Facial Recognition Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
The “Facial Recognition Market” report offers qualitative and quantitative insights and a detailed analysis of market size & growth rate for all possible segments in the market. The Global Facial Recognition Industry presents a market overview, product details, classification, and market concentration. The report also provides an in-depth survey of key players in the market which is based on various competitive intelligence parameters like company profiles, product picture and specification, capacity, production, price, cost, revenue, and contact information. The Facial Recognition Market report provides an in-depth study of SWOT analysis i.e. Strength, Weakness, Opportunities, and Threat to the organization. Market Insights Report analysed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The facial recognition market was valued at USD 4.84 billion in 2020, and it is projected to be valued at USD 12.75 billion by 2026, registering a CAGR of 17.6% over the forecast period from 2021 to 2026.
Facial recognition has been gaining traction in recent times, owing to its benefits over traditional surveillance techniques, like biometrics. Governments worldwide have been investing significant resources in the facial recognition technology, among which the United States and China are the leading adopters. China is one of the major consumers and exporters of the facial recognition technology, as the law and enforcement, along with various government bodies in the country, adopted surveillance technologies. Currently, the country has the most extensive public surveillance system. According to Comparitech, in China, the number of CCTV cameras ranges from 200 million to 626 million by 2020.
Request Sample Report of Facial Recognition Market:
Key Players of Facial Recognition Market are: NEC Corporation, Gemalto NV, and Panasonic Corporation, etc.
Industry News and Developments:
– June 2020 – Panasonic Corporation of North America and PopID, a Cali Group company, partnered to bring facial recognition ordering and payment processes to both the restaurant and retail industries. Under the terms of the agreement between the parties, PopID and PopPay will be fully integrated into the Panasonic ClearConnect Kiosk application, and Panasonic will have preferential rights in the kiosk market.
– May 2020 – NEC Corporation launched NeoFace Thermal Express to provide touchless screening. The new offering combines elevated body temperature (EBT) detection and personal protective equipment, such as face masks, and NeoFace biometrics on a scalable and modular platform with video and thermal analytics.
Key Market Trends
Security and Law Enforcement is Expected to Hold Significant Share
– A wide range of high-end networks embedded with multi-directional cameras, combined with the development of commercial AI systems, allows a full replacement of the traditional facial security system. Panasonic uses its FacePRO facial recognition system for face matching and faces search feature to identify the faces that are difficult to recognize, with the help of standard video surveillance technology. Globally, increasing concerns over security, coupled with the increasing installments of advanced technology cameras in public places, such as schools, malls, etc., is expected to aid the market to grow exponentially, over the forecast period.
– For instance, without having any prior information about the biometric data, the Panasonic facial recognition system, present at the Tokyo International Airport’s immigration control, compares the photographic data of the traveler’s face into the IC chip, embedded in the person’s passport with a photo taken at the facial recognition gate to verify the identity of the person. The optimization in the camera technology has improved the detectability of the video images, coupled with moving objects in real-time. For instance, Panasonic i-PRO EXTREME series network cameras automatically pick the images suitable for facial recognition from the multiple face images captured when a person passes in front of the camera and send only the selected high-quality pictures without putting a load of data processing on the server.
– Even the enhancement of AI cameras’ features integrated with unmanned aerial vehicles, such as drone technology, is used to recognize faces and analyze the visitors’ behaviors during video surveillance. Furthermore, the surveillance cameras fuel real-time face scanning and identification capabilities, thereby aiding the law enforcement officers to trace and capture face recognition-ready photographs of people. For instance, the UK capital’s police force has trialed facial recognition in public by feeding the suspect’s photo into a video surveillance network powered by artificial intelligence that is instantly analyzing the faces of everyone it sees. Once the algorithms find a match with someone in the crowd, it will send an alert to the nearby officers who could then rush to the scene and take them into custody.
– Moreover, the growing number of drone applications in various commercial sectors, such as media and entertainment, inspection, and surveying, contributes to the demand for facial recognition. For instance, according to the Federation Aviation Administrator, around 30,000 drones are expected to be introduced by 2020 across various end-user verticals. This provides an immense opportunity for the growth of facial recognition technology. Face recognition has been improved with the use of matching algorithms and neural networks to help in preventing terrorist activities. For instance, Virginia Beach was awarded a grant that will allow cameras to be installed to capture potential criminals to find missing children, as well as Tampa, Florida, is currently making use of the face recognition systems in its popular tourist areas, such as parks and airport arena, for security purposes.
Get Flat 20% Discount on This Report at:
Facial Recognition Market report studies the market in-depth and provides an all-inclusive analysis of the key growth factors, Facial Recognition market share, latest trends, key players, and their projections for the future. Also, Facial Recognition Market report provides growth rate, market demand, and supply, the market potential for each geographical region. The analysis provides an exhaustive investigation of the market along with the future projections to assess the investment feasibility. Furthermore, the report includes both quantitative and qualitative analyses of the Facial Recognition Market throughout the forecast period. This report analyses the impact of the COVID-19 on the Facial Recognition market share in the short and long term.
At the beginning of 2021, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Facial Recognition industries have also been greatly affected. With the slowdown in world economic growth, the Facial Recognition industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Facial Recognition market size to maintain the average annual growth rate of 15 from 2015 to 2021, in the next few years, Facial Recognition market size will be further expanded, we expect that by 2027.
The Study Objectives of Facial Recognition Market Report Are:
- Focuses on the key Facial Recognition manufacturers, to study the sales, value, market share, and development plans in the future.
- Focuses on the global key manufacturers, to define, describe and analyze the market competition landscape, SWOT analysis.
- To define, describe and forecast the market by type, application, and region.
- To analyze the opportunities in the market for stakeholders by identifying the high-growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To identify significant market trends and factors driving or inhibiting the market growth.
Browse the Full report description and TOC at:
The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts. The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
We Offer Customization on report based on specific client Requirement:
– Free country Level analysis for any 5 countries of your choice.
– Free Competitive analysis of any 5 key market players.
– Free 40 analyst hours to cover any other data point.
MarketInsightsReports provides syndicated market research on industry verticals including Healthcare, Information, and Communication Technology (ICT), Technology and Media, Chemicals, Materials, Energy, Heavy Industry, etc. MarketInsightsReports provides global and regional market intelligence coverage, a 360-degree market view which includes statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
Irfan Tamboli (Head of Sales)-Market Insights Reports
Phone: + 1704 266 3234 | Mob: +91-750-707-8687