The global facial recognition market size is expected to grow by USD 3.35 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Facial Recognition Market 2020-2024 (Graphic: Business Wire)
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The rising dependence of end-users on websites and web applications is leading to increased susceptibility to identity and data theft. The growing popularity of online gaming and social network websites is also adding to the rising number of identity theft cases. The increasing complexity of these attacks is driving end-users to implement secure authentication solutions. Thus, there has been a rise in the adoption of biometric security solutions. Biometrics solutions are highly secure authentication methods due to their capability to incorporate the physical and behavioral features of the end-users, which are difficult to forge. Facial recognition technology is one of the most secure biometrics solutions that is gaining immense popularity across various end-user industries.
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As per Technavio, the growing adoption of 3D facial recognition technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Facial Recognition Market: Growing Adoption of 3D Facial Recognition Technology
The 3D facial recognition technology uses the 3D approach, which is achieved by integrating two cameras that are synchronized together to reconstruct a 3D facial template for a user. The three-dimensional technique uses 3D sensors to capture the information about the facial feature, such as the silhouette of the eyes, lips, nose, and chin of an individual. As the information gathered by the 3D technique is more comprehensive, its accuracy rate is much higher than the 2D recognition technique. Several end-users, such as the telecom industry, security and defense, banking and other corporate sectors, are implementing 3D facial recognition technology in their systems. For instance, in October 2018, Huawei announced the launch of the Huawei Mate 20 Pro smartphone with fingerprint-based security and a 3D facial recognition system. Thus, the growing adoption of 3D facial recognition systems, coupled with technological advancements, is likely to drive the growth of the market.
“Factors such as the rising popularity of facial recognition, and the integration of different consumer electronics with facial recognition technology will have a significant impact on the growth of the facial recognition market value during the forecast period,” says a senior analyst at Technavio.
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Facial Recognition Market: Segmentation Analysis
This market research report segments the facial recognition market by technology (3D facial recognition and 2D facial recognition), end-user (government sector, BFSI sector, transportation sector, and other sectors), application (Identification and Verification), and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the facial recognition market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the growing adoption of facial recognition systems resulting from high vendor penetration in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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