Facial Recognition Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Facial Recognition Market
The facial recognition market size was valued at USD 4.35 billion in 2019, and the market is now projected to grow USD 12.92 billion in 2027, exhibiting a CAGR of 14.8% during the forecast period of 2020-2032.
Increase in work from home situation due to COVID 19 has led to change influencing sectors like government and defence, retail and BFSI majorly. Market demand is expected to decline further in the coming years and hence it is left to deeply affect the markets. Thus, consumers and organizations are moving to the Internet in their processes. This shift is also making changes to companies’ strategy and consumers behaviors in different industries.
Ryan, rising application of innovative video security systems such as 360 security cameras, thermal cameras, and CCTV are fueling the facial recognition market. These systems are now applied for industrial control, traffic signals, and security services. This is driving the market need for better security within the commercial offices, airports, public transportation, and homes among others. On this trend, there will be an additional increase in the implementation of facial recognition in various sectors.
One of the growth trends visible in the facial recognition systems market is that the usage of artificial Intelligence is picking up speed. These systems apply the use of artificial neuron networks and artificial intelligence to recognize and authenticate people by images or videos. They make it easier to increase user attention, detect emotions, control access, study consumers’ actions, and work on safety. These two are anticipated to intensify market growth in numerous sectors as they are combined.
Comprehensive Analysis of Facial Recognition Market
The facial recognition market growth is rising at an exponential rate due to its market segmentation. This market expansion rightly presents a detailed local analysis based on the forces such as supply and demand which define the industry. These segmentations are methodically segregated by component analysis, by technology analysis, by application analysis and by end-user analysis. By component analysis include services and solutions. By technology analysis include 3D, 2D facial recognition, thermal face recognition, and skin texture analysis, among others. By application analysis include face identification, access control, security & surveillance, among others. By end-user analysis include BFSI, healthcare, government & defense, IT & telecom, retail & ecommerce, automobile & transportation, among others.
The North America region lead the facial recognition market share by benefitting a market size of USD 1.73 billion in 2019 due to rising infrastructural growth.
The top players have a significant responsibility in the information & communication technology industry for confirming industrial prospectus growth and determining the market trends. These players include, NEC Corporation, FaceFirst, Inc., IntelliVision, Polaris Sensor Technologies, Inc., Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, Herta Security, Thales Group, Animetrics, Daon, ID3 Technologies, Idemia these market players provide a level-playing competitive landscape.
In September 2022, CyberLink Corporation integrated its FaceMe AI facial recognition engine into MediaTek's Genio 1200 AIoT platform, enhancing facial recognition capabilities for various industries like security, smart banking, and retail.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2016 - 2027
Base Year 2019
Forecast Period 2020 - 2027
Historical Period 2016 – 2018
Unit Value (USD Billion)
SegmentationBy Component
Solutions
Services
By Technology
2D Facial Recognition
3D Facial Recognition
Thermal Face Recognition
Skin Texture Analysis
Others (Holistic Matching, etc.)
By Application
Face Identification
Access Control
Security & Surveillance
Others (Image Database Investigations, Identifying Genetic Disorders, etc.)
By End-user
BFSI
Healthcare
Government & Defense
IT & Telecom
Retail & ecommerce
Automobile & Transportation
Others (Manufacturing, Media & Entertainment, etc.)
By Region
North America (U.S. and Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia Pacific (China, Japan, India, Southeast Asia, and the Rest of Asia Pacific)
The Middle East & Africa (South Africa, GCC and the Rest of the Middle East & Africa)
Latin America (Brazil, Mexico, and the Rest of Latin America)
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