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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