Facial Recognition Market

Facial Recognition Market by Component (Software, Tools, and Services), Application Area (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement), Vertical, and Region - Global Forecast to 2024

Report Code: TC 3421 Jun, 2019, by marketsandmarkets.com

[69 Pages Report] The global facial recognition market size to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 16.6% during 2019–2024. Major growth drivers for the market include increasing users and data security initiatives by government, growing usage of mobile devices, and increasing demand for robust fraud detection and prevention systems.

Facial Recognition Market

Financial services segment to hold a larger market size during the forecast period

Over the past couple of years, the financial services segment has been investing heavily in technologies including facial recognition-enabled biometrics solution to enhance services such as seamless onboarding process, transaction authentication, and authentic user session monitoring. Additionally, the financial services segment uses facial recognition solution to know your customers history (KYC), customers’ loan requirements, and checking and validating customers’ documents.

Services segment to grow at the highest CAGR during the forecast period

In the facial recognition market, the services segment is expected to grow at the highest CAGR during the forecast period. Services are mostly offered in governments, homeland security, military, retail, healthcare, and many other verticals. Additionally, facial recognition services are also used for feasibility assessment, analysis, and advisory of large-scale government and military projects. It also includes requirement gathering, biometric security design, technology evaluation, and validation of biometric features.

3D facial recognition software tools to hold the largest market size during the forecast period

3D facial recognition software can identify and verify different facial expressions of an individual even in low light and completely dark areas. Due to which, most of the enterprises and government bodies have started adopting 3D facial recognition software on their premises. Additionally, facial recognition software is used in cross- border monitoring, document verification, and identity management.

Facial Recognition Market

North America to hold the largest market size during the forecast period

North America is expected to contribute to the highest market share in terms of revenues during the forecast period, as it is a technologically advanced region with a high number of early adopters and the presence of major market players. Factors such as large-scale funded programs and employee access monitoring in buildings are driving the revenue growth in this region. Furthermore, mandatory regulations imposed by government regulatory entities to adopt the best-in-class technologies and standards have fueled the market.

Key Facial Recognition Market players

Major vendors in the global market include NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix Face Technologies (Japan), Cognitec Systems GmbH (Germany), NVISO SA (Switzerland), Daon (US), StereoVision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), IDEMIA (France), Animetrics (US), and MEGVII (China).

NEC (Japan) offers integrated solutions, components, services, and integrated solutions for computing and communications applications. NEC develops and markets its facial recognition offerings under the products segment – public safety, and offers 2 solutions, namely, NeoFace Watch and NeoFace Reveal.

Scope of the report

Report Metric


Market size available for years


Base year considered


Forecast period


Forecast units

Billion (USD)

Segments covered

Component, Application Area, Vertical, and Region

Geographies covered

North America, Europe, APAC, MEA, and Latin America

Companies covered

NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix Face Technologies (Japan), Cognitec Systems GmbH (Germany), NVISO SA (Switzerland), Daon (US), StereoVision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), IDEMIA (France), Animetrics (US), and MEGVII (China)

The research report categorizes the market based on component, application area, vertical, and region.

Based on component, the facial recognition market has the following segments:

  • Software Tools
    • 2D Facial Recognition
    • 3D Facial Recognition
    • Facial Analytics Recognition
  • Services
    • Training and Consulting Services
    • Cloud-based Facial Recognition Services

Based on application area, the market has the following segments:

  • Emotion Recognition
  • Attendance Tracking and Monitoring
  • Access Control
  • Law Enforcement
  • Others (Robotics and eLearning)

Based on vertical, the market has the following segments:

  • BFSI
  • Government and Defense
  • Retail and eCommerce
  • Healthcare
  • Education
  • Automotive
  • Others (Manufacturing, Telecom, and Energy and Utilities)

Based on region, the market has the following segments:

  • North America
  • Europe
  • APAC
  • MEA
  • Latin America

Recent Developments

  • In April 2019, NEC partnered with Nagasaki University to establish a program on global health and biometric authentication for Nagasaki University’s Graduate School of Tropical Medicine and Global Health Studies.

    Critical questions addressed by the report

    • What are the current trends that are driving the facial recognition market?
    • In which application areas are most of the verticals deploying facial recognition solution?
    • Where will all these developments take the industry in the mid to long-term?
    • Which companies are the top vendors in the market and what is their competitive analysis?
    • What are the drivers and challenges of the market?

    To speak to our analyst for a discussion on the above findings, click Speak to Analyst

Table of Contents

1 Introduction
    1.1 Objectives of the Study
    1.2 Stakeholders
    1.3 Years Considered for the Study
    1.4 Market Definition
    1.5 Segment Definition

2 Research Methodology

3 Executive Summary
    3.1 Key Trends
    3.2 Geographic Insights
    3.3 Market Dynamics
    3.4 Use Cases

4 Facial Recognition Market Analysis, By Component

5 Facial Recognition Market, By Software Tool

6 Facial Recognition Market, By Service

7 Facial Recognition Market Analysis, By Application Area

8 Facial Recognition Market Analysis, By Vertical

9 Facial Recognition Market, By Region

10 Competitive Landscape

11 Company Profile
(Business Overview, Recent Developments,)*
     11.1 NEC
     11.2 Aware
     11.3 Gemalto
     11.4 Ayonix Face Technologies
     11.5 Cognitec Systems 
     11.6 Nviso
     11.7 Daon
     11.8 Stereovision Imaging 
     11.9 Techno Brain
     11.10 Neurotechnology
     11.11 Innovatrics
     11.12 Id3 Technologies 
     11.13 Idemia
     11.14 Animetrics
     11.15 Megvii

*Details on Business Overview, Recent Developments, Might Not Be Captured in Case of Unlisted Companies.

12 Appendix
     12.1 Discussion Guide
     12.3 Introduction RT: Real-Time Market Intelligence
     12.4 Related Reports
     12.5 Author Details

List of Tables (6 Tables)

Table 1 Global Facial Recognition Market Size, 2017-2024 (USD Million)
Table 2 Facial Recognition Market: North America, By Country
Table 3 Facial Recognition Market: Europe, By Country
Table 4 Facial Recognition Market: Asia Pacific, By Country
Table 5 Facial Recognition Market: Middle East and Africa, By Country
Table 6 Facial Recognition Market: Latin America, By Country

List of Figures (15 Figures)

Figure 1 Market Segmentation
Figure 2 Facial Recognition Market is Set to Grow Significantly Bolstered By Growing Demand for New Security and Authentication Services
Figure 3 Top 3 Verticals By 2024 (USD Million)
Figure 4 Top 3 Application Areas By 2024 (USD Million)
Figure 5 North America Currently Leads the Facial Recognition Market, While APAC is Expected to Be the Highest Growing Market By 2024
Figure 6 Drivers, Restraints, Opportunities, and Challenges: Facial Recognition Market
Figure 7 Facial Recognition Market, By Component, 2019–2024 (USD Million)
Figure 8 Facial Recognition Market, By Software Tool, 2019–2024 (USD Million)
Figure 9 Facial Recognition Market, By Service, 2019–2024 (USD Million)
Figure 10 Facial Recognition Market, By Application Area, 2019–2024 (USD Million)
Figure 11 Facial Recognition Market, By Vertical, 2019–2024 (USD Million)
Figure 12 Facial Recognition Market (Global) Competitive Leadership Mapping, 2019
Figure 13 NEC: Company Snapshot
Figure 14 Aware: Company Snapshot
Figure 15 Gemalto (A Thales Company): Company Snapshot

The study consists of 4 major activities to estimate the current market size of the facial recognition market. An extensive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, the market breakup and data triangulation procedures were used to estimate the market size of the segments and subsegments of the market.

Secondary research

In the secondary research process, various secondary sources, such as D&B Hoovers and Bloomberg Businessweek, have been referred to for identifying and collecting information for the study. Secondary sources included annual reports, press releases, and investor presentations of companies; whitepapers, certified publications, and articles by recognized authors; gold standard and silver standard websites; Research and Development (R&D) organizations; regulatory bodies; and databases. Secondary research was mainly used to obtain key information about the industry’s value chain, the total pool of key players, market classification and segmentation as per the industry trends to the bottom-most level, regional markets, and key developments from both market and technology-oriented perspectives. In this report, the market for the companies offering facial recognition software, tools, and services for various verticals was arrived at, based on the secondary data available through paid and unpaid sources and by analyzing the product portfolio of major companies in the ecosystem and rating them on the basis of their performance and quality.

Primary research

Various primary sources from both the supply and demand sides of the facial recognition market were interviewed to obtain qualitative and quantitative information for the study. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, related key executives from various vendors of facial recognition solutions, associated service providers, and system integrators operating in the targeted regions. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. Following is the profile breakup of primary respondents:

Facial Recognition Market

To know about the assumptions considered for the study, download the pdf brochure

Facial Recognition Market size estimation

Both top-down and bottom-up approaches were used to estimate and validate the total size of the market. The methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the market were identified through extensive secondary research.
  • The market size, in terms of value, was determined through primary and secondary research processes.
  • All percentage shares, splits, and breakups were determined using secondary sources and verified through primary sources.

Data Triangulation

With data triangulation and validation through primary interviews, the exact value of the overall parent market size was determined and confirmed using the study. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.

Report objectives

  • To define, describe, and forecast the size of the facial recognition market by Component, Application Area, Vertical, and RegionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the market
  • To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
  • To study the complete value chain of the market
  • To analyze opportunities in the market for stakeholders by identifying the high growth segments of the facial recognition ecosystem
  • To strategically profile key players and comprehensively analyze their market position in terms of ranking and core competencies, along with detailing competitive landscape for market leaders
  • To analyze strategic approaches, such as product launches, acquisitions, contracts, agreements, and partnerships, in the facial recognition market

Available customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:

Product analysis

  • Product matrix gives a detailed comparison of the product portfolio of each company

Geographic analysis

  • Further breakup of the North American facial recognition market
  • Further breakup of the European market
  • Further breakup of the APAC market
  • Further breakup of the Latin American market
  • Further breakup of the MEA market

Company information

  • Detailed analysis and profiling of additional market players up to 5 companies

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Adjacent Markets

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Competitive Landscape

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Report Code
TC 3421
Published ON
Jun, 2019
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