Facial Recognition Market Growth Factors, Latest Rising Trend & Forecast to 2024

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The global facial recognition market size is projected to grow from USD 3.2 billion in 2019 to USD 7.0 billion by 2024, at a CAGR of 16.6% during the forecast period. The major factors driving the market include the growing surveillance industry, the increasing government and defense deployment, and the rising technological advancements across verticals.

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Vendors covered in the facial recognition market report include NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix (Japan), Idemia (France), Cognitec (Germany), nVviso SA (Switzerland), Daon (US), Stereovision Imaging (US), Techno Brain (Kenya), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), Herta Security (Spain), Animetrics (US), Megvii {Face++} (China), FaceFirst (US), Sightcorp (Netherlands), FacePhi (Spain), and SmilePass (UK). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the facial recognition market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2017 to 2019 to innovate their offerings and broaden their customer base.

NEC (Japan) has evolved as a major multinational IT and electronics company, with offices across the globe, including Asia Pacific (APAC), North America, Europe, and the Middle East. The company has a global employee strength of 110,000 (as of March 31, 2019), with 9 state-of-the-art R&D centers. The company develops and markets its biometric systems, which include standalone (modal/multi-modal) solutions as well as NeoFace Facial Recognition (Multi-Modal) Suite that can be customized to fully meet the customers’ demand. According to results of vendor tests conducted by the National Institute of Standards and Technology (NIST), US, NEC’s facial recognition technology tolerance repeatedly secured a top slot in accuracy, along with Gemalto’s Cogent, with substantially better results than the average systems. NEC has established a strong foundation in AI and biometrics, with the global expansion of AI-based surveillance. NEC substantiates a strong market presence, being the largest non-Chinese supplier of AI surveillance tech to over 14 countries. Moreover, the company’s robust offerings in adjacent fields/markets, such as analytics, cloud, communication platform, conferencing and recording, contact center, data networking, emergency notification, enterprise software, financial services, and integrated IT infrastructure, further bolsters its presence in the facial recognition market.

Aware (US) is among the leading biometric suppliers to government organizations, healthcare organizations, and systems integrators, due to which it has a vast customer base. The majority of Aware’s revenue comes from the US and Brazil, where the company has a large customer base. The company is a leading global provider of biometrics software products, services, and solutions. The company’s linked software products include Software Development Kits (SDKs), applets, and controls; user interfaces applications, which are used for biometric enrollment and forensic analysis; and SDKs for various other uses, including fingerprint recognition, face recognition, and iris recognition. The company offers building blocks and integrated solutions as 2 of the major segments to cater the need of various application areas, such as law enforcement, border management, defense, intelligence, banking, citizen Identity Document (ID), and payments. The company offers 5 solutions in the facial recognition market, namely, Knomi, PreFace, Nexa|Face, FaceWorkbench, and AwareABIS. The company is focusing on developing a strong brand reputation to sell high-quality facial recognition software products and services to the government and commercial market with expert technical support and services.

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