The facial recognition market is involved in the development and implementation of technologies that allow for the identification and verification of people based on their facial features. The goal of facial recognition technology is to generate a unique identifier for each person by analyzing and comparing distinctive facial characteristics, such as the distance between the eyes, the shape of the nose, and the jawline. The demand for convenient and safe authentication techniques in multiple sectors has led to a major increase in the market for facial recognition in the past few years. Applications for the technology can be found in fields like police enforcement, government, banking, retail, and healthcare. Facial recognition is used in law enforcement for forensic investigation, criminal identification, and monitoring. It is used by governments for public safety, identification verification, and border control. Furthermore, facial recognition is also used in banking and retail for safe access management, fraud prevention, and customized consumer experiences. This technology is utilized in healthcare for patient identification, access management, and monitoring. Technological breakthroughs in artificial intelligence, deep learning algorithms, and computer vision are driving the facial recognition market. Additionally, the market is expanding as a result of the expanding availability of high-resolution cameras, the rising use of smartphones with facial recognition features, and the demand for contactless authentication techniques. However, obstacles to broad use of facial recognition and continued advancement include issues regarding privacy, data security, and potential biases in the algorithms employed for facial recognition.
The facial recognition market is segmented on the basis of technology, application, end user, and region. On the basis of technology, it is categorized into 2D, 3D, and facial analytics. As per application, it is divided into access control, attendance tracking & monitoring, emotion recognition, security & surveillance, and others. Depending on the end user, it is fragmented into retail & e-commerce, media & entertainment, BFSI, automobile & transportation, IT and Telecom, government, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global facial recognition industry is dominated by key players such as NEC Corporation, Aware, Inc., Cognitec Systems Gmbh., Thales, Fujitsu, Facephi, Nviso, Onfido, Daon, Inc., and Facefirst. These players have adopted various strategies to increase their market penetration and strengthen their position in the facial recognition market.
The facial recognition market is segmented on the basis of technology, application, end user, and region. On the basis of technology, it is categorized into 2D, 3D, and facial analytics. As per application, it is divided into access control, attendance tracking & monitoring, emotion recognition, security & surveillance, and others. Depending on the end user, it is fragmented into retail & e-commerce, media & entertainment, BFSI, automobile & transportation, IT and Telecom, government, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global facial recognition industry is dominated by key players such as NEC Corporation, Aware, Inc., Cognitec Systems Gmbh., Thales, Fujitsu, Facephi, Nviso, Onfido, Daon, Inc., and Facefirst. These players have adopted various strategies to increase their market penetration and strengthen their position in the facial recognition market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the facial recognition market analysis from 2022 to 2032 to identify the prevailing facial recognition market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the facial recognition market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global facial recognition market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Application
- Access Control
- Attendance Tracking and Monitoring
- Emotion Recognition
- Security and Surveillance
- Others
By Technology
- 3D
- 2D
- Facial Analytics
By End User
- Retail and E-commerce
- Media and Entertainment
- BFSI
- Automobile and Transportation
- IT and Telecom
- Government
- Healthcare
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- NEC Corporation
- Aware, Inc.
- Thales
- Fujitsu
- NVISO
- Onfido
- FaceFirst
- Cognitec Systems GmbH.
- FacePhi
- Daon, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FACIAL RECOGNITION MARKET, BY TECHNOLOGY
CHAPTER 5: FACIAL RECOGNITION MARKET, BY APPLICATION
CHAPTER 6: FACIAL RECOGNITION MARKET, BY END USER
CHAPTER 7: FACIAL RECOGNITION MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the facial recognition market was valued at $5.5 billion in 2022, and is estimated to reach $24.3 billion by 2032, growing at a CAGR of 16.4% from 2023 to 2032.A system that can recognize a human face from a digital photo or video frame using a database of faces is known as facial recognition. It works in a series of complex processes that include detecting facial features in images, video clips, multiple camera views, and three-dimensional (3D) data, analyzing the image by analyzing the geometry and expression, and recognizing the image to recognize the person. It is largely used to identify users through identification (ID) verification services, and it automatically groups people into different categories based on things like age, gender, and weight. Moreover, it could rectify blurred image in order to accurately analyze and identify people. By minimizing unnecessary human interaction, it improves security maintenance efficiency and helps to avoid crimes. Additionally, it enables people to secure their documents and data stored online or on computers using network access control that supports facial recognition. Furthermore, it is integrated with banking, airport, and border control biometric and attendance systems.
Furthermore, utilizing current cameras and surveillance equipment, facial recognition technology may be quickly deployed. The use of facial recognition technologies is anticipated to increase as security technology advances to enable effective surveillance systems to track crimes, frauds, and terrorist activities. During the upcoming period, this is anticipated to drive the facial recognition market.
Additionally, factors such as increasing need for effective video surveillance systems and rising government and military investments on facial recognition primarily drive the growth of the facial recognition market. However, concern over privacy and data security hampers market growth to some extent. Moreover, IoT and smart device adoption that works seamlessly is expected to provide lucrative opportunities for market growth during the forecast period.
On the basis of application the access control dominated the facial recognition market share in 2022, owing to increasing integrated with smartphones, tablets, and smart locks to provide seamless access control in residential, commercial, and hospitality settings. Furthermore, the need for heightened security measures in residential, commercial, and public settings is a significant driver for facial recognition in access control. However the security and surveillance segment is expected to be the fastest growing, owing to real-time identification and alerts, making surveillance more proactive. Furthermore, the rising concern over security threats, terrorism, and public safety issues is a significant driver for the adoption of facial recognition technology in surveillance.
Region-wise North America dominated the facial recognition market size in 2022, owing to the growing adoption of advanced technological solutions such as AR (Augmented Reality) and VR (Virtual Reality) solutions across end-user industries, such as media & entertainment, retail, and financial sectors, contributing toward a major trend in the North America region. However Asia-Pacific is expected to be the fastest growing region in the market, owing to the rise in the use of automated systems from unlocking mobile phones to checking in for flights to making payments with the use of AI to match live images of a person for verification against a database of photographs.
The facial recognition market was significantly impacted by the COVID-19 pandemic. The popularity of facial recognition systems in many industries was fueled by the growing emphasis on contactless technology and the necessity for touchless identification techniques. Facial recognition offers a practical and hygienic substitute to conventional authentication techniques like fingerprint scanning or PIN entry because it avoids physical contact. Facial recognition technology is now more in demand in sectors like healthcare, banking, retail, and transportation. Additionally, the outbreak created interest in facial recognition as a substitute authentication technique by driving demand for touchless and contactless technologies. Without requiring physical touch or the use of communal surfaces, facial recognition offers a hygienic and practical approach to identify people. Due to this, new approaches have been developed and implemented into operation that aim to increase the accuracy of facial recognition in situations where people are wearing masks, such as algorithms that can evaluate additional facial traits or blend facial recognition with other biometric modalities.
Key Findings of the Study
By technology, the 3D segment led the facial recognition market in terms of revenue in 2022.By application, the security and surveillance segment is anticipated the fastest growth for facial recognition market forecast.
By end user, the retail and e-commerce dominated the facial recognition market growth.
By region, North America generated the highest revenue for facial recognition market analysis in 2022.
The key players profiled in the facial recognition industry analysis are NEC Corporation, Aware, Inc., Cognitec Systems Gmbh., Thales, Fujitsu, Facephi, Nviso, Onfido, Daon, Inc., and Facefirst. These players have adopted various strategies to increase their market penetration and strengthen their position in the facial recognition industry.
Companies Mentioned
- NEC Corporation
- Aware, Inc.
- Thales
- Fujitsu
- NVISO
- Onfido
- FaceFirst
- Cognitec Systems GmbH.
- FacePhi
- Daon, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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