Facial Recognition Market Growing at a CAGR 17.2% | Key Player NEC Corporation, Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, NVISO SA

NEC Corporation (NEC) (Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan), Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso) (Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland), Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics (Bratislava), id3 Technologies (id3) (Israel).
Facial Recognition Market by Component (Software Tools (3D Facial Recognition) and Services), Application (Law Enforcement, Access Control, Emotion Recognition), Vertical (BFSI, Government and Defense, Automotive), and Region – Global Forecast to 2025

MarketsandMarkets forecasts the facial recognition market size to grow from 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. 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.Β 

Since the 1960s, facial recognition technology has witnessed major changes due to the rising investments in the surveillance space by enterprises globally. One of the major factors for the high growth of the facial recognition market is the rising expenditure on facial recognition technology by various government organizations, including homeland security, federal and regional law enforcement departments, and other security agencies. The technology has helped criminal investigations and facilitated various departments in the rapid identification of offenders. Government applications such as law enforcement, military and defense, homeland security, and state and national government together constitute approximately 60% of the facial recognition technology revenue, and this trend is expected to continue during the forecasted period. The Defense Advanced Research Products Agency (DARPA) funded the Face Recognition Technology (FERET) Evaluation from 1993-1997 to boost the advancement of facial recognition algorithms and technology. This helped in evaluating the prototypes of facial recognition systems and propelled these systems to become commercial products.

Download PDF Brochure:Β https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=995

By component, services segment to have fastest CAGR during the forecast period

The services segment is estimated to have the fastest growth rate in the facial recognition market. 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.

Cloud-based facial recognition services are expected to gain momentum in the coming years due to increasing adoption of cloud-based software solutions by enterprises to enhance the security operations. BFSI, eCommerce, and education segments are expected to be the potential verticals for cloud-based facial recognition due to adoption of digital platforms for their operations, respectively

The major facial recognition vendors include 27 major vendors, namely Β NEC Corporation (NEC) (Japan), Aware, Inc. (Aware) (US), Ayonix Corporation (Ayonix) (Japan), Cognitec Systems GmbH (Cognitec Systems) (Germany), NVISO SA (nViso) (Switzerland), Animetrics (US), Neurotechnology (Lithuania), Daon (Ireland), Stereovision Imaging, Inc. (SVI) (US), Techno Brain (Dubai), Innovatrics (Bratislava), id3 Technologies (id3) (Israel), Thales (France), Idemia (France), Nuance Communications, Inc. (Nuance) (US), BioID (Germany), Fulcrum Biometrics, LLC. (Fulcrum Biometrics) (US), TrueFace.AI (US), Amazon (US), FacePhi (Spain), Herta Security (Herta) (Spain), Kairos AR, Inc. (Kairos) (US), SightCorp Inc. (SightCorp) (The Netherlands), and Microsoft Corporation (Microsoft) (US).

Request For Sample Pages:Β https://www.marketsandmarkets.com/requestsampleNew.asp?id=995

These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global facial recognition market. Partnerships, new product launches, acquisitions, and product enhancements have been the dominating strategies adopted by the major players from 2018 to 2020, which has helped them innovate their offerings and broaden their customer base.

NEC partnered with software developers in New Zealand to develop NEC iQuarantine, a facial recognition mobile app which people can be used for location tracking, identity verification through biometrics, symptom monitoring of Covid-19, triage, case escalation and case intervention. It offers self-assessment to the citizen and guide them on daily monitoring, capturing and update the centralized system. In March 2020, Mark Ikeno, CEO, NEC Corporation of America announced that the health of his firm’s customers, partners, employees, and their families is important and hence NEC would adopt guidance from the US Center for Disease Control. NEC reduced staff strength in Bay Area and only business critical functions were allowed. Moreover majority of the employees are suggested to work remotely. Similarly in Europe, NEC implemented several precaution measures in accordance with guidance by the government and the World Health Organization to protect employees, customers, partners and business in the region. NEC, partnered with VeriTrans to provide facial recognition technology for a cashless payment trial for 7-Eleven Japan. In Japan, NEC has also implemented facial recognition solutions for its employees and employees can now even have mask and sunglasses on while entering or exiting the premise.

Aware was incorporated in 1986 and is headquartered in Massachusetts, US. The company is among the leading software and services providers in the biometrics industry, with most of its sales in the US, followed by the UK, Brazil, and the rest of the world. As of December 2018, the company had an employee strength of 67, with about 70% of its employees representing its engineering staff with a strong R&D focus. Aware offers a range of biometric solutions from discrete β€œbuilding blocks,” such as Software Development Kits (SDKs), Application Program Interfaces (APIs), and applications that customers can use to develop their systems. Customers can further make use of these systems to build more comprehensive suits, which eliminates the time taken to develop the base systems and corresponding exposure to software support and maintenance risks. The company’s services include a variety of software engineering services, including project planning and management; system design; and software design, development, customization, configuration, testing, integration, and installation. Services are typically, but not always, sold in conjunction with software licenses.

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/facial-recognition-market-995.html