Facial Recognition Market to Touch New Height USD 7.0 Billion By 2024

Posted by Ashish on December 24th, 2019

MarketsandMarkets forecasts the 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. An increase in the number of 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 bolstering the facial recognition market growth.

Facial recognition is gaining traction owing to the increase in government deployment, as facial recognition solution has been deployed and integrated by homeland security agencies and the federal and regional law enforcement departments. Facial recognition technologies are rapidly being integrated into the framework of homeland security. The implementation of government initiatives such as, creation of a centralized database of criminals’ images would drive the growth of this market in the coming years.  This system has helped government agencies with criminal investigations, and thereby, facilitated these agencies in the fast identification of offenders.

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Major vendors of the facial recognition market include NEC (Japan), (US), Gemalto (Netherlands), Ayonix Face Technologies (Japan), Cognitec Systems GmbH (Germany), NVISO SA (Switzerland), Daon (US), StereoVision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3Technologies (France), IDEMIA (France), Animetrics (US), and MEGVII (China). The key 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. They have majorly adopted the strategies of partnerships and new product launches from 2017 to 2019, which have helped them innovate their offerings and broaden their customer base.

NEC (Japan) is a key technology player in the global facial recognition market. It has a vast portfolio of solutions and services in biometric recognition that includes integrated solutions, components, and services for computing and communications applications. The company particularly offers facial recognition solutions through its public safety segment. The company’s offices are located across the globe in regions, such as APAC, North America, the Middle East, and Europe. In April 2019, NEC partnered with Nagasaki University to establish a program on global health and biometric authentication for Nagasaki University’s Graduate School of Tropical Medicine and Global Health Studies.

Aware (US) is one of the leading providers of biometric solutions, including Software Development Kit (SDK), and subsystems that enable fingerprint, face, and iris recognition; and authentication solutions. Aware also provides a complete offering of biometric software products, services, and solutions as an independent supplier. The company offers building blocks and integrated solution as 2 of the major segments to cater to the need of various application areas, such as law enforcement, border management, defense, intelligence, banking, citizen Identity Document (ID), and payments.

The company offers 5 solutions in the facial recognition market, namely, Knomi, PreFace, Nexa|Face, FaceWorkbench, and AwareABIS. A majority of Aware’s revenue comes from the US and Brazil, where most of the company’s employees’ work. In October 2017, Aware came up with a mobile biometric authentication framework called Knomi that offers biometric SDK that works on a mobile device and server to enable password-free multifactor authentication. It offers multimodality options, such as face recognition, voice recognition, and an innovative fusion of keystroke dynamics and face recognition.

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