Facial Recognition Market Analysis

Facial Recognition Market Analysis

The U.S. 3D facial recognition market dominated more than 50% of revenue share in 2019. 3D solutions are more precise & accurate and eliminate the disadvantages of 2D systems. The growing demand for more accuracy in capturing the real-time image of a person's facial surface has led to the rapid market acceptance of an effective software using a 3D model.

The technology uses depth and axis of measurement, which is not impacted by light and can also be used in darkness. It can recognize a subject at different viewing angles with the potential to identify a face in a profile up to 90-degrees. In the U.S., the industry demand for this 3D technology is growing in the consumer electronics sector.

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In Europe, growing concerns over criminal intrusions in public places have boosted the demand for advanced solutions to ensure public safety. Police authorities can use these systems to capture the images of every individual entering the concerned premises at the entry point to stop unwanted intrusions. The INTERPOL Face Recognition System (IFRS) contains facial images from more than 160 countries, making it a unique global criminal database. Around 650 criminals, fugitives, missing people, or individuals of interest have been identified by the IFRS since its launch in 2016.

In Denmark, the Danish Superliga Football Club’s home ground, Brøndby Stadium adopted facial recognition technology by Panasonic Corporation to ensure public safety. Similarly, in Moscow, Russia, a pilot program for facial recognition technology was launched at metro and train stations near Luzhniki Stadium ahead of FIFA World Cup 2018. The technology was used to flag a theft suspect during the Russia-Spain game. Around 50,000 images of criminal suspects and blacklisted foreign fans were uploaded into the surveillance system installed at Moscow’s fan zone and the nearby Luzhniki Stadium. Such factors are positively impacting the growth for European region.

the retail & e-commerce segment in the facial recognition market is predicted to showcase 20% growth rate through 2026. Facial recognition can be used for targeted advertising and marketing. The algorithm can be used to identify a customer’s age and gender, enabling store owners to evaluate the efficiency of a marketing strategy and determine the commercial target audience. Furthermore, when a client is identified by the system, purchase history and preferences can be tracked to offer relevant offers. Retailers can keep track of products that are being glanced for a longer period by clients.

The solution can also enhance customer experience by instantly recognizing major & important customers. Retailers can send personalized messages on discounts, recommendations, and other offers to customers in stores. The technology can also be used to send meaningful alerts to store employees so that they can provide enhanced assistance to customers. It can be integrated with other technologies in the retail store, such as POS, loyalty systems, and CRM, helping store associates to gain deeper insights into their client base.

Asia Pacific facial recognition market is estimated to attain a CAGR of 19% till 2026. The advent of digitalization in countries including China, India, Japan, and South Korea will favor the market adoption of advanced technologies. The face identification technology is used in several end-use verticals to enhance access control in corporate offices, improve security, and ensure safe & fast transactions. In April 2020, LG CNS, a global IT service company, launched a ‘face recognition community currency’ system in South Korea, which combines AI, blockchain, and cloud server technologies. When employee identification is done with the aid of facial recognition, the system automatically proceeds with payment through blockchain-based community currency encrypted in the cloud server.