Facial Recognition Market Expected to Witness a Sustainable Growth over 2025

Posted by Ashish on January 5th, 2021

MarketsandMarkets forecasts the facial recognition market size to grow from USD 3.8 billion in 2020 to USD 8.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.2% from 2020 to 2025. Growing importance of the surveillance industry, increasing investments in facial recognition technologies by government and defense sectors and Increased technological advancements across industry verticals to boost the growth of facial recognition market across the globe during the forecast period.

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The major facial recognition vendors include 27 major vendors, namely  NEC Corporation (NEC) (Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan), Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso) (Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland), Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics (Bratislava), id3 Technologies (id3) (Israel), Thales (France), Idemia (France), Nuance Communications, Inc. (Nuance) (US), BioID (Germany), Fulcrum Biometrics, LLC. (Fulcrum Biometrics) (US), TrueFace.AI (US), Amazon (US), FacePhi (Spain), Herta Security (Herta) (Spain), Kairos AR, Inc. (Kairos) (US), SightCorp Inc. (SightCorp) (The Netherlands), and Microsoft Corporation (Microsoft) (US).

These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global facial recognition market. Partnerships, new product launches, acquisitions, and product enhancements have been the dominating strategies adopted by the major players from 2018 to 2020, which has helped them innovate their offerings and broaden their customer base.

NEC partnered with software developers in New Zealand to develop NEC iQuarantine, a facial recognition mobile app which people can be used for location tracking, identity verification through biometrics, symptom monitoring of Covid-19, triage, case escalation and case intervention. It offers self-assessment to the citizen and guide them on daily monitoring, capturing and update the centralized system. In March 2020, Mark Ikeno, CEO, NEC Corporation of America announced that the health of his firm’s customers, partners, employees, and their families is important and hence NEC would adopt guidance from the US Center for Disease Control. NEC reduced staff strength in Bay Area and only business critical functions were allowed. Moreover majority of the employees are suggested to work remotely. Similarly in Europe, NEC implemented several precaution measures in accordance with guidance by the government and the World Health Organization to protect employees, customers, partners and business in the region. NEC, partnered with VeriTrans to provide facial recognition technology for a cashless payment trial for 7-Eleven Japan. In Japan, NEC has also implemented facial recognition solutions for its employees and employees can now even have mask and sunglasses on while entering or exiting the premise.

Aware was incorporated in 1986 and is headquartered in Massachusetts, US. The company is among the leading software and services providers in the biometrics industry, with most of its sales in the US, followed by the UK, Brazil, and the rest of the world. As of December 2018, the company had an employee strength of 67, with about 70% of its employees representing its engineering staff with a strong R&D focus. Aware offers a range of biometric solutions from discrete “building blocks,” such as Software Development Kits (SDKs), Application Program Interfaces (APIs), and applications that customers can use to develop their systems. Customers can further make use of these systems to build more comprehensive suits, which eliminates the time taken to develop the base systems and corresponding exposure to software support and maintenance risks. The company’s services include a variety of software engineering services, including project planning and management; system design; and software design, development, customization, configuration, testing, integration, and installation. Services are typically, but not always, sold in conjunction with software licenses.

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