Facial Recognition is a biometric application which captures image and uses it to identify individuals by applying facial analytics and comparing it with the existing database. Facial recognition systems are commonly used for security purposes, especially in the surveillance field but recently the use of facial recognition in other applications has progressed. The facial recognition market is driven by the increasing criminal activities, globally. Apart from it, the increasing security measures at ATMs and the growing installation of facial recognition systems at airports, and shopping malls drive the facial recognition market.
Facial recognition market is segmented on the basis of technology as 3D Facial Recognition, 2D Facial Recognition, Thermal imaging and Skin Texture. To capture information about the shape of a face, the 3D facial recognition technology uses 3D sensors. The skin texture analysis uses visual details of the skin, as captured in standard digital or scanned images and analyzes unique lines, patterns, and spots apparent in a person’s skin into a mathematical space. The ability of identifying a suspect from a large viewing angle with a high accuracy, is achieved by 3D facial recognition technology.
The global Facial Recognition Market provides two types of services as consulting services and cloud based services. Rising adoption of cloud technologies has resulted in the fastest growth of cloud based facial recognition services. The facial recognition market is classified on the basis of components as hardware and software components. The hardware component holds a larger share in the facial recognition market whereas the software component of facial recognition is expected to grow at a faster rate. The facial recognition technology is still in a developing phase therefore it has technological limitations. Lack of awareness has resulted as a major restrain for the facial recognition market.
The global facial recognition market had been valued at USD 3.04 billion in the year 2016, which is expected to reach USD 8.93 billion by the end of the forecast period growing at ~19.68% CAGR.
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Major Key Players:
- Safran SA (France),
- NEC Corporation (Japan),
- Cognitec Systems (Germany),
- Aware Inc. (U.S),
- Daon Inc. (U.S.),
- Gemalto (Netherlands)
- FaceFirst Inc. (U.S.),
- Ayonix Corporation (Japan),
- Key Lemon Ltd. (Switzerland),
- Face++ (China)
Facial Recognition Global Market- Regional Analysis
The global facial recognition market is estimated to grow at a promising rate in upcoming years. North America is dominating the market followed by Europe. Law enforcement agencies of U.S. and Canada are early adopter of facial recognition technology to control the increasing crime rate in the country. Mexico government has also implemented this technology to reduce fraud at elections and to control the criminal activities in the country.
Asia-Pacific is the fastest growing region which is estimated to show high growth during forecast period. China is dominating the market in Asia-Pacific. In China, government and private companies has deployed facial recognition technology for various purposes such as public safety, fraud prevention, and reducing crime rate. In India also, Government and NGO’s are promoting facial recognition technology based biometrics service. However, lack of technical awareness about facial biometrics process and benefits is the major reason behind slow growth in the country.
December 2017 – Intel Corporation in collaboration with Foxconn introduced use cases for 5G based edge computing facial recognition technology to serve emerging requirement of safety in application areas such as payments, retailing, and residential & business security. This technology allows consumer to make transactions within 0.03 seconds of payment process.
December 2017 – Vision Labs announced a strategic partnership with BS/2, a Lithuanian banking technology company, to develop an interbank services for contactless identification using facial recognition technology. This solution is expected to capture user data including gender, age, and emotional response with video stream analysis.
November 2017 – OnePlus, an emerging smartphone company, launched its new product named “OnePlus 5T” featuring facial recognition technology for device unlock.
February-2017– Apple Buys Face Biometrics Company RealFace, an Israel based facial recognition company. With this acquisition, Apple is looking to introduce password based login on its iPhone with facial biometric solution.
Facial Recognition Global Market- Competitive Analysis:
IBM Corporation is the leading market player in Facial Recognition market and has occupied highest market share globally in 2016. They offer i2 facial recognition software kit for intelligent video analytics application. Recently the company has partnered with Rice University to develop elder care robots that can assist seniors which stay alone. These robots would have many features like sensors, cameras that would read facial expressions, sensors to capture vital signs, and Watson-powered speech recognition to know when to call for help.
Safran S.A., NEC Corporation, Gemalto NV, and 3M Company are some other growing companies which are fuelling the growth of Facial Recognition in coming years.
Facial Recognition Global Market- Segmentation:
The Facial Recognition Market can be classified into 5 key segments as follows:
Segmentation by Technology: 3D Facial Recognition, 2D Facial Recognition, Thermal Imaging, and Skin Texture Analysis
Segmentation by Services: Consulting and cloud based
Segmentation by Component: Hardware and Software
Segmentation by End-User: Government, BFSI, Commercial, Retail, Automotive, Education, Healthcare and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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