Government investment to improve security across the borders and within public spaces has opened new venues for players in the facial recognition market. Developing video surveillance systems across the world is also fueling the growth of the facial recognition market. The smartphones industry is integrating facial recognition as a primary authentication technique thus, with the growth of smartphone industry facial recognition market is also expected to grow.
Increasing Need for Enhanced Surveillance & Monitoring
Need for advanced security and surveillance systems in public places to improve public safety and security is a major driving factor for the facial recognition market. The Smart City initiative by the Indian government is a great example depicting the growing need of surveillance and monitoring systems where the underdeveloped cities are being equipped by 24x7 surveillance systems to improve the safety, security, as well as traffic management in the cities. China has made massive investments for the facial recognition startup Face+++. The Chinese government is aiming to build a facial recognition AI to improve the surveillance systems.
Additionally, organizations are also improving their surveillance systems to monitor and enhance the organizational environment. Data breaches are a critical concern for any organization, and this can be tracked through surveillance systems to identify trespassing. Thus, with increasing demand for surveillance and security, the market for facial recognition is also expected to grow.
Asia-Pacific is the Fastest Growing Region for the Market
The Asia-Pacific region is expected to grow at a high rate during the forecasted period due to increasing investment in facial recognition technology by governments and growing surveillance systems in the developing countries, such as India and China. The increasing number of firms recognizing facial recognition technology as an advanced security feature is also pushing the facial recognition market growth in this region.
The major players in the APAC market, like NEC and Cognitec, among others are continuously developing their technology and partnering with various organizations and governments to provide their facial recognition technology. For instance, Singapore's Changi Airport implemented facial recognition technology into Fast and Seamless Travel (FAST) systems and also the Indian government is increasing its surveillance systems through the smart city program. As APAC region has an increasing demand for the surveillance and is expanding the infrastructure for facial recognition technology it is estimated to grow at a high rate.
Key Developments in the Market
- July 2018: Texas-based startup Blink Identity announced, it raised USD 1.5 million in a seed round led by Sinai Ventures with the participation of Live Nation, Techstars, and other live entertainment related funds. Blink Identity has created a fast, accurate, and user-first identity service for live entertainment venues, solving the bottleneck problem and creating a preferential experience for consumers and venue owners
- July 2018: Western Union patents money transfer system using biometrics-based sender verification. Facial recognition systems can see the expansion into banking industry with the development of biometric verification for cryptocurrency exchange
- July 2018: Seattle airport is the latest to trial facial recognition for flight boarding. Lufthansa has boarded nearly 350 passengers onto an Airbus A380, the largest model of passenger airliner in the world, at Seattle-Tacoma International Airport was a part of a pilot project in partnership with the U.S. Customs, and Border Protection (CBP)
Key Topics Covered
1. Introduction
1.1 Scope of Study
1.2 Executive Summary
2. Research Methodology
2.1 Study Deliverable
2.2 Study Assumptions
2.3 Research Methodology
2.4 Research Phases
3. Market Insights
3.1 Market Overview
3.2 Ecosystem Analysis
3.3 Industry Attractiveness - Porter's Five Forces Analysis
3.4 Technology Roadmap
4. Market Dynamics
4.1 Introduction
4.2 Drivers
4.2.1 Increased Need for Enhanced Surveillance and Monitoring at Public Places
4.2.2 Increasing adoption of multimodal biometric systems
4.2.3 High investment from Government to Improve Security
4.3 Restraints
4.3.1 High setup cost for Facial recognition system
5. Global Facial Recognition Market Segmentation
5.1 By Technology
5.1.1 2D Facial Recognition
5.1.2 3D Face Recognition
5.1.3 Facial Analytics
5.2 By Type
5.2.1 Software
5.2.2 Hardware
5.2.3 Services
5.3 By Application
5.3.1 Identity Management
5.3.2 Law Enforcement
5.3.3 Border Security
5.3.4 Photo Indexing and Sorting
5.3.5 Physical Security
5.3.6 Others
5.4 By End User
5.4.1 Government
5.4.2 Medical
5.4.3 Commercial
5.4.4 Defence
5.4.5 Others
5.5 By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Middle East & Africa
5.5.5 Latin America
6. Competitive Intelligence - Company Profiles
6.1 214 Technologies Inc.
6.2 A1 Communications Korea
6.3 Advanced Biometrics
6.4 AmpleTrails
6.5 Animetrics
6.6 ARH INC.
6.7 Ayonix Corp.
6.8 Cognitec Systems GmbH
6.9 DERMALOG Identification Systems GmbH
6.10 Gemalto N.V.
6.11 IDEMIA
6.12 NEC Corporation
6.13 Princeton Identity
6.14 SeeTec GmbH
6.15 StoneLock Global Ltd.
6.16 SUPREMA
6.17 Techshino Technology
List not Exhaustive
7. Investment Analysis
8. Future of Facial Recognition Market
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