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Facial Recognition Market Growing at a CAGR 16.6%| Key Player NEC, Aware, Gemalto, Ayonix, Idemia

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Facial Recognition Market Growing at a CAGR 16.6%| Key Player NEC, Aware, Gemalto, Ayonix, Idemia

October 12
17:15 2020
Facial Recognition Market Growing at a CAGR 16.6%| Key Player NEC, Aware, Gemalto, Ayonix, Idemia

NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix (Japan), Idemia (France), Cognitec (Germany), nVviso SA (Switzerland), Daon (US), Stereovision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), Herta Security (Spain), Animetrics (US), Megvii {Face++} (China), FaceFirst (US)
Facial Recognition Market by Component (Software Tools (2D Recognition, 3D Recognition, and Facial Analytics) and Services), Application Area (Emotion Recognition, Access Control, and Law Enforcement), Vertical, and Region – Global Forecast to 2024

The global Facial Recognition Market size is projected to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a CAGR of 16.6% during the forecast period. The major factors driving the market include the growing surveillance industry, the increasing government and defense deployment, and the rising technological advancements across verticals.

Attendance tracking segment to be the fastest-growing segment during the forecast period

Tracking attendance of students or employees is an important aspect for organizations in terms of resource planning, work allocation, and progress tracking. Tracking attendance manually is a time-consuming process. Hence, the deployment of facial recognition-based attendance tracking and monitoring is gaining traction across the globe. Once the facial data of employees is fed into the database, employees need to look at cameras for attendance, decreasing the time consumed in attendance and easing the process of tracking. Facial recognition gives negligible errors, such as proxy or face mismatch, unlike manual attendance tracking. Hence, the attendance tracking segment is expected to be the fastest-growing segment during the forecast period.

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Retail and eCommerce vertical to be the fastest-growing vertical during the forecast period

Face recognition helps retailers proactively prevent organized retail crimes. The facial recognition technology-based system can instantly alert retail security the moment someone enters a store resembling a documented retail criminal. Facial recognition also keeps stores safer. Face recognition empowers security by preventing crimes before they occur. Face recognition improves retail customer experiences by instantly recognizing VIP customers who opt-in. Retailers can send tailored text messages to customers in stores that offer recommendations, discounts, and other offers. Hence, facial recognition is gaining traction in the retail and eCommerce vertical.

Vendors covered in the facial recognition market report include NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix (Japan), Idemia (France), Cognitec (Germany), nVviso SA (Switzerland), Daon (US), Stereovision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), Herta Security (Spain), Animetrics (US), Megvii {Face++} (China), FaceFirst (US), Sightcorp (Netherlands), FacePhi (Spain), and SmilePass (UK). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the facial recognition market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2019 to innovate their offerings and broaden their customer base.

NEC (Japan) has evolved as a major multinational IT and electronics company, with offices across the globe, including Asia Pacific (APAC), North America, Europe, and the Middle East. The company has a global employee strength of 110,000 (as of March 31, 2019), with 9 state-of-the-art R&D centers. The company develops and markets its biometric systems, which include standalone (modal/multi-modal) solutions as well as NeoFace Facial Recognition (Multi-Modal) Suite that can be customized to fully meet the customers’ demand. According to results of vendor tests conducted by the National Institute of Standards and Technology (NIST), US, NEC’s facial recognition technology tolerance repeatedly secured a top slot in accuracy, along with Gemalto’s Cogent, with substantially better results than the average systems. NEC has established a strong foundation in AI and biometrics, with the global expansion of AI-based surveillance. NEC substantiates a strong market presence, being the largest non-Chinese supplier of AI surveillance tech to over 14 countries. Moreover, the company’s robust offerings in adjacent fields/markets, such as analytics, cloud, communication platform, conferencing and recording, contact center, data networking, emergency notification, enterprise software, financial services, and integrated IT infrastructure, further bolsters its presence in the facial recognition market.

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Aware (US) is among the leading biometric suppliers to government organizations, healthcare organizations, and systems integrators, due to which it has a vast customer base. The majority of Aware’s revenue comes from the US and Brazil, where the company has a large customer base. The company is a leading global provider of biometrics software products, services, and solutions. The company’s linked software products include Software Development Kits (SDKs), applets, and controls; user interfaces applications, which are used for biometric enrollment and forensic analysis; and SDKs for various other uses, including fingerprint recognition, face recognition, and iris recognition. The company offers building blocks and integrated solutions as 2 of the major segments to cater 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. The company is focusing on developing a strong brand reputation to sell high-quality facial recognition software products and services to the government and commercial market with expert technical support and services.

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