Facial Recognition Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented by Technology (2D Facial Recognition, 3D Facial Recognition, Facial Analytics), By Application (Access Control, Attendance Tracking & Monitoring, Emotion Recognition, Security & Surveillance, Others), By End user (Retail & E-commerce, Media & Entertainment, BFSI, Automobile & Transporta

Increasing Investments in Facial Recognition Technologies by Government and Defense Sectors

The growing investments in the facial recognition technologies by several government and defense forces are propelling the growth of facial recognition market due to increasing adoption of surveillance technologies across the world. Many enterprises, along with government, are including cutting-edge technologies as a solution to enhance security, customer verification, increasing learning engagement and improved accessibility for customers through visual impairments. The technology has been deployed by various security agencies like homeland security and federal and regional law enforcements. Businesses are investing heavily in their research and development for developing and deploying advanced applications by integrating with facial recognitions like biometrics to further secure their assets and resolute numerous criminal investigations which will further boost the growth of the market during the forecasted period.

Rising Demand for Advanced Video Surveillance Systems

The increasing usage of video surveillance systems by different industries and innovations happening related to video surveillance has encouraged the market growth over the years. Applications such as thermal security cameras, 360-degree security cameras, CCTV, and others is massively growing among the public and private sectors to enhance the security and safety. Enterprises are primarily using video surveillance systems in traffic management, crime prevention, and industrial process monitoring. As technology has become more accessible and easier to use, many office buildings have also begun implementing video surveillance to provide a safe and secure environment for staff and visitors. Furthermore, the increased need for smart camera systems, analytical software to record interviews and interrogations, broadening the scope of simulations and demonstrations, monitoring business procedures and consumer behaviour, and collecting data that aids in decision making are stimulating the growth of facial recognition in the global market.

Technological Advancements in Facial Recognition System

The growing prevalence and advancement of artificial intelligence (AI) and sensing and computing facilities are enabling the progress of facial recognition systems which will enhance the demand for facial recognition during the forecasted period. These systems use machine learning (ML) and artificial intelligence (AI) algorithms to identify and verify a person from the digital source. Advanced technologies like deep learning and conventional neural network (CNN) are being used to extract features from images to classify into different categories. Additionally, continuous advancements by the manufactures have created sophisticated technologies such as “spin off from terotechnology” to assist users via increasing the safety and security of crowded places. Furthermore, the growing requirement for less human interference during airport security check after the COVID 19 impact has enormously increased the demand for AI based facial recognition systems which has propelled the market growth of facial recognition in the forecasted period.

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Market Segmentation

Global Facial Recognition market can be segmented by technology, application, end user and by region. Based on technology, the market can be divided into 2D facial recognition, 3D facial recognition, and facial analytics. Based on application, the market can be differentiated into access control, attendance tracking & monitoring, emotion recognition, security & surveillance, and others. Based on end-user, the market can be grouped into retail & e-commerce, media & entertainment, BFSI, automobile & transportation, telecom & IT, government, healthcare, and others. Regionally, North America dominated the market among Asia Pacific, Europe, Middle East & Africa, and South America.

Recent Development

• In March2022, Aware Inc., a global authentication company thatvalidates and secures identities announced the partnership with MIRACL, acybersecurity software company specializing in single-step and securedmulti-factor authentication. The partnership aims to extend cloud-basedbiometric authentication to protect against data breaches and ransomware. Thispartnership further cements the value Aware is bringing to the financialservices market by quickly bringing to market password-free login paradigms,delivering superior security and simplicity for users.
• InMay 2022, SALTO Group announced the strategic acquisition of Cognitec Systemswith an aim to meet market requests for adding face recognition and artificialintelligence technologies to the company’s renowned electronic access controland ticketing solutions. The acquisition will further extend the capabilities,market reach and business connections.

Market Players

3M Cogent, Inc.,