According to the research report titled ‘Global Facial Recognition Market 2019-2028’, available with Market Study Report, global facial recognition market is anticipated to record a compound annual growth rate of 14.30% through 2028.
 

Widespread adoption of surveillance systems with novice features, and incorporation of technology in the latest electronic devices are propelling the growth of global facial recognition market. Moreover, innovations in facial recognition technology, and integration of facial biometrics in smart cards are generating lucrative prospects the business scenario.
 

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However, since facial recognition solution is leveraged in place of PINs, high risk of error denies access to operator to many processes. This factor, along with privacy concerns, absence of international standards, and intense competition from non-biometric technologies will arrest the growth matrix of worldwide facial recognition market.
 

By technology, global facial recognition industry is divided into 2D facial recognition, 3D facial recognition, and facial analytics. Based on end user spectrum, the market is classified into security & law enforcement, retail, healthcare, and others.
 

Moving on regional outlook, global facial recognition marketplace is scrutinized for geographies like North America, Europe, Latin America, Middle East & Africa, and Asia-Pacific.
 

The report cites that Asia-Pacific is likely to hold significant market share by the year 2028, owing to extensive usage of biometric authentication for eKYC procedures across financial institutions and government agencies. For instance, in 2017, Wesurance, an insurtech company in Hong Kong, launched an insurance mobile app which will utilize facial recognition for eKYC, making user verification quick and simple. 
 

Key contenders in global facial recognition market include 3M Company, Cognitec Systems GmbH, NEC Corporation, FaceFirst Inc., Nuance Communications Inc., Cross Match Technologies Inc., Animetrics, Daon Inc., Panasonic Corporation, Gemalto (Thales Group), Aware Inc., Facephi Biometria SA, Ayonix Inc., IDEMIA France, and id3 Technologies.