Facial Recognition Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.

The global facial recognition market size is expected to grow from an estimated value of USD 3.8 billion in 2020 to USD 8.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 17.2% from 2020 to 2025. The facial recognition market is driven by various factors, such as the Growing importance of the surveillance industry, increasing investments in facial recognition technologies by government and defense sectors and Increased technological advancements across industry verticals to boost the growth of facial recognition market across the globe during the forecast period. However, Facial occlusion and facial detection error, and Lack of knowledge and awareness, leading to technical challenges, are major challenges for the facial recognition market.

Services segment to grow at a higher CAGR during the forecast period
Services are provided by facial recognition software providers that help in implementing the solution without purchasing it. Services are further classified into training and consulting and cloud-based facial recognition. In training and consulting services, feasibility assessment, analysis, and advisory of large-scale governmental and military projects are all included. Features of cloud-based facial recognition services include time tracking, gender recognition, head pose estimation and analytics, and statistical overview related to the buying patterns are included

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The Final Report will cover the impact analysis of COVID-19 on this industry: Facial Recognition Market Insights by Emerging Trends, Growth Forecast With Revenue Analysis – Global Forecast to 2025

Access Control segment to account for a higher market share during the forecast period
Biometric access control is the perfect solution for controlling user access to physical locations, such as buildings, offices, data centers, and restricted areas. Face biometrics is used to identify a user from access control lists and verify his/her identity. Facial recognition-based access control promotes user management at runtime and enables users to be enrolled on-the-fly by video capture. Moreover, it does not enable users to be impersonated using photographs. Access control is a solution that is required in all fields and scales as a basic element of security. From research institutes, data centers, and secure areas to factories, apartments, offices, construction sites, hospitals, schools, and banks, it is widely used at places that are trying to physically protect property or information from unauthorized people.

Though the use of fingerprints has been preferred and is the most popular biometrics for access control; the availability of the number of choices for credentials using biometrics has bolstered the growth of facial recognition technology for access control. Moreover, added features of liveliness detection further substantiate the authenticity of using facial recognition-based access control solutions. The facial recognition-based access control solution is being widely adopted by military facilities, government and corporate buildings, R&D areas, and other secured locations, for fast and seamless convenience in validation of identity, while providing an additional layer of security beyond keys, fobs, and access cards. This application has also been a great success to avoid queues for VIPs and in busy airports for lounge access, event arenas, or stadiums.

Asia Pacific to grow at the highest rate during the forecast period
The facial recognition market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period. North America accounts for the highest share (33.07%) of the facial recognition market in 2020. The factors supplementing this growth are the Organic and inorganic growth strategies among major application security vendors in North America such as NEC, Aware, Thales, Nuance, Microsoft, Amazon, Gemalto, Ayonix, Idemia, Cognitec, nViso, Daon.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the facial recognition market.
• By company type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
• By designation: C-level: 40%, Manager and Other: 60%
• By region: North America: 20%, Europe: 35%, APAC: 45%

Research coverage
The market study covers the facial recognition market size across segments. It aims at estimating the market size and growth potential of this market across different segments: by type, by component, by deployment, by organization size, by vertical and by region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key benefits of buying the report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall facial recognition market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

TABLE OF CONTENT

1 INTRODUCTION 43
1.1 INTRODUCTION TO COVID-19 43
1.2 COVID-19 HEALTH ASSESSMENT 43
FIGURE 1 COVID-19: GLOBAL PROPAGATION 43
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES 44
1.3 COVID-19 ECONOMIC ASSESSMENT 45
FIGURE 3 REVISED GROSS DOMESTIC PRODUCT FORECASTS FOR SELECT G20 COUNTRIES IN 2020 45
1.3.1 COVID-19 ECONOMIC IMPACT—SCENARIO ASSESSMENT 46
FIGURE 4 CRITERIA IMPACTING GLOBAL ECONOMY 46
FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF GLOBAL ECONOMY 47
1.4 OBJECTIVES OF THE STUDY 48
1.5 MARKET DEFINITION 49
1.5.1 INCLUSIONS AND EXCLUSIONS 49
1.6 MARKET SCOPE 50
1.6.1 MARKET SEGMENTATION 50
1.6.2 REGIONS COVERED 50
1.7 YEARS CONSIDERED FOR THE STUDY 51
1.8 CURRENCY CONSIDERED 51
TABLE 1 UNITED STATES DOLLAR EXCHANGE RATE, 2014–2019 51
1.9 STAKEHOLDERS 52
1.10 SUMMARY OF CHANGES 52

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