The global facial recognition market is expected to witness a CAGR of 14.30% over the forecast period from 2019-2028.
Factors such as the rising need for surveillance systems and the growth in the adoption of facial recognition systems in the consumer electronics sector are primarily driving growth in this market. Advancements in facial recognition technology are also acting as growth drivers for the studied market. Moreover, the incorporation of facial biometrics in smart cards and the commercialization of facial recognition technology are creating some opportunities for market growth.
However, facial recognition systems are highly prone to error. This software, which is used instead of passwords and PINs, acts as an authentication system for numerous processes. Any change in the behavioral patterns of the end-user can prohibit them from authorized access. This is acting as a major restraining factor for the growth of the facial recognition market. Additionally, privacy issues, competition from non-biometric technologies, and a lack of established international standards are posing as challenges to this growth.
Asia-Pacific is expected to be both, the fastest-growing as well as the largest market for facial recognition, globally, over the coming years. Biometric authentication processes are largely being employed for eKYC procedures by the government and financial institutions. For instance, Wesurance, an 'insurtech' startup, launched the industry's first-ever insurance app in Hong Kong, in 2017. The mobile platform uses facial recognition technology for eKYC, thereby enabling quick and simple user verification. Thus, facial recognition software and systems have a high demand and adoption rate in the APAC.
Some of the key names operating in the facial recognition market are Panasonic Corporation, Daon Inc, Facephi Biometric SA, NEC Corporation, Idemia France SAS, ID3 Technologies, Gemalto NV (Thales Group), Nuance Communications Inc, Ayonix Corporation, Animetrics Inc, Crossmatch Technologies, Cognitec Systems GmbH, 3M Company, Aware Inc, and Facefirst Inc.
Nuance Communications Inc is a globally renowned company providing facial & voice recognition solutions and natural language understanding (NLU) technologies. Established in 1992, the company offers its solutions to various industrial end-users, such as banks, hospitals, airlines, car manufacturers, and exporters, across the globe.
Its strong global presence, coupled with the presence of numerous sales and distribution channels, is helping Nuance Communications to flourish further. In April 2020, the company launched the Nuance Dragon Ambient eXperience solution in the field of telehealth to cater to the overwhelming rise in the virtual visits sparked by the COVID-19 pandemic.
Key Topics Covered:
1. Global Facial Recognition Market - Summary
2. Industry Outlook
2.1. Market Definition
2.2. Key Insights
2.2.1. Facial Recognition Application in Mobile Security and Drones
2.2.2. Emergence of Facial Analytics
2.3. Impact of Covid-19 on Facial Recognition
2.4. Porter's Five Force Analysis
2.5. Market Attractiveness Index
2.6. Vendor Scorecard
2.7. Market Drivers
2.7.1. Need for Surveillance Systems
2.7.2. Increasing Adoption of Facial Recognition in Consumer Electronics Sector
2.7.3. Technological Advancements in Recognition Systems
2.8. Market Restraints
2.8.1. Privacy Issues
2.8.2. High Error Rates
2.9. Market Opportunities
2.9.1. Integration of Facial Biometrics in Smart Cards
2.9.2. Commercialization of Facial Recognition Technology
2.10. Market Challenges
2.10.1. Lack of Established International Standards
2.10.2. Competition from Non-Biometrics Technologies
2.11. Workflow of Facial Recognition Systems
2.12. Advantages and Disadvantages of Facial Recognition Systems
3. Global Facial Recognition Market Outlook - by Technology
3.1. 3D Facial Recognition
3.2. 2D Facial Recognition
3.3. Facial Analytics
4. Global Facial Recognition Market Outlook - by End-User
4.1. Security and Law Enforcement
4.4. Other End-Users
5. Global Facial Recognition Market - Regional Outlook
6. Competitive Landscape
6.1. 3M Company
6.2. Cognitec Systems GmbH
6.3. NEC Corporation
6.4. Facefirst Inc
6.5. Nuance Communications Inc
6.6. Crossmatch Technologies
6.7. Animetrics Inc
6.8. Daon Inc
6.9. Panasonic Corporation
6.10. Gemalto Nv (Thales Group)
6.11. Aware Inc
6.12. Facephi Biometric Sa
6.13. Ayonix Corporation
6.14. Idemia France Sas
6.15. ID3 Technologies
For more information about this report visit https://www.researchandmarkets.com/r/pm70jq