MarketsandMarkets forecasts the a new market research report “global facial recognition market size to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.6% during 2019–2024”. Growing surveillance market and increasing applications in numerous industry sectors are the factors responsible for boosting the adoption of the facial recognition market. Additionally, an increase in users and data security initiatives by the government, growth in the usage of mobile devices, and an increase in the demand for robust fraud detection and prevention systems across the Banking Financial Services, and Insurance (BFSI) industry are considered as some of the major growth factors for the market. In the healthcare sector, this technology can be used in the process of monitoring, recognition, and expression of facial emotions for various medical purposes.
Browse 6 market data Tables and 15 Figures spread through 69 Pages and in-depth TOC on “Facial Recognition Market by Component (Software, Tools, and Services), Application Area (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement), Vertical, and Region – Global Forecast to 2024″
The European Union (EU) has established a new association in the field of biometric technology named the European Association for Biometrics (EAB). The EAB is seeking to advance proper and beneficial use of facial recognition feature-enabled biometrics in Europe, considering the interests of European citizens, industries, academies, and governments. Furthermore, development of national IDs, ePassports, and eVisas is expected to be the main driver for the growth of the European market.
In the facial recognition market by component, the services segment is projected to grow at the highest CAGR during the forecast period. The services segment is further segmented into training and consulting, and cloud-based facial recognition services. In the training and consulting segment, major consulting vendors provide privacy impact assessment and strategic assessment of competitive products, catering to the private sector, commercial, and federal or government clients.
Enterprises use facial recognition solutions to identify people that attend a particular event by photos and videos. The photos and videos of the event can also be sorted and managed using the facial recognition technology. Many churches have implemented this technology to keep a track on their members and check for their attendance. Church authorities are also using this solution to analyze the male-female member ratio and the average age of individuals attending prayers. The facial recognition technology is also helping the authorities measure an event’s success.
In the retail and eCommerce sector, facial recognition solution is used to monitor customer activities, such as their buying patterns, the products they touch or click (for eCommerce websites), the route they follow, and shops they visit. Moreover, facial recognition solution helps retail stores track customer activities, right from their buying behavior to demographics, and emotional feedback about a product.
In the facial recognition market by region, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. Increasing security concerns in India, China, Japan, and Korea have further contributed to the adoption of facial recognition solutions in these countries. India’s announcement regarding huge investments on National-ID programs has made it a lucrative market for facial recognition and biometric vendors.
Growing demand for fast and secure user identification and regulatory compliances in the healthcare sector to handle patients’ information with utmost privacy and care are the major opportunity areas for the facial recognition software tool and service providers. By providing a unique solution as per the demand and market trend, facial recognition providers can tap these opportunities.
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