COVID-19 Impact on Facial Recognition Market by Component (Software Tools and Services), Vertical (BFSI, Government & Defense, Retail & E-commerce, Healthcare, Education, Automotive, and Others), and Region - Global Forecast to 2021
[56 Pages Report] The global facial recognition market is projected to grow from USD 3.8 billion in 2020 to USD 4.5 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period. The major growth factors for the growth of the facial recognition industry include a rise in government spending on security and public safety, along with the increase in demand for contactless identity verification systems.
Asia Pacific projected to grow at the highest CAGR during the forecast period
Asia Pacific (APAC) includes big developing economies, such as China, Japan, India, Singapore, and South Korea. Owing to high criminal activities, investments in security and surveillance are growing in the region. Countries, such as China, Japan, and Singapore, have already started implementing facial recognition across verticals, including Banking, Financial Services and Insurance (BFSI), healthcare, government, and defense. These countries are planning to increase their reach across places, including airports, country, and state borders. Other developing countries have also started testing facial recognition technology. Hence, Asia Pacific is projected to grow at the highest CAGR during the forecast period in the facial recognition market.
Key market players
Key market players profiled in the facial recognition market report include NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix (Japan), Idemia (France), Cognitec (Germany), Nviso SA (Switzerland), Daon (US), Stereovision Imaging (US), Technobrain (Kenya), Neurotechnologies (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 offer facial recognition solutions to cater to the demands and needs of the customer. The major growth strategies adopted by these players include partnerships, collaborations and agreements, and new product launches/product enhancements.
NEC headquartered in Japan is considered to be a leader in IT and network technologies. With more than 100 years of experience, it provides effective solutions to empower people, business, and society. NEC has expanded globally and expanded its business in India from telecommunications to public safety, logistics, transportation, retail, finance unified communication, and IT platforms. The company serves various government sectors and private organizations. NEC in India offers innovative new services and solutions for India and global markets.
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Scope of the Report
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Report Metrics |
Details |
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Market size available for years |
2019–2021 |
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Base year considered |
2019 |
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Forecast period |
2020–2021 |
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Forecast units |
Million (USD) |
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Segments covered |
Component, Vertical, Region |
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Geographies covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
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Companies covered |
Twenty major vendors: NEC (Japan), Aware (US), Gemalto (Netherlands), Ayonix (Japan), Idemia (France), Cognitec (Germany), nVviso SA (Switzerland), Daon (US), Stereovision Imaging (US), Neurotechnology (Lithuania), Innovatrics (Slovakia), id3 Technologies (France), Herta Security (Spain), Megvii {Face++} (China), FaceFirst (US), Sightcorp (Netherlands), FacePhi (Spain), and SmilePass (UK), Aimbraine {Biocatch} (London), Fulcrum Biometrics(Texas). |
This research report categorizes the facial recognition market based on components, verticals, and regions:
Based on component:
- Software tools
- Services
Based on verticals:
- BFSI
- Government and defense
- Retail and e-commerce
- Healthcare
- Education
- Automotive
Based on region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Recent developments
- NEC partnered with software developers in New Zealand to develop NEC iQuarantine, a facial recognition mobile app, which people can use for location tracking, identity verification through biometrics, symptom monitoring of Covid-19, triage, case escalation, and case intervention.
Critical questions the report answers
- What are the current trends driving the facial recognition market?
- Which applications are the most facial recognition companies deploying in the market?
- Where will recent developments of market vendors take the industry in the mid- to long-term?
- Who are the top vendors in the facial recognition market, and what is their competitive analysis?
- What are the drivers and challenges faced by vendors in the facial recognition market?
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 9)
1.1 INTRODUCTION TO COVID-19
1.2 COVID-19 HEALTH ASSESSMENT
1.3 COVID-19 ECONOMIC ASSESSMENT
1.3.1 COVID-19 ECONOMIC IMPACT – SCENARIO ASSESSMENT
2 RESEARCH METHODOLOGY (Page No. - 15)
2.1 INTRODUCTION
2.1.1 OBJECTIVES OF THE STUDY
2.1.2 DEFINITION
2.1.3 INCLUSIONS/EXCLUSIONS
2.2 RESEARCH ASSUMPTIONS
2.3 DATA TRIANGULATION
2.4 PRIMARY DATA
2.5 STAKEHOLDERS
3 EXECUTIVE SUMMARY (Page No. - 19)
4 IMPACT ON THE ECOSYSTEM AND EXTENDED ECOSYSTEM (Page No. - 21)
4.1 FACIAL RECOGNITION ECOSYSTEM ANALYSIS, BY STAKEHOLDER
4.1.1 TECHNOLOGY PROVIDERS
4.2 COVID-19 PANDEMIC-DRIVEN MARKET DYNAMICS AND FACTOR ANALYSIS
4.2.1 DRIVERS AND OPPORTUNITIES
5 BUSINESS IMPLICATIONS OF COVID-19 ON THE FACIAL RECOGNITION MARKET (Page No. - 26)
5.1 IMPLICATION ON TECHNOLOGY SEGMENTS (PESSIMISTIC, PRE-COVID, & OPTIMISTIC SCENARIOS)
5.1.1 COMPONENT FORECAST, 2020-2021
5.1.1.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID/PESSIMISTIC)
5.1.2 SERVICES FORECAST, 2020-2021
5.1.2.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
6 COVID-19 IMPACT ON MAJOR VERTICALS WITH USE CASES AND HOW CLIENTS ARE RESPONDING TO THE CURRENT SITUATION (Page No. - 29)
6.1 BANKING, FINANCIAL SERVICES, AND INSURANCE
6.1.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
6.1.2 KEY USE CASES
6.1.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.2 GOVERNMENT AND DEFENSE
6.2.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
6.2.2 KEY USE CASES
6.2.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.3 RETAIL AND ECOMMERCE
6.3.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
6.3.2 USE CASES
6.3.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.4 HEALTHCARE
6.4.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
6.4.2 USE CASES
6.4.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.5 EDUCATION
6.5.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
6.5.2 USE CASES
6.5.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.6 AUTOMOTIVE
6.6.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
6.6.2 USE CASES
6.6.3 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
6.7 OTHERS
6.7.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
6.7.2 MNM VIEWPOINT (VERTICAL’S RESPONSE TO COVID-19)
7 COVID-19 IMPACT ON REGIONS (Page No. - 39)
7.1 NORTH AMERICA
7.1.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
7.2 EUROPE
7.2.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
7.3 ASIA PACIFIC
7.3.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
7.4 MIDDLE EAST & AFRICA
7.4.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
7.5 LATIN AMERICA
7.5.1 FORECAST, 2020-2021 (OPTIMISTIC/PRE-COVID-19/PESSIMISTIC)
8 COVID-19 FOCUSED PROFILES OF KEY VENDORS (Page No. - 46)
8.1 INTRODUCTION
9 APPENDIX (Page No. - 54)
9.1 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
9.2 AUTHOR DETAILS
LIST OF TABLES (6 Tables)
TABLE 1 USE CASES – BANKING, FINANCIAL SERVICES, AND INSURANCE
TABLE 2 USE CASES – GOVERNMENT AND DEFENSE
TABLE 3 USE CASES – RETAIL AND E-COMMERCE
TABLE 4 USE CASES – HEALTHCARE
TABLE 5 USE CASES – EDUCATION
TABLE 6 USE CASES – AUTOMOTIVE
LIST OF FIGURES (21 Figures)
FIGURE 1 COVID-19: THE GLOBAL PROPAGATION
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES
FIGURE 3 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
FIGURE 4 CRITERIA IMPACTING THE GLOBAL ECONOMY
FIGURE 5 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY
FIGURE 6 BREAKUP OF PRIMARY RESPONDENT PROFILES
FIGURE 7 GLOBAL FACIAL RECOGNITION MARKET GROWTH RATE, 2019-2021 (USD MILLION)
FIGURE 8 SOFTWARE TOOLS MARKET GROWTH RATE, 2019-2021 (USD MILLION)
FIGURE 9 SERVICES MARKET GROWTH RATE, 2019-2021 (USD MILLION)
FIGURE 10 BANKING, FINANCIAL SERVICES, AND INSURANCE: FACIAL RECOGNITION MARKET GROWTH RATE, 2019-2021 (USD MILLION)
FIGURE 11 GOVERNMENT AND DEFENSE: FACIAL RECOGNITION MARKET GROWTH RATE, 2019-2021 (USD MILLION)
FIGURE 12 RETAIL AND ECOMMERCE: FACIAL RECOGNITION MARKET GROWTH RATE, 2019-2021 (USD MILLION)
FIGURE 13 HEALTHCARE: FACIAL RECOGNITION MARKET GROWTH RATE, 2019-2021 (USD MILLION)
FIGURE 14 EDUCATION: FACIAL RECOGNITION MARKET GROWTH RATE, 2019-2021 (USD MILLION)
FIGURE 15 AUTOMOTIVE: FACIAL RECOGNITION MARKET GROWTH RATE, 2019-2021 (USD MILLION)
FIGURE 16 GLOBAL INTERNET OF THINGS MARKET IN GOVERNMENT AND DEFENSE VERTICAL, 2019-2021 (USD MILLION)
FIGURE 17 NORTH AMERICA – FACIAL RECOGNITION MARKET, 2019-2021 (USD MILLION)
FIGURE 18 EUROPE – FACIAL RECOGNITION MARKET, 2019-2021 (USD MILLION)
FIGURE 19 ASIA PACIFIC – FACIAL RECOGNITION MARKET, 2019-2021 (USD MILLION)
FIGURE 20 MIDDLE EAST & AFRICA – FACIAL RECOGNITION MARKET, 2019-2021 (USD MILLION)
FIGURE 21 LATIN AMERICA – FACIAL RECOGNITION MARKET, 2019-2021 (USD MILLION)
The study involved four major activities in estimating the current size of the facial recognition market. Exhaustive secondary research was done to collect information on the facial recognition market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain using primary research. Market breakdown and data triangulation procedures were used to estimate the size of the segments and subsegments of the market.
Secondary Research
Secondary sources included annual reports; press releases, and investor presentations of companies; whitepapers, certified publications, and articles by recognized authors; Research and Development (R&D) organizations; regulatory bodies; and databases. Journals, repositories were referred to understand the integration of facial recognition in this pandemic situation.
Primary Research
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side included industry experts, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the analytics market.
After completing the market engineering process (including calculations for market statistics, market breakup, market size estimations, market forecasting, and data triangulation), extensive primary research was conducted to gather information, and verify and validate the critical numbers arrived at. The primary research was also conducted to identify the segmentation types; the competitive landscape of managed service vendors; and key market dynamics, such as drivers, restraints, opportunities, challenges, industry trends, and key players’ strategies.
The following is the breakup of primary profiles:
To know about the assumptions considered for the study, download the pdf brochure
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakup procedures were employed, wherever applicable. The overall market size was then used in the top-down procedure to estimate the size of other individual markets via percentage splits of the market segmentation.
Report Objectives
- To analyze the impact of the COVID-19 on the facial recognition market by component, industry vertical, and region
- To provide detailed information about the COVID-19 related major factors (drivers, restraints, opportunities, and challenges) influencing the trends in the facial recognition market
- To study the impact of the COVID-19 on key industries that are severely impacted due to this health and economic pandemic
- To examine the shift in revenue patterns of facial recognition vendors in 2020 and their capabilities to address the demand emerging from industry sectors during the global lockdown due to the COVID-19 outbreak
- To analyze the change in short-term strategies of companies, such as goodwill offerings, to instill relevance and confidence among their customers
- To track key developments, such as new product launches, partnerships, agreements, and collaborations, in context to the COVID-19 in the global facial recognition market
Available customizations
With the given market data, MarketsandMarkets offers customizations as per company-specific needs.
The following customization options are available for the report:
Product analysis
- Product matrix provides a detailed comparison of the product portfolio of each company
Geographic analysis
- Further breakup of the North American facial recognition market
- Further breakup of the European facial recognition market
- Further breakup of the Asia Pacific facial recognition market
- Further breakup of the Latin American facial recognition market
- Further breakup of the Middle Eastern & Africa facial recognition market
Company information
- Detailed analysis and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in COVID-19 Impact on Facial Recognition Market