The Facial Recognition Market size is estimated at USD 6.61 billion in 2024, and is expected to reach USD 14 billion by 2029, growing at a CAGR of 16.20% during the forecast period (2024-2029).
Facial recognition refers to the way of identifying or confirming an individual's identity using their face. Facial recognition systems can be utilized to identify people in photos, videos, or in real-time.
The facial recognition market is moderately competitive, with significant players operating in the market, such as NEC Corporation, Gemalto NV, Panasonic Corporation, etc. With the number of startups growing substantially, the market studied is expected to witness a highly competitive scenario shortly.
In June 2023, Hitachi, Ltd. and Panasonic Connect Co., Ltd. collaborated to develop a new service that combines Hitachi's technology for preventing biometric data leakage with Panasonic Connect's facial recognition technology.
In November 2022, NEC Corporation developed a Gateless Access Control System using Biometric Recognition that combines NEC’s face recognition technology with person re-identification technology, which matches people even if they are facing away or their bodies are occluded, to provide fast and reliable entry control that is free from gates.
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