Global Facial Recognition Market is anticipated to rise at a value CAGR of 15.5% over 2019-2028. According to a study published by Insure Insights on the Global Facial Recognition Market. Facial Recognition is a technology of recognizing a human face; it uses biometrics to map facial features from a photograph or video source. It compares the information by a database of known faces and thus finds a match. It is widely adopted in various fields as they are a contactless and non-invasive process. The rise in the adoption of the technology by the law enforcement sector, here face recognition software us used to scan faces captured in the CCTV and find the targeted person, thus have increased the demand for Facial Recognition.

Top Driver: The high rate of adoption of Facial Recognition in various sectors have boosted the market

An increase in the technological advancements and high adoption of Facial Recognition across various industries have primarily driven the market growth.  The rise in the use of Facial Recognition in security and in border to verify the traveler’s identity, it is also widely used in airports. The rise in the use of Facial Recognition in smartphones has further driven the market; it is widely used in unlocking the phone, signing into mobile apps, and in payment verification

3D Facial Recognition has dominated growth in the Global Facial Recognition Market

Based on the Product, 3D facial Recognition segment has held the highest segmental growth. 3D Facial Recognition provides more accuracy, a real-time image of a face is captured and then processed by using a cloud database. 3D Facial Recognition uses facial contours to identify and analyze various features in a human face. It has an advantage over 2D facial Recognition, such as ease in the detection of facial data from videos and 2D images, and is not much affected with illumination issues.  3D facial recognition software and services, for Facial Recognition, is especially used in healthcare IT solutions, payments, and commerce sectors.

  In terms of the Application, access control segment has held the highest growth due to the growth in the number of companies worldwide, and companies are focusing on enhancing their access control systems by using Facial Recognition. Based on the End User healthcare segment,  has held to most significant growth owing to the rise in adoption of face recognition so as to enhance the efficacy and increase security.

Asia Pacific rules the regional segment due to the high usage of Facial Recognition in solving investigation cases  

The rise in the investigation cases related to criminal activities, investments in security, and surveillance are the primary factors boosting the regional market growth.  The developing economies like India, China, Japan, and Singapore, are at the forefront in Facial Recognition as they are widely used in Banking, Financial Services and Insurance (BFSI), healthcare, government, defense, etc. Facial Recognition is also widely used in airports, and state borders and other developing are also using facial recognition technology.

Product launches, Innovations, Strategic Collaborations, Mergers, and Acquisition, are the major strategies of the competitors

The Players of the Global Facial Recognition Market is fragmented.   The key competitors of the Global Facial Recognition Market are Aware, Inc., NEC Corporation, FacePhi, IDEMIA, TECH5, Onfido, Ayonix Corporation, Gemalto NV, Cognitec Systems GmbH, NtechLab, and Precise Biometrics

IDEMIA: IDEMIA, is one of the key competitors of the Global Facial Recognition Market, In October 2019, IDEMIA had announced the acquisition of X-Core Technologies, they are involved in metal payment card business and associated patents. This acquisition was made by IDEMIA to expand its product portfolio.

FacePhi:  FacePhi is a popular competitor in the Global Facial Recognition Market. In January 2020, FacePhi had announced the acquisition of Ecertic; they are involved in metal payment card business and associated patents. This acquisition was made by IDEMIA to expand its product portfolio. The deal of acquisition was made for USD 2.26 million. 

Scope of the Report

By Technology

• 2D
• 3D
• Facial Analytics

By Applications

• Emotion Recognition
• Access Control
• Others

By End User

• Retail & E-commerce
• Media & Entertainment
• Healthcare
• Government

By Region

• North America
• Europe
• Asia Pacific
• LAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.