Facial Recognition Market Growth Statistics 2021 Industry Demand, Share Evaluation, Prominent Players Strategies, Size, SWOT Analysis, COVID-19 Impacts and Recovery, Forthcoming Developments, Upcoming Investments and Forecast to 2027

Facial recognition is a biometric technology which is used for authentication and identification of individuals, by comparing the facial features from an image with the existing database. Facial recognition is expected to witness robust growth during the forecast period due to its increasing usage in both law enforcement and non-law enforcement applications.

Moreover, facial recognition is widely preferred over other biometric technologies such as voice recognition, skin texture recognition, iris recognition and fingerprint scanning among others, due to its non-contact process and easy deployment (using cameras and existing monitoring devices). The technology is predominantly used for security purposes, but is now gaining wide popularity for advertising and marketing, as it enables the companies’ to deliver targeted messages to the consumers.

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Increasing crime rate across the world has persuaded government agencies to look for cutting edge surveillance technology that can effectively address the growing concerns over security. Facial recognition has emerged as one such identification technologies, which addresses most of the security concerns in the most effective and fool proof manner.

However, increasing sensitivity towards personal data privacy has hindered the expansion of market in certain regions. On the other hand, technically advanced facial recognition systems with application in mobile security, drones, and retail is likely to create greater opportunities in the years to come.

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The market is segmented on the basis of technology, component, application, and geography. The technology segment is categorized into 2D facial recognition, 3D facial recognition and facial analytics. Among the mentioned technologies, 3D facial recognition technology segment holds significant share in the world facial recognition market owing to its high accuracy in terms of recognizing facial features as compared to the 2D facial recognition technology.

The component segment is bifurcated into hardware (scanners, cameras, handheld devices, integrated devices) and software. The application segment includes homeland security, criminal investigation, ID management, physical security, intelligent signage, web application, business intelligence, photo indexing & sorting, and others (VIP recognition, automotive and phone, PC & banking login). In 2015, homeland security contributed the highest revenue share.

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Based on geography, the facial recognition market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America is further bifurcated into the U.S., Mexico and Canada, whereas Europe has been further segmented into UK, Russia, Germany, Italy, France and Rest of the Europe. The countries covered under Asia-Pacific are China, India, Japan, South Korea, and Rest of Asia Pacific. LAMEA includes Latin America, Middle East and Africa.

Major companies profiled in the report include 3M, Cognitec Systems GmbH, NEC Corporation, FaceFirst, Inc., Nuance Communications Inc., Crossmatch, International Business Machines Corporation (IBM), Animetrics Inc. and Daon Inc.

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POTENTIAL BENEFITS FOR STAKEHOLDERS

The report provides a comprehensive analysis of the world facial recognition market with current and future growth trends, driving factors, opportunities and challenges.
The report includes a comprehensive qualitative as well quantitative analysis of the key market segments, for the period 2015 – 2022.
Porters Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making.
Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain.
SWOT analysis of the key market players highlights their strengths and weaknesses along with potential opportunities present in the market.

According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

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This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

FACIAL RECOGNITION MARKET SEGMENTATION

The market is segmented on the basis of technology, component, application, and geography.

MARKET BY TECHNOLOGY

2D facial recognition
3D facial recognition
Facial analytics

MARKET BY COMPONENT

Hardware
Scanners
Cameras
Handheld devices
Integrated devices
Software

MARKET BY APPLICATION

Homeland security
Criminal investigation
ID management
Physical security
Intelligent signage
Web application
Business intelligence
Photo indexing and sorting
Others (VIP recognition, automotive and phone, PC & banking login)

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MARKET BY GEOGRAPHY

North America
U.S.
Mexico
Canada
Europe
UK
Germany
Russia
Italy
France
Rest of the Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia Pacific
LAMEA
Latin America
Middle East
Africa

What is the goal of the report?

The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.

During the forecast period, the report analyzes the growth rate, market size, and market valuation.

The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.

The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.

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This market report shows the projected market size for the Multi-Cloud Management Market at the end of the forecast period. The report also examines the historical and current market sizes.

On the basis of various indicators, the charts present the year-over-year growth (%) and compound annual growth rate (CAGR) for the given forecast period.

The report includes an overview of the market, its geographical scope, its segmentation, and the financial performance of key players.

The report examines the current state of the industry and the potential growth opportunities in North America, Asia Pacific, Europe, Latin America, and the Middle East, and Africa.

The research report includes various factors contributing to the market’s growth.

The report analyzes the growth rate, market size, and market valuation for the forecast period.

This report covers aspects of the regional analysis market.

The report includes data about North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

This report analyzes current and future market trends by region, providing information on product usage and consumption.

Reports on the market include the growth rate of every region, based on their countries over the forecast period.

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The report analyzes companies across the globe in detail.

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This report provides comprehensive information on factors expected to influence the market growth and market share in the future.

The report offers the current state of the market and future prospects for various geographical regions.

This report provides both qualitative and quantitative information about the competitive landscape of the market.

Combined with Porter’s Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.

It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.

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