Facial Recognition Market: Overview
The market size for industrial refrigeration systems was USD 3925.1 million in 2021, and it is projected to grow at a CAGR of 15.2 percent during the forecast period. Due to its many application possibilities, facial recognition technology is quickly being used by a wide range of end users. For instance, the electronics and IT business NEC Corporation declared in January 2020 that it will provide facial recognition technology to the Japanese real estate firm Mitsui Fudosan Co., Ltd. The company's product line includes smart hospitality service, a facial recognition-based solution. Additionally, the facial recognition technology-based system would aid consumers in having secure and safe hotel stays. It would be utilized for many different things, like checking in, making cashless purchases, using entertainment options, and entering rooms.
The market is expanding as a result of the growing use of facial recognition technology in a variety of applications. In order to increase security, border control officials, particularly in airports, are deploying technology to confirm travelers’ identities. In order to identify the desired individual, law enforcement organizations also use face recognition software to scan faces taken on CCTV. Smartphones are another area where technology has seen widespread use. Software used in cell phones can be used to verify payments, sign into mobile apps, and unlock phones. For instance, in January, the most popular facial recognition technology-enabled devices were the iPhone X series and Samsung's Galaxy Note 8 and 9 smartphone models. Other smartphones, like the OnePlus 6, Oppo Find X, MotoG6, Huawei Honor 7X, and LG G7, scan the user's face utilizing iris scanners and 2D technologies. A depth sensor, dot projector, and infrared camera work together in the iPhone X series facial ID system to map 30,000 points on the user's face. With the help of this information, the software creates a fake 3D scan that can be used safely to unlock phones and verify online purchases made using Apple Pay.
The law enforcement industry's increasing use of technology is making a significant contribution to the market's expansion. For instance, Moscow City stated in January 2020 that it would be using live facial recognition cameras offered by NtechLab, a provider of artificial intelligence systems. A live camera would be used by the city's police department to look for offenders using facial recognition. When a match is discovered, the software will alert the police. Another example is the development of facial recognition systems by MorphoTrust, a division of IDEMIA and one of the leading providers of biometric goods and services in the United States, for state and federal law enforcement organizations, state DMVs, state governments, and airports.
Facial Recognition Market: COVID-19 Impact
The Covid-19 pandemic has largely affected the entire world, and this includes the facial recognition market. The pandemic has, however, only proven to be advantageous for the market. The use of this technology has expanded throughout the pandemic in order to deal with the effects of COVID-19. To contain the spread, law enforcement and numerous organisations have chosen this technological option. The thermal camera inspection has been included into healthcare systems all across the world. Face recognition technology will become increasingly popular across a wide range of businesses as a way to track and monitor people's movements, identity verification, and patient identification. Numerous other services, including public security, biometric sign-in, authorized healthcare services, travel security, biometric sign-in, eLearning platforms, and other facial recognition systems, have been predicted to see an increase in demand on a very big scale. Because fingerprint scanners can spread bacteria due to the touch technology used, the industry is anticipated to expand more as a result of avoiding social isolation.
Facial Recognition Market: Drivers
Government Funding and Increasing Investments to Drive Market Growth
The US and China might be regarded as the major adopters of facial recognition technologies, with governments all over the world devoting a sizable portion of their resources in this field. One of the biggest users and exporters of facial recognition technology is China. One of the key factors driving the expansion of the face recognition market in the area is the adoption of surveillance technologies by the government of the nation. The nation currently boasts the most extensive public surveillance infrastructure. By 2020, Comparitech estimates that China will have between 200 million and 626 million CCTV cameras. Homeland security, federal and local law enforcement, and other security agencies all over the world have implemented facial recognition technology. This has aided several authorities by assisting in the resolution of numerous criminal investigations. This has facilitated the quick identification of criminals and resolved a number of criminal investigations.
Work from Home Model Driving Market Growth
The current COVID-19 pandemic has had an influence on internet usage. The networking infrastructure must be migrated by a number of significant IT infrastructure providers in order to support the work from home concept. The work-from-home concept and the maximal use of a VPN for teleconferencing contributed to a large increase in internet traffic worldwide. All providers of IT infrastructure were compelled by this circumstance to go toward SDN. Since Americans are spending more and more time at home, network operators in the US asserted that streaming video and online gaming have accounted for the majority of internet usage. Impact of the COVID-19 epidemic on business network traffic patterns.
Facial Recognition Market: Restraints
E-Discovery and Difficulty of Minimising Legal Risks to Hamper Market Growth
The use of facial recognition technology is widespread, with applications in everything from government and defence to healthcare and retail. Federal and police agencies also employ facial recognition technology to apprehend suspects in various crimes. The possibility of false matches poses a significant problem in the implementation of facial recognition technologies, despite the fact that the federal and police departments use this technology. For instance, Boston's Logan Airport ran two separate facial recognition system tests at its security checkpoints over a three-month period using volunteers posing as terrorists and reported disappointing results. The systems successfully recognised the participants 153 times throughout the testing period while failing to do so 96 times. Because there are so many false alarms, it is possible to arrest innocent persons who have no criminal past. The detention of innocent people may also prompt them to file a lawsuit against the relevant authorities. As a result, this continues to be a significant obstacle to the widespread use of facial recognition technologies.
Facial Recognition Market: Segment Overview
3-D Segment to Dominate Market due to its Advantages over 2D
In 2021, the facial recognition market was headed by the 3D sector, which accounted for more than 36% of worldwide revenue. The introduction of cutting-edge technologies like cloud-based services and face analytics is anticipated to accelerate market expansion. Users of facial recognition software can determine where a face appears in a video or image as well as the characteristics of the face thanks to facial analytics capabilities. For instance, Amazon Rekognition can assess the emotion, visual geometry, openness or closure of the eyes, and hair color of a face. Using metadata tags, these characteristics assist clients in organizing millions of photographs. High detection efficiency and accuracy are provided by facial analytics. As a result, it is increasingly being used in fields including education and research, retail, healthcare, and law enforcement to identify altered traits like gender, age, height, and other facial features. Additionally, the accuracy offered by 3D facial recognition systems supports the use of these systems for public safety applications like border security and surveillance. In locations that require a high level of security, like airports, 3D recognition systems are preferred over 2D ones. For instance, long-range LiDAR-enabled 3D facial recognition for identity acquisition and verification is offered by Chenega Europe Ltd, a fully owned subsidiary of Chenega Corporation. The business provides professional services with an emphasis on military and intelligence operations, and a Middle Eastern country uses its 3D biometric surveillance technology to improve its airport monitoring capabilities.
With Increased Demand for Improving Access Control Systems, Access Control Category Dominated Market
In 2021, the market was headed by the access control segment, which accounted for more than 37% of global sales. This is brought on by an increase in businesses concentrating on improving their access control systems. For instance, an authentication product provider named Precise Biometrics revealed a new product improvement in November 2019. The business announced the addition of liveness detecting features to facial recognition-based physical access control systems. These improvements are encouraging people to use access control technology, which increases revenues. Due to the rising use of face recognition technology in security and surveillance systems and its implementation in high-security locations, the security and surveillance segment is anticipated to register a considerable CAGR over the course of the projection year.
Facial Recognition Market: Regional Landscape
North America to Dominate Market due to its Adaptation of Technology
With a 37%+ share of global revenue in 2021, the North American area dominated the industry. The widespread use of facial recognition technology in security and surveillance systems is a key component in the region's growth. The market is expanding as a result of the increasing use of face recognition technology across the U.S. in sectors including homeland security, justice, and defence, among others. For instance, one of the most well-known suppliers of biometry goods and services in the United States is MorphoTrust, a division of IDEMIA. For state and federal law enforcement organisations, state DMVs, state departments, and airports, it has created facial recognition software. The major European markets of the United Kingdom, France, and Germany are anticipated to significantly outperform.
Over the projected period, the Asia Pacific (APAC) region is anticipated to have the greatest CAGR. In order to solve inquiry cases, facial recognition technology is commonly used in developing nations like India. For instance, an Indian police department in New Delhi employed face recognition in April 2018 to locate and identify kidnapped or misplaced children. In the city, it was applied to about 45,000 kids, 3000 of whom were later reported missing. Several nations in the APAC area are launching programmes to create electronic identification for people. New chances for market penetration in the area are being created by initiatives like the e-KTP project in Indonesia and the UIDAI project in India.
Global Facial Recognition Market: Competitive Landscape
To offer customers in the Middle East area secure and cutting-edge payment options, PopID, a Pasadena-based firm that employs face recognition software for payments, teamed up with Visa in April 2022 to launch its facial payment system PopPay. Moreover, RealNetworks Inc.'s SAFR and Convergint Technologies' collaboration began in March 2021 with the goal of providing customers with a facial recognition platform for live video intelligence and enhancing Convergint's product line by integrating SAFR's computer vision technology.
Few of the players in the Facial Recognition Market include 3M, Cognitec Systems GmbH, Animetrics Inc., Crossmatch, Daon Inc., FaceFirst, Inc., IBM Corporation, Microsoft Corporation, NEC Corporation, Nuance Communications Inc..
Global Facial Recognition Market is Segmented as Below:
By Industry Vertical
Key Elements Included In The Study: Global Facial Recognition Market
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