Growing need for real time monitoring and surveillance coupled with rising demand for facial recognition from commercial sector to drive global facial recognition market through 2023, says a report by TechSci Research, a research based global management consulting firm.
According to TechSci Research report, “Global Facial Recognition Market By Component, By Software Type, By End Use Sector, By Region, Competition Forecast and Opportunities, 2023’’, the global market for facial recognition market is projected to surpass $ 6 billion by 2023, owing to increasing need for monitoring and surveillance by the governments and defense sectors in order to fast-track criminal identification. Moreover, growing adoption by the commercial sector including BFSI, smartphone manufacturers, healthcare companies, etc., to provide more secure environment to their customers and to identify the customer behaviour and emotions, would further augment demand for facial recognition in the coming years.
Additionally, smart city initiatives by various governments across the globe are further expected to drive growth in global facial recognition market in the coming years.
3D facial recognition software is expected to grow at the fastest pace during the forecast period owing to restrictions in 2D facial recognition technology in term of accuracy, lighting, pose variations, etc., which is being overcome by 3D facial recognition technology. Among the end use sectors, government & transportation sector leads the market and is expected to maintain its dominance through the forecast period on account of increasing use of facial recognition for national ID programs, airport and railway stations security and for access controls in certain high security departments.
Moreover, governments across the world, especially in the developed countries, have increased the use of technology for security as well as in their general operations. However, hospitality sector including casinos, are expected to witness the fastest rate among the end-use sectors, in the coming years as hotel owners are providing extra benefits for their premium customers in terms of features and faster security processes.
North America region dominated the market during 2013-2017 as the region is much more advanced technically, both in terms of availability as well as adoption of the technology. United States and Canada are leading in the region as governments in these countries are more tech savvy and military & defence organizations are also using facial recognition for monitoring and surveillance of criminals. However, in the coming years, demand from South America is expected to increase at the fastest pace due to increasing adoption by the government and commercial sectors.
NEC Corporation, Idemia, Gemalto NV, and Ayonix Corporation, among others are the major companies operating in the global facial recognition market. “Increasing demand for enhanced and more effective security from various commercial sectors in addition to giving access to the premium customers by the use of facial recognition is pushing demand for facial recognition across the globe. Moreover, increasing awareness about the technology coupled with smart ID programs would further steer growth in the global facial recognition market over the course of next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
The report has evaluated the future growth potential of global facial recognition market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market trends along with major drivers, challenges and opportunities in the global facial recognition market.
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