Facial Recognition Market To Hit Value .84 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on January 3rd, 2024 San Francisco, 03 January 2024: The ReportFacial Recognition MarketSize, Share & Trends Analysis Report By Technology (2D, 3D, Facial Analytics), By Application (Access Control, Security & Surveillance), By End-use, By Region, And Segment Forecasts, 2023 - 2030 The global facial recognition market size is expected to reach USD 15.84 billion by 2030 according to a new report by Grand View Research, Inc. 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. Facial recognition is highly used for security and law enforcement applications, as it is led mainly by the need to combat terrorism and crime. For instance, in the U.S., 26 states permit law enforcement agencies to access facial recognition systems to perform searches against the databases of ID photos and driver’s licenses, to find drug dealers, bank robbers, amongst others who have left behind the images on social media platforms. Also, facial recognition CCTV systems are being used to improve performance in conducting public security missions, such as find missing children or adults, identifying and tracking criminals, and accelerating investigations. Furthermore, the trend of KYC (Know-Your-Customer) has undoubtedly boosted the growth of facial recognition in retail and marketing. Facial recognition technology is being combined with the latest marketing advancements to improve customer experience. For instance, in April 2021, Sberbank, a Russian banking company, is expanding its footprints in food delivery, taxi services, cloud computing, and cybersecurity. For this, the company launched facial recognition payments known as face pay to make payments using at a glance pay option during checkout. Thus, offering a quick payment service compared to paying with cash or a payment card. Therefore, the market has a vast opportunity in different verticals, including security and surveillance, healthcare, retail, and transportation. For another instance, in June 2023, Ayonix Corporation launched its IP camera-embedded application, namely the AICam Platform. The application can execute high-performance face detection and matching. The company demonstrated this product at the annual security technology conference called ISC West. 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 2023, 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. For Requesting a Sample Copy of This Report, Please Visit@ https://www.grandviewresearch.com/industry-analysis/facial-recognition-market/request/rs1 Technologies such as biometrics are extensively used to enhance security. These are used across various applications, such as access control, attendance tracking, security, and surveillance. Biometrics are universal, unique, and measurable and thus can be used to provide security solutions. Various types of biometrics are used today, such as fingerprints, iris, face recognition, speech, and others. Facial recognition technology is a type of image recognition technology that has gained wide acceptance over the years. This technology leverages a connected or digital camera to detect faces in the captured images and then quantify the features of the image to match against the templates stored in the database. Facial Recognition Market Report Highlights
Facial recognition technology is versatile and is rapidly being used by various end-users. For instance, in January 2020, NEC Corporation, an electronics and information technology company, announced that the company would offer facial recognition technology to Mitsui Fudosan Co., Ltd., a Japan-based real-estate company. The offering includes smart hospitality services, a solution using facial recognition technology. Further, the solution, with the help of facial recognition technology, would help the users with secure and safe stays at hotels. It would be used for various services, including cashless payments, entertainment facilities, entering rooms, and check-in. The increasing adoption of facial recognition technology across various applications is a driving force for market growth. The border authorities use the technology to verify identities, especially in airports. Law enforcement agencies also use face recognition software to scan faces captured on CCTV and find the targeted person. Another application where the technology has gained prominent adoption is smartphones. In smartphones, the software finds applications for unlocking the phone, signing into mobile apps, and verifying payment. Facial Recognition Market Report Scope
Facial recognition technology is the digital mapping of an individual's facial geometry using biometrics. The facial geometry includes features such as the nose's width, the distance between the eyes, and the distance between the forehead and chin, among others. These measurements are then used to create a mathematical formula called a facial signature. The stored signature is used to compare the physical structure of an individual's face to verify their identity. Facial recognition is a robust method for safeguarding data as it is used for authentication to unlock mobile devices. List of Key Players in the Facial Recognition Market
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