for contactless biometrics. The demand for facial recognition is expected to grow in e-health, given their role in improving clinical decision-making.
- Using digital identity verification, especially in the BFSI sector, to underpin broad avenues: The growing trend of digitalization of processes in the BFSI industry has catalyzed the deployment of facial recognition systems. Technology is increasingly being used for verifying the digital identity of customers and ultimately improving the customer experience by providing fast, convenient and reliable financial services. The retail sector has also witnessed an increase in the application of facial recognition technology, resulting in increased sales in the facial recognition market.
- R&D on new biometric modalities to open new frontiers: Recent years have seen significant R&D on contactless biometrics for the corporate sector. Usage has increased in employee and visitor verification. New modalities integrated with artificial intelligence will broaden the canvas of facial recognition market players.
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Facial recognition market: key drivers
- The growing shift from traditional user identification and authentication to advanced biometrics is a key factor pivoting the evolution of the facial recognition market. Companies offering security solutions to law enforcement rely on state-of-the-art facial recognition technology using artificial intelligence and 3D algorithms.
- Rise in demand for convenient and fast contactless payments has boosted R&D in facial recognition market
Facial recognition market: regional growth momentum
- North America and Europe have experienced substantial revenue growth in recent years. North America held a large share of 29.9% in 2021. Increased demand for facial recognition technology to prevent terrorist and criminal activities in North America will bring significant revenue during the forecast period.
- Asia Pacific is a lucrative facial recognition market. The regional market is expected to grow at a CAGR of 18.6% between 2022 and 2031. Abundant demands for security solutions in aviation and border protection industries underpin vast revenue potential. India, South Koreaand China are leading national markets in Asia Pacific.
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Facial recognition market: key players
A high degree of fragmentation characterizes the competitive dynamics of the facial recognition market. Some of the key players are:
- Cross Match Technologies, Inc.
- Cognitec Systems GmbH
- Ayonix Company
- Aware, Inc.
- Animetrics, Inc.
- 3M Cogent, Inc.
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Segmentation of the facial recognition market
- By component
- 2D facial recognition
- 3D facial recognition
- Facial analytics
- Training and Consulting
- Support & Maintenance
- By app
- Law enforcement
- Access control
- Recognition of emotions
- Attendance tracking and monitoring
- Per end user
- Banking, Financial Services and Insurance
- Retail and e-commerce
- Health care
- Others (Government and Defence, Transport)
- North America
- Asia Pacific
- Middle East & Africa (SOUL)
- South America
- Saudi Arabia
- United Arab Emirates
- South Africa
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