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Facial Recognition Market Size
Facial Recognition Market size exceeded USD 3 billion in 2019 and is projected to grow at a CAGR of over 18% between 2020 and 2026. The rapid adoption of advanced face identification systems for security and surveillance is driving the market growth. Deployment of these solutions with camera networks will enable the police to track suspects, thieves, or criminals on roads or in crowded places.
Market will witness a high demand from police departments to improve criminal investigation. The integration of AI allows officers to submit images taken in the field or collected from photos or videos and instantaneously match them to photos in government databases.
The ongoing coronavirus (COVID-19) pandemic will surge the market value for facial recognition solutions to track quarantine violators. Several countries are actively deploying facial recognition techniques to tackle and combat the coronavirus pandemic. A wide network of cameras with face identification technology has been deployed in China to track individuals violating isolation rules. Several China-based AI market players, such as SenseTime and Hanwang Technology, have launched the solutions that can accurately recognize citizens even if they are masked.
Why is 3D facial recognition technology dominating the industry share?
3D solutions are more precise & accurate and eliminate the disadvantages of 2D systems. The demand for more accuracy in capturing the real-time image of a person's facial surface has led to the rapid market adoption of an effective software using a 3D model.
How will retail & e-commerce sector fare in the global facial recognition market?
The retail & e-commerce sector in the market will expand at over 20% CAGR through 2026, says this research report by Global Market Insights, Inc.
What are the forecasts for Asia Pacific facial recognition industry?
According to the analysts GMI, the Asia Pacific market is anticipated to witness growth of around 19% during the forecast timespan.
Which are the prominent companies in the 3D facial recognition landscape?
Major players operating in the industry include Aware. Inc., Ayonix Corporation, Cognitec Systems GmbH, Daon, Inc., Idemia, Facefirst, Inc., Thales Group, Herta Security, NEC Corporation, Ntechlab, Stereovision Imaging, Inc., Panasonic Corporation, and VisionLabs B.V.
How much did the global facial recognition market size account for in 2019?
The market size of facial recognition surpassed USD 3 billion in 2019.
How much growth will the facial recognition industry share witness during the forecast timeframe?
The industry share of facial recognition is poised to grow at a CAGR of over 18% between 2020 and 2026.