Face recognition system is a combination of software and hardware, which identifies & verifies a person by comparing & analyzing the facial patterns of a person using deep learning. It is generally used in security purposes. It has many applications in various areas such as access control, payment and others. It includes four different steps to identify and analyze the person, which includes face alignment, face detection, feature extraction and finally face recognition. It finds major application in public security with surveillance cameras to tract the criminals. Moreover, rise in concern regarding security threats has resulted to install face recognition system in several public places such as metro stations, country borders, airport, open market, and other public places that helps to keep track on the criminals.
According to study, “Global Face Recognition Systems Market 2019 by Company, Regions, Type and Application, Forecast to 2024” the key companies operating in the global face recognition systems market are Panasonic Corporation, NEC Corporation, Thales Group (Gemalto NV), FacePhi Biometric SA, Cognitec Systems GmbH, Ayonix Corporation, Aware Inc., Idemia France SAS, Animetrics Inc., Face First Inc., Daon Inc. The key players provide face recognition solutions to cater to the demands & needs of the customer. The major growth strategies adopted by the players include collaborations & agreements, partnerships, and new product launches or product enhancements.
Based on component type, face recognition systems market is segmented into services and software tools. Services include cloud based face recognition and training & consulting services. Software told includes three-dimensional (3D) facial recognition, two-dimensional (2D) face recognition and facial analytics. The 3D face recognition segment holds major share in market as it is used mostly in identifying & verifying suspected criminals, accelerating forensic video investigations, border control for preventing terrorist activities, providing smarter & safer highway patrolling, cross-border monitoring, document verification, and identity management. Based on application area, market is segmented into access control, emotion recognition, law enforcement, attendance tracking & monitoring, and others. In addition, based on vertical, market is segmented into retail & ecommerce, banking, financial services and insurance (BFSI), healthcare, government & defense, automotive, education and other verticals.
The face recognition systems market is driven by increase in terrorist attacks in the government organizations, followed by rise in use in non-law enforcement & law enforcement applications, growth in technological advancements such as cloud-based services and 3D-based recognition systems and rise in application in intelligent signage & physical security. However, lack of accuracy, high implementation cost and lack of security of the personal shared data may impact the market. Moreover, growth in technological advancements along with implementation of smart phone technology is a key opportunity for market.
Based on geography, the Asian-Pacific region dominates the face recognition systems market owing to rise in investments in security & surveillance and high criminal activities in the region. Whereas, the European and North-American regions are expected to witness substantial growth due to increase in awareness among the people and established economy over the forecast period. In near future, it is predicted that the market will be reached at rapid pace on account of rise in adoption of face recognition in web applications for social interaction and picture tagging and growth in demand for surveillance systems to enhance safety & security during the forecast period.
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Ankur Gupta, Head Marketing & Communications