USD 5.15 billion
Facial Recognition Market Size, Share, Growth Analysis, By Technology(2D Facial Recognition, 3D Facial Recognition, Facial Analytics, and other innovative formats), By Component(Hardware, Cameras, Sensors, Displays), By Application(Access Control, Identity Verification, Surveillance and Monitoring, Emotion Recognition), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2224 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
98
|Figures:
75
Facial Recognition Market Insights
Global Facial Recognition Market size was valued at USD 5.15 billion in 2022 and is poised to grow from USD 5.92 billion in 2023 to USD 17.98 billion by 2031, growing at a CAGR of 14.9% in the forecast period (2024-2031).
In recent years, the global Facial Recognition market has experienced robust growth due to the increasing adoption of facial recognition technology across various industries, such as security, retail, and healthcare, which is a notable trend.
The market experiences advanced applications in authentication systems, surveillance, and user identification contributing to the market expansion. The pandemic and various diseases have accelerated the demand for touchless solutions, further boosting the adoption of facial recognition for access control and identity verification.
However, concerns related to privacy and data security pose challenges, necessitating regulatory frameworks to address ethical considerations. Technological advancements, including the integration of artificial intelligence, are shaping the market's competitive landscape, with key players investing in innovation to stay ahead in this dynamic and evolving sector.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
3D Facial Recognition
Fastest Growth
Facial Analytics
Growth Rate
14.9% CAGR
Global Facial Recognition Market ($ Bn)
Country Share for North America Region (%)
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Facial Recognition Market Segmental Analysis
The global facial recognition market is segmented into four major segments i.e. by technology, component, application, and region. Based on technology, it is divided into 2D facial recognition, 3D facial recognition, facial analytics, and other innovative formats. Based on components, it is bifurcated as hardware, cameras, sensors, displays, software, facial recognition algorithms, database management. Based on application it is segregated into, access control, identity verification, surveillance and monitoring, emotion recognition, attendance tracking, and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Analysis by Technology
3D facial recognition has typically held a substantial market share as it captures and analyzes the three-dimensional geometry of the face, offers enhanced accuracy and security, compared to both 2D and 3D facial recognition technologies are widely used. Moreover, their chewy texture and a wide range of flavors, making them appealing to both children and adults. They often come in fun shapes and are marketed as a fun and tasty snack option.
Due to the increasing demand for understanding human emotions in various industries, facial expression recognition is the fastest-growing technology type. Facial expression recognition has applications in assessing consumer sentiments, enhancing user experiences, and improving human-machine interactions. Businesses increasingly value emotional analytics for customer insights, personalized marketing, and improving overall user experiences. The technology's ability to gauge emotions in real-time is driving its adoption in diverse sectors.
Analysis by Distribution Channel
Access control has long dominated the global Facial Recognition market due to the demand for secure and efficient access management in various sectors, including government, enterprises, and residential complexes, propels the adoption of facial recognition for access control applications. Its non-intrusive nature and accuracy make it a preferred choice for enhancing security measures.
The fastest-growing application segment is expected to be in healthcare. The increasing adoption of facial recognition for patient identification, access control in healthcare facilities, and ensuring secure healthcare data access contributes to its growth. The pandemic has also accelerated the deployment of touchless technologies, including facial recognition, in healthcare settings.
Global Facial Recognition Market By technolgy type
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Facial Recognition Market Regional Insights
North America is likely to dominate the market as the region has adopted facial recognition technology, driven by robust investments in security infrastructure, especially in sectors such as government, law enforcement, and commercial enterprises. The presence of key technology players and a high level of awareness contribute to North America's market dominance.
The Asia-Pacific (APAC) region is expected to be the fastest-growing market. Factors such as rapid economic development, increasing urbanization, and a growing emphasis on enhancing security measures contribute to the rising demand for facial recognition technology. Additionally, various countries in APAC are investing in smart city initiatives, further driving the adoption of facial recognition in public safety, transportation, and other sectors.
Global Facial Recognition Market By Region
- Largest
- Fastest
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Facial Recognition Market Dynamics
Drivers
Increasing Demand for Robust Security Solutions
- The increasing demand for robust security solutions across various industries, including government, finance, and healthcare. Facial recognition technology provides a secure and efficient means of access control, identity verification, and surveillance, contributing to enhanced safety measures. The pandemic has accelerated the adoption of touchless technologies, further boosting the market as businesses and organizations seek contactless methods for authentication and access. Additionally, advancements in artificial intelligence and machine learning have improved the accuracy and performance of facial recognition algorithms, making the technology more reliable and effective.
Restraints
High Privacy Concerns and Ethical Considerations Surrounding the Collection
- One of the main market restraints is associated with privacy concerns and ethical considerations surrounding the collection and use of biometric data. The potential misuse or unauthorized access to sensitive facial information has raised apprehensions among individuals and regulatory bodies. Additionally, technical limitations such as accuracy issues, especially in diverse environmental conditions and with varying facial expressions, pose challenges to widespread adoption. The high costs of implementing robust facial recognition systems, including hardware and software components, can be a deterrent, particularly for smaller businesses.
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Facial Recognition Market Competitive Landscape
The competitive environment of the facial recognition market is dynamic and characterized by the presence of diverse players offering a range of innovative solutions. Startups and emerging players contribute to competitiveness, introducing niche solutions and fostering innovation in the market. The market is witnessing increased strategic partnerships and collaborations, as companies aim to enhance their technological capabilities and expand their global reach. Continuous research and development activities are driving product advancements, with a focus on improving accuracy, scalability, and applicability in diverse environments.
Top Player’s Company Profiles
- NEC Corporation (Japan)
- Aware, Inc. (US)
- Cognitec Systems GmbH (Germany)
- Thales Group (France)
- Panasonic Corporation (Japan)
- IBM Corporation (US)
- FacePhi (Spain)
- 3M Company (US)
- Fujitsu Limited (Japan)
- Gemalto NV (Netherlands)
- IDEMIA Group (France)
- Microsoft Corporation (US)
- Nuance Communications (US)
- i-PRO Co., Ltd. (Japan)
- Clarifai, Inc. (US)
- Ayonix Corporation (US)
- Nviso (Denmark)
- Daon, Inc. (South Korea)
- Facefirst (US)
Recent Development
- In October 2023, BigBear.ai (NYSE: BBAI) officially declared a conclusive merger arrangement to procure Pangiam Intermediate Holdings, LLC (Pangiam), a frontrunner in Vision AI catering to the global trade, travel, and digital identity sectors. The transaction, valued at around USD 70 million, will be an all-stock deal.
- In July 2023, EY was perceived by Microsoft for their collaboration in security and consistency contributions. The EY association got industry awards from Microsoft for their obligation to tend to the rapidly developing scene of cross-line information access, security, and insurance guidelines, as well as driving client effect and advancement. These honors recognize the EY association's worldwide collusion with Microsoft and its situation as a forerunner in the character space.
- In February 2024, Kumpulan Modular Perdana (KMP), a Malaysian government-possessed tech-centered funding firm, reported its effective interest in SmartRetail, a Singapore-based organization having some expertise in computer vision artificial intelligence profiling arrangements and purchaser commitment promoting innovations. This speculation round likewise saw support from two vital financial backers: LMI Gathering Inc., a significant retail arrangements supplier in Japan, and MCP Gathering, a conspicuous resource the board firm in Asia. SmartRetail featured this financing as a critical achievement in its development and improvement.
- In December 2023, Intellicene, a designer of integrated, smart security software stages, declared a strategic partnership with Oosto, a supplier of vision AI solutions including facial biometrics. This cooperation means incorporating Oosto's high-level facial acknowledgment innovation into Intellicene's set-up of keen security programming, accordingly improving Intellicene's innovation contributions for its worldwide client base.
- In September 2023, U.S. The Department of Homeland Security revealed updated policies concerning the utilization and procurement of artificial intelligence technologies.
Facial Recognition Key Market Trends
Rising integration of facial recognition technology
- The increasing integration of facial recognition technology in various sectors beyond traditional security applications. This includes retail for personalized customer experiences, healthcare for patient identification, and financial services for secure transactions. The ongoing advancements in artificial intelligence and machine learning contribute to improved accuracy and efficiency of facial recognition algorithms, enhancing their reliability. The development of facial recognition as a service (FRaaS) is gaining traction, offering cloud-based solutions for businesses to seamlessly integrate facial recognition capabilities without heavy infrastructure investments.
Facial Recognition Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global facial recognition market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by the increasing demand for secure access control and identity verification solutions, driven by advancements in artificial intelligence and machine learning. However, privacy concerns, technical limitations, and regulatory uncertainties pose restraints. The market features various product types, including 2D and 3D facial recognition, and is witnessing substantial growth in the healthcare sector. North America dominates due to early adoption, while the Asia-Pacific region experiences rapid growth. Key trends include the integration of facial recognition in smart city initiatives and the rising adoption of facial expression recognition for enhanced user experiences.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.15 billion |
| Market size value in 2031 | USD 17.98 billion |
| Growth Rate | 14.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Facial Recognition Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Facial Recognition Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Facial Recognition Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Facial Recognition Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Facial Recognition Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Facial Recognition Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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