The strong demand for improving the level of security in the private and public sectors and the technological advancements in the facial recognition system, are the significant factors driving the growth of the market over the coming years.
The growing technological advancement across several industry verticals around the world is the major key drivers that is contributing to the growth of the market. The private and public sector are emphasizing on improving their high level of security, which is another factor that will further enhance the growth of the market. Additionally, the increasing number of incidences of terrorist attacks in numerous government organizations is encouraging them to opt for surveillance systems to improve their level of safety and security.
The facial recognition system is cost-effective and can easily capture an image from a distance. The growing number of technological advancements in these systems, such as 3D-based recognition systems and cloud-based services, will bring innumerable opportunities in the market. The emerging trend of facial locks in the smartphones and growing penetration of smart devices will accelerate the market growth over the forecast period. Drones have been increasingly used in commercial sectors, such as inspection, media& & entertainment, and surveying, which in turn, is another factor that is responsible for the expansion of the facial recognition market size. On the other edge, the lack of accuracy, increasing sensitivity towards shared personal data, and the high cost of implementation of these systems are certain factors that will hamper the growth of the market.
On the basis of component, the software tools segment is poised to expand in the next six years. The rising adoption of 3D facial recognition solutions at the global level is the key driver that is boosting the growth of the segment. The 3D facial recognition system provides numerous advantages as compared to the 2D facial recognition, such as easy detection of facial data from a photograph or a video. Moreover, continuous development in the facial recognition software tools in several industry verticals, including healthcare IT solutions, payments, and commerce sector, is also opening new doors for the growth of the segment.
Based on the verticals, the government & defense segment exhibits substantial growth potential and is projected to gain traction over the forecast period. The governments of several nations have started implementing 3D facial recognition technology for identifying suspected criminals, documentation, offering smarter highway patrolling, cross-border control from terrorist activities, and other legal activities. The combination of these factors surging the growth of the segment.
On the basis of the region, the Asia-pacific region is anticipated to dominate the global facial recognition market in the next six years. The growing number of criminal activities, especially in China, Japan, India, Singapore, and South Korea, followed by the increasing implementation of facial recognition solution in banking and financial services and insurance, healthcare, and defense sector to enhance their efficiency, are the two major drivers of the market in this region. Furthermore, the growing penetration of smart devices, such as iPad, laptops, smartphones, and other devices, will further strengthen the market growth in Asian countries.
The key players of the Facial Recognition market include Gemalto NV, IDMEA, Cognitec Systems GmbH, Daon Inc., NEC Corporation, Ayonix Corporation, Aware, Inc., NVISO SA, StereoVision Imaging, Inc., and Techno Brain Group, among others.
The research report on the facial recognition market provides an in-depth analysis of the market revenue based on component, application area, vertical, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.