The latest research report on the facial recognition market with a global forecast to 2024, shows the sector is expected to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a CAGR of 16.6%.
Analysts from Marketsandmarkets, the report publishers, say that the major forces driving this market are growth in surveillance, increases in government deployment, and an increase in the use of applications in numerous industry sectors. Growing demand for fast and secure user identification and regulatory compliances in the healthcare sector to handle patient information with utmost privacy and care would provide opportunities for vendors in the facial recognition market.
Among application areas, the law enforcement segment is predicted to hold the largest market size during the forecast period, Over the past couple of years, the law enforcement segment has been adopting the facial recognition solution extensively. Facial recognition software and services are predominantly applied at the premises where law enforcement, surveillance, and monitoring of facial detection is needed. In homeland security and military services, facial recognition technologies are used for creating national IDs, epassports, and evisas to diminish the possibility of security-related threats.
Among services, the cloud-based facial recognition segment is thought to experience the higher CAGR growth during the forecast period. Cloud-based facial recognition services include time tracking, gender recognition, head-pose estimation, and analytics provides statistics about buying patterns in retail stores to retail professionals, product managers, and strategists. With rapid developments in related technologies such as the Internet of Things (IoT), Over-the-Top (OTT) services, and many others, the deployment of cloud-based facial recognition services is also expected to increase in future.
North America to expected to hold the largest market size during the forecast period, as it is a technologically advanced region, with a high number of early adopters. The presence of major market players is expected to contribute to the highest market share, in terms of revenues during the forecast period. Factors such as large-scale funded programmes and employee access monitoring in buildings are driving the revenue growth in this region.
Major vendors mentioned by the researchers as being prominent in the global facial recognition market include NEC, Aware, Fujitsu, Nuance, Leidos, Idemia, M2SYS, Smilepass, Certibio, HYPR, Bio ID, Accenture, Fulcrum Biometrics, and Phonexia.