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

[66 Pages Report] MarketsandMarkets forecasts 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 facial recognition market.

Key Facial Recognition Market players

Major vendors in the global facial recognition 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.

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.
  • In November 2018, Ayonix partnered with Ipsidy, a biometric solution provider, to offer a new biometric security system. This partnership will help Ayonix 3D facial recognition technology adopt high-speed performance and detection capabilities.
  • In October 2018, Daon partnered with Avtex, a consulting and technology company, to improve contact center experiences through Daon’s IdentityX platform.

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
    2.1 Scope Definition
    2.2 Research Design
    2.3 Sample Selection
    2.4 Data Collection
    2.5 Data Analysis
    2.6 Data Validation

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 Type
    4.1 Introduction
    4.2 Software Tools
    4.3 Services

5 Facial Recognition Market Analysis, By Application Area
    5.1 Introduction
    5.2 Market Dynamics
           5.2.1 Drivers
           5.2.2 Restraints
           5.2.3 Opportunities
           5.2.4 Challenges
    5.3 Application Virtualization Market: Use Cases
    5.4 Architecture of Application Virtualization

6 Facial Recognition Market Analysis, By Vertical
    6.1 Introduction
    6.2 By Solution
           6.2.1 Agent Based Solution
           6.2.2 Agent Less Solution
    6.3 Professional Services
           6.3.1 Training and Consulting
           6.3.2 Support and Maintenance

7 Facial Recognition Market Analysis, By Region
    7.1 North America
    7.2 Europe
    7.3 Asia-Pacific (APAC)
    7.4 Middle-East and Africa (MEA)
    7.5 Latin America 

8 Competitive Landscape

9 Company Profile
(Business Overview, Products Offered, Recent Development, SWOT Analysis, MnM View) *
    9.1 NEC
    9.2 Aware
    9.3 Gemalto
    9.4 Ayonix Face Technologies
    9.5 Cognitec Systems 
    9.6 Nviso
    9.7 Daon
    9.8 Stereovision Imaging 
    9.9 Techno Brain
    9.10 Neurotechnology
    9.11 Innovatrics
    9.12 id3 Technologies 
    9.13 Idemia
    9.14 Animetrics
    9.15 Megvii

* Tentative List of Companies. Companies Can Change Afterwards.

10 Appendix
     10.1 Industry Experts
     10.2 Discussion Guide
     10.3 Introduction RT: Real-Time Market Intelligence
     10.4 Related Reports
     10.5 Author Details


List of Tables (40 Tables)

Table 1 Global Facial Recognition Market Size, 2017-2024 (USD Million)
Table 2 Market Size By Region, 2018-2024 (USD Million)
Table 3 Market Size By Component, 2017–2024 (USD Million)
Table 4 Market Size By Software Tools, 2017-2024 (USD Million)
Table 5 Market Size By Service, 2017-2024 (USD Million)
Table 6 Market Size By Application Area, 2017-2024 (USD Million)
Table 7 Market Size By Verticals, 2017-2024 (USD Million)
Table 8 North America Facial Recognition Market Size, By Region 2017-2024 (USD Million)
Table 9 North America Market Size By Component , 2017-2024 (USD Million)
Table 10 North America Market Size By Software Tools, 2017-2024 (USD Million)
Table 11 North America: Market Size By Service, 2017-2024 (USD Million)
Table 12 North America: Market Size By Application Area, 2017-2024 (USD Million)
Table 13 North America: Market Size By Vertical, 2017-2024 (USD Million)
Table 14 Europe: Facial Recognition Market Size, By Component , 2017-2024 (USD Million)
Table 15 Europe: Market Size By Software Tools, 2017-2024 (USD Million)
Table 16 Europe: Market Size By Service, 2017-2024 (USD Million)
Table 17 Europe: Market Size By Application Area, 2017-2024 (USD Million)
Table 18 Europe: Market Size By Vertical, 2017-2024 (USD Million)
Table 19 APAC: Facial Recognition Market Size, By Component , 2017-2024 (USD Million)
Table 20 APAC: Market Size By Software Tools, 2017-2024 (USD Million)
Table 21 APAC: Market Size By Service, 2017-2024 (USD Million)
Table 22 APAC: Market Size By Application Area, 2017-2024 (USD Million)
Table 23 APAC: Market Size By Vertical, 2017-2024 (USD Million)
Table 24 MEA: Facial Recognition Market Size, By Component , 2017-2024 (USD Million)
Table 25 MEA: Market Size By Software Tools, 2017-2024 (USD Million)
Table 26 MEA: Market Size By Service, 2017-2024 (USD Million)
Table 27 MEA: Market Size By Application Area, 2017-2024 (USD Million)
Table 28 MEA: Market Size By Vertical, 2017-2024 (USD Million)
Table 29 LA: Facial Recognition Market Size, By Component , 2017-2024 (USD Million)
Table 30 LA: Market Size By Software Tools, 2017-2024 (USD Million)
Table 31 LA: Market Size By Service, 2017-2024 (USD Million)
Table 32 LA: Market Size By Application Area, 2017-2024 (USD Million)
Table 33 LA: Market Size By Vertical, 2017-2024 (USD Million)
Table 34 BFSI: Facial Recognition Market Size, 2017-2024 (USD Million)
Table 35 Government and Defense: Market Size 2017-2024 (USD Million)
Table 36 Retail and eCommerce: Market Size 2017-2024 (USD Million)
Table 37 Healthcare: Market Size 2017-2024 (USD Million)
Table 38 Education: Market Size 2017-2024 (USD Million)
Table 39 Automotive: Market Size 2017-2024 (USD Million)
Table 40 Others: Market Size 2017-2024 (USD Million)


List of Figures (28 Figures)

Figure 1 Facial Recognition Market: Years Considered for the Study
Figure 2 Market Research Methodology
Figure 3 Market Top Down and Bottom Up Approaches
Figure 4 Market is Set to Grow Significantly Bolstered By Growing Demand for New Security and Authentication Services
Figure 5 Market Top 3 Verticals By 2024
Figure 6 Market Top 3 Application Areas By 2024
Figure 7 North America Currently Leads the Facial Recognition Market, While APAC is Expected to Be the Highest Growing Market By 2024
Figure 8 Market Drivers, Restraints, Opportunities, Constraints
Figure 9 Market By Component
Figure 10 Market By Software Tool
Figure 11 Market By Service
Figure 12 Market By Application Area
Figure 13 Market By Vertical
Figure 14 Facial Recognition Market: By Competitive Leadership Mapping
Figure 15 NEC: Company Snapshot
Figure 16 Aware: Company Snapshot
Figure 17 Gemalto (A Thale’s Company): Company Snapshot
Figure 18 Ayonix Face Technologies: Company Snapshot
Figure 19 Cognitec Systems GmbH: Company Snapshot
Figure 20 Nviso SA: Company Snapshot
Figure 21 Stereovision Imaging Inc.: Company Snapshot
Figure 22 Techno Brain: Company Snapshot
Figure 23 Neurotechnology: Company Snapshot
Figure 24 Innovatrics: Company Snapshot
Figure 25 id3 Technologies: Company Snapshot
Figure 26 Idemia: Company Snapshot
Figure 27 Animetrics: Company Snapshot
Figure 28 Megvii: 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 facial recognition 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 facial recognition 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

Scope of the report

Report Metric

Details

Market size available for years

2017–2024

Base year considered

2018

Forecast period

2019–2024

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 facial recognition 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 facial recognition market has the following segments:

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

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

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

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
Report Code
TC 3421
Published ON
Jun, 2019
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