CHICAGO, Oct. 30, 2019 (GLOBE NEWSWIRE) -- According to study titled Facial Recognition Market by Component (Software, Tools, and Services), Application Area (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Law Enforcement), Vertical, and Region - Global Forecast to 2024 by MarketsandMarkets, the global facial recognition market size is expected to grow at a CAGR of 16.6% from an estimated value of USD 3.2 billion in 2019 to reach USD 7.0 billion by 2024. Increasing activity to combat terrorism & crime is one of the key driving factors for market growth. Moreover, the rapid adoption of technology in consumer electronics such as smartphones and home security systems to enhance consumer safety will boost the market growth.

The last two decades have witnessed an increase in terrorist activities around the world. Additionally, there has been a rise in criminal activities, including theft, cyberattacks, and human trafficking. To curb the unchecked spread of terrorism and criminal activities, there have been several initiatives undertaken by governments and affiliated bodies across the world. The Indian Government is exhibiting one such instance.

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In 2018, the Indian Government adopted facial recognition technology to identify missing children and reduce trafficking. Post its successful adoption in this initiative as well as in large-scale handling events and fighting crime in certain states, the Indian Government is planning on constructing the largest facial recognition system in the world, where the police force across the country will have access to a single, centralized database. Such initiatives are expected to open new growth avenues for the global facial recognition market in the near future.

Initiatives such as those exhibited by countries such as India are expected to play an important role in accelerating the growth of the Asia Pacific facial recognition market during the forecast period, making it the fastest-growing marketplace. Besides the large-scale government initiatives, the presence of a robust, established electronics manufacturing base in India, China, Japan, and South Korea is expected to spur the demand for facial recognition technology.

Companies such as NEC, Aware, Idemia, and Gemalto (A Thales Company) have been offering customized solutions as per the requirement of the customers, coupled with their growth strategies to achieve advance infrastructure consistently in the market. On the other hand, Daon, Animetrics, Stereovision Imaging, ID3 Technologies, Nviso, Neurotechnology, and Technobrain have been undertaking multiple partnerships and boosting their sales capabilities across regions to offer integrated solutions and services to a wide range of clients.

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Facial recognition can perform numerous functions such as emotion recognition, attendance tracking & monitoring, access control, and law enforcement, among others. Attendance tracking & monitoring segment is expected to witness the fastest growth due to its widespread implementation, especially in places where large groups of people attend an event such as colleges and churches. This functionality helps in reducing the time spent in manually tracking attendance. Checking in via apps on smartphones, laptops, and tablets, as well as tracking via live monitoring and GPS, are the latest trends in the global facial recognition market.

Besides functionality, facial recognition has evolved over the past few years, where the technology can be used not only in 2D but also in 3D and for facial analytics. 3D facial recognition was at the forefront of the market for quite a few years until companies started using this data to analyze patterns and identification. Facial analytics is helping companies redefine their approach to their clients by capturing different facial expressions, such as happiness, sadness, and anger, among others, to get to know them better.

The penetration of facial recognition was the highest in BFSI, government & defense, and retail & eCommerce. These three verticals together dominated the global facial recognition market share in 2018. The need to check a customers credibility, especially while giving loans, has resulted in banks such as Citi Bank, Barclays, and Banco National (Costa Rica) adopting the facial recognition technology. The retail & eCommerce sector holds tremendous growth potential for the global facial recognition market. The technology is increasingly being used to monitor buying patterns, routes they follow, and shops they visit. This data helps in catering to better customer service, especially for companies such as Amazon and local food apps.

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Besides Smartphones, Government Initiatives and the Retail Industry to Drive the Global Facial Recognition Market - GlobeNewswire