According to the report, the global facial recognition industry was estimated at $3.83 billion in 2020, and is anticipated to hit $16.74 billion by 2030, registering a CAGR of 16.0% from 2021 to 2030.
Increase in demand for face detection systems to enhance essential safety & security in organizations and emergence of intelligent signage solutions drive the growth of the global facial recognition market.
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On the other hand, lack of accuracy and high implementation cost of facial recognition technology restrains the growth to some extent. However, rise in applications of drones is expected to offer lucrative opportunities in the industry.
By technology, the 3D segment contributed to the major share in 2020, holding nearly two-fifths of the global facial recognition market. This is owing to the fact that it overcomes the drawbacks of 2D technology such as varying angles and environmental conditions, by using high-definition and complex algorithms, resulting in more accurate recognition of facial images. The facial analytics segment, however, would cite the fastest CAGR of 16.9% during the forecast period, due to its increasing usage in the retail industry.
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By region, the market across North America had the lion’s share in 2020, generating nearly two-fifths of the global facial recognition market. High expenditure on security systems by government agencies in the region drives market growth.
The Asia-Pacific region, on the other hand, is projected to portray the fastest CAGR of 17.9% by 2030. This is owing to the increase in the need for surveillance systems in civil and government agencies for enhancing safety and security.
By application, the access control segment accounted for the major share in 2020, holding nearly one-third of the global facial recognition market. Continuous adoption of access control-as-a-service (ACaaS) and implementation of mobile-based access control fuel the segment growth.
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Simultaneously, the security & surveillance segment is expected to grow at the fastest CAGR of 18.5% from 2021 to 2030. This is because governments and companies happen to invest more in security networks, and more surveillance cameras are expected to be installed across the world in 2021.
Covid-19 scenario
- Increase in adoption of facial recognition technology among the majority of law & enforcement agencies for detecting virus suspicious activities led to a steep surge in demand for facial recognition technology, thereby impacting the market positively.
- This trend is most likely to continue post-pandemic as well.
The key players profiled in the facial recognition market analysis are 3M, Animetrics Inc., Cognitec Systems GmbH, Crossmatch, Daon Inc., FaceFirst, Inc. IBM Corporation, Microsoft Corporation, NEC Corporation and Nuance Communications Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the facial recognition industry.
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