United States Facial Recognition Market Size

US Facial Recognition Market Analysis

The United States Facial Recognition Market is expected to reach a CAGR of 14.3% during the forecast period (2021 - 2026). The United States is expected to hold a prominent share in the facial recognition market owing to lucrative opportunities in the region, exhibiting a massive demand for facial recognition technology for homeland security and criminal investigation.

• Government initiatives are expected to contribute to the double-digit growth of such technologies. For instance, the US government has plans to reshape airport security through facial recognition, to register and identify the visitors. Additionally, several North American Free Trade Agreement (NAFTA) member banks have mandated the use of facial and voice recognition technologies for online identity verification. Companies have also been collaborating with federal governments to implement the technology for their surveillance and identity management.
• Apart from the government, United States companies are also taking advantage of this facial recognition technology. For instance, IntelliVision launched a new version of its facial recognition technology as a cloud service. Face recognition as a Service (FRaaS) offers to match in less than a second and provides analytical capacity when on-camera processing is not enough. Such developments are increasing the applicability of facial recognition in complex business scenarios, thus contributing to the growth of the market.
• As a mass solution, facial recognition is yet to gain increased market penetration, as it has been facing intense competition from fingerprint recognition, voice and Speech recognition, and numerous forms of eye recognition. Enterprises in the market are investing in companies that are operating in the facial recognition space for gaining access to the market. For example, Fico acquired EZCOM and launched new biometric identity solutions to offer better digital security to its customers. Over the coming years, such developments are expected to increase even further.
• The coronavirus pandemic is creating a lucrative market for facial recognition manufacturers. But privacy issues are expected to hinder the growth of the market. Facial recognition technology is being adopted in the United States as a way to track the virus' spread. Also, facial recognition is used as a alternative solution to biometric identification to curb the spread of the virus. For instance, recently, the New York Police Department restrained the use of fingerprint ID entry security procedure by employees. Such developments creating demand for facial recognition companies to step in and market their services as identification alternatives. As a result, facial-recognition companies are focusing on customizing their solutions so that they are better equipped to track citizens who may test positive for coronavirus.