Global Facial Recognition Market
Dublin, Dec. 08, 2023 (GLOBE NEWSWIRE) -- The report has been added to ResearchAndMarkets.com's offering.
The global facial recognition market size is expected to reach USD 15.84 billion by 2030. The market is anticipated to expand at a CAGR of 14.9% from 2023 to 2030. Facial recognition is a contactless biometric solution that is a critical factor contributing the market growth. Contactless solutions enable easy deployment in consumer devices. It is also effortless and convenient to use, further contributing to rising adoption. Apart from individual identities, the technology can gather demographic data on crowds; thus, increasing its usability. Such factors are anticipated to drive market growth.
3D recognition is a newly emerging trend in the market for facial recognition that aims to provide more accuracy and better authentication. 3D facial recognition uses the unique characteristics of an individual's face, such as the face curves, the shape of the nose, the chin, to identify the individual. With the introduction of 3D facial recognition, identification has taken a step toward recognizing an individual's face even if it is dark and can identify the person at different angles (up to 90 degrees).
Although 2D face recognition has made significant progress over the years, its accuracy and authenticity are highly dependent on the conditions of light and individual poses. For instance, Ayonix Corporation (Japan) is a developer of 3D face recognition technologies. It uses an algorithm that converts 2D still images or videos into data, which is then analyzed to reconstruct faces in 3D form. It also has a patented 3D recognition engine that captures a facial image and identifies critical points at the eyes, nose, and mouth. Besides, it can identify age, gender, and person-specific features from the image and match them from the images stored in databases to generate a matching score between 0.0 and 0.1.
The Asia Pacific (APAC) region is estimated to project the highest growth rate in the market. This is due to the increased adoption of facial recognition technology in different verticals. For instance, in September 2019, NEC Corporation, Japan-based biometry solutions provider, announced a partnership with Seven Bank, Ltd., a Japanese Bank, to develop ATMs that incorporate facial recognition technology. In addition to facial recognition technology, other technologies used for the development of ATMs include Artificial Intelligence (AI), the Internet of Things (IoT), and QR codes. IoT and AI would help in detecting warning of component failures and predicting cash demand more accurately, which would further help in streamlining ATM operations.
Facial Recognition Market Report Highlights
End-use industries have started integrating facial recognition into their business processes to streamline their operations. Facial recognition technology is gaining momentum as it assists end-user organizations to become more efficient and result-oriented. The growing adoption of facial recognition is encouraging new entrants to venture into the marketplace by offering niche application-specific products and solutions
In terms of technology, the 3D segment captured the largest revenue share in 2022. The technology is gaining popularity due to its attributes such as detection efficiency and high accuracy, which makes it suitable for high-security areas such as airports, education and research, retail, healthcare, and police services.
The banking and financial services industry is one of the major verticals for the deployment of facial recognition technology as consumers are increasingly transitioning towards mobile banking. Financial institutions use facial-recognition software to provide an additional layer of security to mobile banking applications to authenticate users
Key Attributes:
Report Attribute | Details |
No. of Pages | 92 |
Forecast Period | 2022 - 2030 |
Estimated Market Value (USD) in 2022 | $5.15 Billion |
Forecasted Market Value (USD) by 2030 | $15.84 Billion |
Compound Annual Growth Rate | 14.9% |
Regions Covered | Global |
Companies Mentioned
Aware, Inc.
Ayonix Corporation
Thales
Fujitsu
FacePhi
NEC Corporation
Onfido
TECH5
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