|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 3.86 Billion||USD 12.77 Billion||16.10%||2022|
Facial Recognition Market
Facial Recognition Industry Prospective:
The global facial recognition market size was worth around USD 3.86 Billion in 2022 and is predicted to grow to around USD 12.77 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 16.10% between 2023 and 2030.
The report analyzes the global facial recognition market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the facial recognition industry.
In the stored facial database, the identification of the individuals is made by comparing their facial features to an image; this biometric technology is known as facial recognition. In the coming years, this market is going to grow tremendously owing to its increased use in non-law enforcement and law enforcement applications. Among the other biometric technologies, such as skin texture recognition, fingerprint scanning, voice recognition, and iris recognition, facial recognition is preferred on a large scale owing to its easy deployment and non-contact process. This technology is mainly used for marketing and security purposes.
The facial recognition market is segmented globally into its component, technology, and use case. On the basis of the component, the global market is segregated into service and software. The service segment is further sub-segmented into cloud-based facial recognition services and training and consulting services. The software segment is sub-segmented into thermal facial recognition, 2D facial recognition, and 3D facial recognition. Based on the technology, the market is categorized into middleware, modeling and restructuring, facial recognition software and SDK (Software Development Kit), databases, and analytics solutions. On the basis of the use case, the facial recognition market is bifurcated into emotion recognition, surveillance, law enforcement, monitoring, e-learning, robotics, and others.
|Report Attributes||Report Details|
|Report Name||Facial Recognition Market Research Report|
|Market Size in 2022||USD 3.86 Billion|
|Market Forecast in 2030||USD 12.77 Billion|
|Growth Rate||CAGR of 16.10%|
|Number of Pages||188|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||NEC Corporation, Safran Group, Cognitec Systems GmbH, Keylemon, Animetrics, 3M, Aware, Daon Inc., Ayonix, and nViso.|
|Segments Covered||By Component, By Technology, By Use Case, And By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA)|
|Historical Year||2016 to 2020|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
The use of facial recognition provides a high level of security in the private and public sectors. In recent years, there has been an increase in terrorist attacks on government organizations, thus the demand for facial recognition is growing on a large scale. The factors that increased the use of facial recognition are its increasing application in intelligent signage and physical security, and the technological advancements made such as 3D-based recognition systems and cloud-based services have huge implementations of facial recognition. Technically developed facial recognition systems with their application in mobile security and drones will provide huge opportunities in the future. However, factors such as lack of accuracy, lack of security of the personal shared data, and the high implementation cost are likely to hamper the market growth.
Region-wise, the facial recognition market is diversified into North America, Asia-Pacific, Europe, and Rest of the World. The region that dominates the facial recognition market is North America. The developed regions in North America have deep-rooted infrastructure which favors the market growth. The major countries that are contributing to the market share are the US and Canada. The factor that attributes to this growth is the established economy that allows to make investments in new technologies. The Asia Pacific region also has a huge scope for the growth of the facial recognition market. Huge investments made by the government for the surveillance and security infrastructure, increased awareness among the people, and the increasing developments made are some of the factors that are driving the Asia-Pacific facial recognition market.
The key market players in the facial recognition market include
The report segments the global facial recognition market into:
By Use Case
Global Facial Recognition Market: Regional Segment Analysis
What Report Provides
Identifying and authenticating people based on the distinct physical characteristics of their faces is the purpose of the technology known as facial recognition. It creates a digital picture of a person's face, which is commonly referred to as a "facial template," by employing advanced algorithms to analyze facial patterns. These patterns include the layout of a person's eyes, nose, and mouth. After that, this template can be compared to a database of known faces in order to determine the identity of the individual in question or to identify faces that are similar to others. There are many different applications for facial recognition, such as security systems and user identification on smartphones. However, there are also some questionable uses for facial recognition, such as surveillance and privacy concerns.
Facial recognition enhances public and private security. Facial recognition is in high demand because to a rise in government terrorism assaults.
According to Zion Market Research, The global facial recognition market size was worth around USD 3.86 Billion in 2022 and is predicted to grow to around USD 12.77 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 16.10% between 2023 and 2030.
The region that dominates the facial recognition market is North America.