According to The Insight Partners’ research, the global Facial Recognition Market was valued at US$ 4,529.42 million in 2020 and is likely to hit US$ 12,670.22 million by 2028 to rise at a stellar annual growth rate of 14.2% from 2021 to 2028. Increasing demand from the government and defense sector and the burgeoning adoption of AI-based facial recognition systems are the potential factors attributed to the market expansion.

The Industry 4.0 is a function of rapid advancements in multiple next-gen technologies, including artificial intelligence (AI). The newly developed facial recognition system uses advanced AI features, IP cameras, machine learning algorithms, and cognitive technology to verify the identity from a video source or digital image. A number of companies have replaced traditional fingerprint scanning with AI-based recognition systems. In 2020, the US department of defense (DoD) allocated more than US$ 2 billion to fund AI-based research & development. Thus, rising demand across government, defense, and corporate spheres bolster the global facial recognition market.

Biometric identification became utmost significant among the intelligence agencies post severe terrorist attacks. Military personnel procure worldwide data through biometrics, especially in the nations that are vulnerable to attacks. The US and China are investing huge in facial recognition technologies for defense in the national interest. According to Comparitech, China had the largest network of public surveillance system, with 626 million CCTV cameras in 2020. Besides, the federal & regional law enforcement departments, homeland security departments, and other security agencies worldwide have also deployed facial recognition technologies. These systems help them investigate tedious criminal cases with the quick identification of offenders. The US military spent over US$ 4.5 million to develop facial recognition technology that reads the heat pattern emitted by faces to identify the accused.

On the contrary, limited adoption due to technical drawbacks hurdle the growth of global facial recognition market.

Based on the component, the market is split into software and services. The former is sub-segmented into 2D facial recognition, 3D facial recognition, and facial analytics, whereas the latter comprises training & consultation, integration & implementation, and support & maintenance. With 87.4% market share, the software segment led the business in 2020. It generated US$ 3,960.38 million in 2020 and is estimated to garner US$ 11,440.45 million by 2028 to grow at 14.6% CAGR during 2021–2028.

As per the application, the facial recognition market is fragmented into security & surveillance, access control, and others. The security & surveillance segment held 57.4% market share, the highest in 2020. It was valued at US$ 2,598.89 million in 2020 and is foreseen to accumulate US$ 6,443.26 million by 2028, exhibiting a CAGR of 12.4% for the forecast period.

From the regional point of reference, it has been observed that North America captured 32.7% share of the business in 2020. It accounted for US$ 1,482.9 million in 2020 and is supposed to be worth US$ 3,908.0 million by 2028, surging at a CAGR of 13.3% during the forecast period. The market in Asia Pacific was evaluated at US$ 1,470.0 million in 2020 and is forecasted to be worth US$ 5,376.3 million by 2028.

Key players dominating the global facial recognition market are Tech5, IDEMIA, Aware Inc, Cognitec Systems GmbH, Ayonix Corporation, Fujitsu Limited, Onfido, NEC Corporation, Thales Group, and Face PHI, among others.

·         In December 2020, Tech5 launched the latest face-matching engine for touch-free access control. In January 2020, the company partnered with NIDP Ethiopia Partners to work on biometrics and digital ID technologies.

·         In January 2022, IDEMIA partnered with BAXE and Haventec to launch the first blockchain ecosystem using a facial authentication solution for identification. This solution will secure the user data, digital assets, and communications.

·         In January 2021, Aware Inc launched AwareABIS, an automated biometric identification system that uses fingerprint, face, and iris modalities for large-scale biometric identification designed for civil and criminal investigation applications.

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