Facial recognition market to reach $12.67 billion by 2028
The facial recognition market size is projected to reach $12.67 billion by 2028 from $5.01 billion in 2021, growing at a CAGR of 14.2% from 2021 to 2028, according to the Insight Partners.
On a global scale, the facial recognition market has a lot of room for expansion. For the public and private sectors, facial recognition provides a high level of protection. Terrorist attacks on government organizations have risen significantly in recent years, prompting businesses and governments to adopt facial recognition biometrics.
Furthermore, the use of facial recognition has grown due to rising applications in physical security and intelligent signage, as well as increasing technological improvements such as cloud-based services and 3D-based recognition systems.
However, in some places, rising sensitivity to shared personal data, lack of accuracy, and a high implementation cost stymie industry progress. Face recognition systems that are technologically advanced and have applications in mobile security and drones are anticipated to provide lucrative opportunities for the facial recognition market in the future.
Based on application, the facial recognition market is segmented into security & surveillance, access control, and others. In 2020, the security & surveillance segment led the market and accounted for the largest market share. The facial recognition offers enhanced level of search automation and efficiency to the investigation workflow and thus saves significant amount of time and manual efforts.
Moreover, advanced facial recognition tools used by security and surveillance agencies can analysis several faces in real-time for security and surveillance application. Thus, with the growing use of advance screening and security system by security and surveillance agencies owing to rising emphasis on homeland security and increasing allocation of funds for domestic security, the facial recognition market players are projected to witness significant traction during the forecast period.
Impact of COVID-19 pandemic on APAC facial recognition market growth
The facial recognition demand was increased for monitoring and tracking people’s movement, verification identification, security measures, and patient identification due to the pandemic, which positively influenced the growth of the facial recognition market. In addition, the large scale deployment of facial recognition systems in various applications such as biometric sign-in, public security, travel security, authorized healthcare services, and eLearning platforms is expected to drive the facial recognition market growth in the coming years.
These contactless verification technologies have become important amid the pandemic. Moreover, two companies in China have developed AI-based coronavirus diagnostic software to detect lung problems using CT scans. At least 34 Chinese hospitals used this technology to screen 32,000 suspected cases in February 2020. Hence, the overall impact of COVID-19 pandemic on the APAC facial recognition market is low to moderate.