Facial Recognition Market | Increasing Instances of Identity Theft to Boost the Market Growth | Technavio

·6-min read

The global facial recognition market size is poised to grow by USD 3.35 billion during 2020-2024, progressing at a CAGR of almost 12% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

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Technavio has announced its latest market research report titled Global Facial Recognition Market 2020-2024 (Graphic: Business Wire)

The facial recognition market research analysis identifies the increasing instances of identity threats as one of the primary growth factors for this market. The increasing dependence of end-users on websites and web applications is giving rise to an increasing number of identity and data theft cases. Also, the increasing complexity of these attacks is driving end-users to implement secure authentication solutions. As a result, the adoption of biometric security solutions is growing as they have the capability to incorporate the physical and behavioral features of end-users for identity verification. This ability makes forging difficult and designates facial recognition as one of the most secure authentication solutions.

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Report Highlights:

  • The major facial recognition market growth came from 3D facial recognition segment. The 3D facial recognition segment will grow significantly during the forecast period because of its high accuracy, leading to its high adoption, especially in the government sector.

  • APAC will offer several growth opportunities to market vendors during the forecast period. The growing adoption of facial recognition systems because of the increasing public threats and high vendor penetration will significantly drive facial recognition market growth in this region over the forecast period.

  • The global facial recognition market is fragmented. ASSA ABLOY AB, Aware Inc., Cognitec Systems GmbH, Egis Technology Inc., IDEMIA France SAS, NEC Corp., Precise Biometrics AB, Safran SA, Synaptics Inc., and Thales Group. are some of the major market participants. To help clients improve their market position, this facial recognition market forecast report provides a detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the global facial recognition market 2020-2024 is expected to have Neutral and At par growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

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Increase in the Emergence of Facial Analytics will be a Key Market Trend

The increase in the emergence of facial analytics is one of the latest facial recognition market trends that will gain traction in the coming years. Vendors are investing heavily in the R&D of facial analytics due to the increasing instances of violent activities in the past. Facial analytics enhances facial recognition by recognizing an individual's facial attributes such as a scar, long nose, or facial expression and can estimate an individual's age along with his/her gender. These factors will positively impact the market.

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Facial Recognition Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024

  • Detailed information on factors that will assist facial recognition market growth during the next five years

  • Estimation of the facial recognition market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the facial recognition market

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of facial recognition market vendors

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Executive Summary

Market Landscape

  • Market ecosystem

  • Value chain analysis

Market Sizing

  • Market definition

  • Market segment analysis

  • Market size 2019

  • Market outlook: Forecast for 2019-2024

Five Forces Analysis

  • Five Forces Summary

  • Bargaining power of buyers

  • Bargaining power of suppliers

  • Threat of new entrants

  • Threat of substitutes

  • Threat of rivalry

  • Market condition

Market Segmentation by Application

  • Market segments

  • Comparison by Application

  • Identification - Market size and forecast 2019-2024

  • Verification - Market size and forecast 2019-2024

  • Market opportunity by Application

Market Segmentation by Technology

  • Market segments

  • Comparison by Technology

  • 3D facial recognition - Market size and forecast 2019-2024

  • 2D facial recognition - Market size and forecast 2019-2024

  • Market opportunity by Technology

Market Segmentation by End-user

  • Market segments

  • Comparison by End-user

  • Government sector - Market size and forecast 2019-2024

  • BFSI sector - Market size and forecast 2019-2024

  • Transportation sector - Market size and forecast 2019-2024

  • Other sectors - Market size and forecast 2019-2024

  • Market opportunity by End-user

Customer Landscape

  • Customer landscape

Geographic Landscape

  • Geographic segmentation

  • Geographic comparison

  • North America - Market size and forecast 2019-2024

  • Europe - Market size and forecast 2019-2024

  • APAC - Market size and forecast 2019-2024

  • MEA - Market size and forecast 2019-2024

  • South America - Market size and forecast 2019-2024

  • Key leading countries

  • Market opportunity by geography

  • Market drivers

  • Market challenges

  • Market trends

Vendor Landscape

  • Competitive scenario

  • Vendor Landscape

  • Landscape disruption

  • Industry risks

Vendor Analysis

  • Vendors covered

  • Market positioning of vendors

  • ASSA ABLOY AB

  • Aware Inc.

  • Cognitec Systems GmbH

  • Egis Technology Inc.

  • IDEMIA France SAS

  • NEC Corp.

  • Precise Biometrics AB

  • Safran SA

  • Synaptics Inc.

  • Thales Group

Appendix

  • Scope of the report

  • Currency conversion rates for US$

  • Research methodology

  • List of abbreviations

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View source version on businesswire.com: https://www.businesswire.com/news/home/20201023005397/en/

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