Facial Recognition Global Market Report 2024

The facial recognition market size has grown rapidly in recent years. It will grow from $6.15 billion in 2023 to $7.09 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth observed in the historical period can be attributed to factors such as applications in security and surveillance, government initiatives for national security, the rise of smartphones and consumer electronics, and the implementation of biometric authentication in financial services.

The facial recognition market size is expected to see rapid growth in the next few years. It will grow to $12.88 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The anticipated growth in the forecast period can be attributed to factors such as the adoption of privacy-preserving solutions, responses to the COVID-19 pandemic, enhanced security measures in airports and transportation, and the expanding use of biometrics in education. Major trends expected in the forecast period include the prevalence of contactless biometric authentication, improved accuracy through AI and deep learning, considerations for privacy and ethics, expansion in public safety and security applications, and ongoing responses to the challenges posed by the COVID-19 pandemic.

The facial recognition market is anticipated to experience growth due to the growing significance of the surveillance industry. The rise in cyberattacks, terrorist activities, and identity theft incidents worldwide has led to an increased focus on surveillance. Both private and public organizations are adopting facial recognition technology to enhance security through accurate individual identification for access control. The use of smart surveillance systems incorporating facial recognition is on the ascent. For example, in August 2021, the Singapore Minister for Home Affairs announced a plan to double the installation of police cameras by 2030, increasing from 90,000 to 200,000 police cameras across the island state. Consequently, the escalating importance of the surveillance industry is expected to drive the growth of the facial recognition market.

The facial recognition market is poised for growth due to the increasing incidence of robberies and crime rates. Robbery, defined as the criminal act of taking or attempting to take property from another person or entity by force, threat, or intimidation, has prompted law enforcement agencies to leverage facial recognition technology as a valuable tool in the fight against crime. This technology aids in the rapid identification, tracking, and apprehension of suspects by allowing for quick and accurate matching of facial features captured in surveillance footage or crime scenes. Such applications contribute to efforts aimed at enhancing public safety and preventing criminal activities. As an illustration, in February 2022, according to the New York City Police Department, the city experienced a 58.7% increase in overall index crime, rising from 5759 cases in 2021 to 9138 cases in 2022. Robbery cases specifically saw a 56% increase, climbing from 2099 in 2021 to 3762 in 2022. Therefore, the rising incidence of robberies and crime rates is a significant driver for the growth of the facial recognition market.

A noteworthy trend in the facial recognition market is the emergence of strategic partnerships. Companies are actively forming alliances with facial recognition firms to expand their market reach and capitalize on shared resources. For example, in May 2021, SAFR, a US-based provider of touchless biometrics solutions, entered into a partnership with Convergint Technologies. Through this collaboration, Convergint integrated SAFR's computer vision technology into its portfolio of integrated security solutions, offering clients in the United States a leading face recognition platform for live video intelligence. Convergint, based in Schaumburg, specializes in security and investigations. Similarly, in February 2021, Honeywell, a US-based multinational conglomerate providing smart building solutions, partnered with Idemia. This collaboration aims to develop solutions facilitating contactless engagement within a building, from vehicle recognition in parking garages to automatic elevator operations. Idemia, based in France, is a company offering identity and security solutions.

Major players in the facial recognition market are directing their focus towards technological innovation, with an emphasis on background-check databases to enhance the capabilities of facial recognition. A background-check database serves as a tool in the process of background verification, revealing information about an individual's past conduct. For example, in December 2022, Verify, a US-based company offering performance management solutions, introduced the world's first publicly available background-check database designed to support facial recognition. Known as Verify Faces, this service assists individuals in making more informed decisions about potential dating partners, coworkers, business associates, or any other interactions. It furnishes essential background information, including criminal and civil court reports, birthdate, address and phone number history, and social security number validation.

In June 2021, Pangiam, a US-based company specializing in technology-based security and travel services, disclosed the acquisition of Trueface for an undisclosed amount. This strategic move by Pangiam is geared towards enhancing the travel experience by providing faster, safer, and more personalized services through identity management, biometrics, and data labeling. Trueface, the acquired company, is based in the US and is known for its expertise in computer vision with a focus on facial recognition technology.

Major companies operating in the facial recognition market report are NEC Corporation, SenseTime Group Inc., Idemia Group S.A., Megvii Inc., CyberLink Corp., Ayasdi Inc., FacePhi S.L., Raydiant Inc., Paravision Inc., Aware Inc., FaceFirst Incorporated, Innovatrics Inc., Ayonix Corporation, Herta Security GmbH, Polaris Sensor Technologies Inc., Cognitec Systems GmbH, AURORA COMPUTER SERVICES LIMITED, Animetrics, Rank One Computing Inc., DeepVisionAI Inc., AnyVision Interactive Technologies Ltd., FaceTec Inc., BioID AG, Applied Recognition Inc., XRVision Pte Ltd., Tech5 S.A., Pangiam Trueface Corporation, Clearview AI Inc., Kairos AR Inc., Neurotechnology LLC, ImageWare Systems Inc., KeyLemon S.A., VicarVision B.V.

North America was the largest region in the facial recognition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the facial recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the facial recognition market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The facial recognition market primarily relies on three main technologies: 2D, 3D, and facial analytics. In 2D face recognition technology, a camera captures an image of the subject, which is then stored for subsequent use. Facial recognition finds applications in various areas, including emotion recognition, attendance tracking and monitoring, access control, as well as security and surveillance. This technology is predominantly utilized across different sectors such as retail and e-commerce, media and entertainment, banking, financial services and insurance (BFSI), automobile and transportation, telecom and information technology (IT), government, healthcare, and others.

The facial recognition market research report is one of a series of new reports that provides facial recognition market statistics, including facial recognition industry global market size, regional shares, competitors with a facial recognition market share, detailed facial recognition market segments, market trends and opportunities, and any further data you may need to thrive in the facial recognition industry. This facial recognition market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.


The facial recognition market includes revenues earned by entities by providing solutions that assist in controlling access to personal devices, homes, cars, offices, and other locations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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