Client’s Goal

One of the players in the facial recognition market wanted to increase its revenue growth. Thus, the client wanted information about major developments that could change the business landscape. Markets and Markets engagement entailed solving of series of problems, including-

1. Understanding of the extent of adoption of 3D facial recognition in the North America and Europe
2. Regional analysis and assessment of opportunities in these geographies

Our Approach

We were engaged to conduct a study with the below-mentioned multiple objectives, which were achieved to the satisfaction of the client.

• A detailed benchmarking of the key vendors of the facial recognition market for North America and Europe was provided to the client to analyze the operating segments and identify the segments as yet untapped by the competition
• A comprehensive list of current and upcoming 3D facial recognition projects across different industry verticals in the targeted geographies was provided to the client
• Market sizing and forecast across various industry verticals such as government, defense, BFSI, automotive, healthcare, and retail using analyst hours.

In order to meet our objectives, KnowledgeStore offered access to actionable insights on all adjacent high-growth niche markets were assessed. The sources of revenue shifts and unknown adjacencies emerging in client’s and client’s clients’ ecosystems were also assessed through our client services.

Revenue Shifts Identified

Changes in biometrics landscape from touch-based to touchless is anticipated to boost revenue growth of the market. Technological advancements such as 3D facial recognition is likely to cause shifts in revenue sources due to improved accuracy, thermal scanning, and liveness detection. Adoption of facial recognition for government applications such as immigration and border control are further expected to have a positive impact.

Interconnections

Increasing applications in video surveillance, physical security, and digital identical solutions are anticipated to have a favorable influence on the market. In addition, impact of the rising use of proximity sensors on the future trajectory of the market is also assessed.

Unknowns Identified

A rise in need for facial recognition is likely to be observed in the automotive industry for identifying driver’s behavioural patterns through liveness detection such as pupil dilation, identifying fatigue, stress, and sleepiness. Also, banks are getting more inclined towards mandating biometrics such as face and voice recognition for customer onboarding. The factors ae anticipated to have a positive impact on the facial recognition market. It is also gaining momentum owing to its increasing demand across healthcare sector for patient monitoring, and retail and ecommerce sector for identifying customer behavioural pattern for offering customized experience.

Revenue Impact

Our insights helped the client target opportunities worth more than USD 3  million in the said geographies.