Global Facial Recognition Market 2023: Market to Grow to $19.1 Billion by 2030 from $5.8 Billion in 2022 – Safety, Security, and Expansive Applications Driving Growth – ResearchAndMarkets.com
admin DUBLIN–(BUSINESS WIRE)–The “Global Facial Recognition Market 2030 by Technology, Application, Industry and Region – Partner & Customer Ecosystem Competitive Index & Regional Footprints” report has been added to ResearchAndMarkets.com’s offering.
The Facial Recognition Market size is estimated to grow from USD 5.8 Billion in 2022 to reach USD 19.1 Billion by 2030, growing at a CAGR of 16.3% during the forecast period from 2023 to 2030.
Safety, Security, and Expansive Applications Driving Global Facial Recognition Market
The global facial recognition market is witnessing a significant surge due to the rising demand for face detection systems, which are pivotal in enhancing safety and security measures. Moreover, the expanding utility of these systems in physical security and intelligent signage sectors further fuels market growth.
Notably, technological advancements such as the integration of cloud-based services and the development of 3D-based recognition systems contribute positively to the market’s expansion. However, challenges persist, including issues of accuracy and the high implementation cost of facial recognition technology, which impede growth prospects. Conversely, the foreseeable future holds promising opportunities, particularly driven by the increasing adoption of facial recognition in mobile security and drone applications.
The momentum behind the market’s growth is substantially bolstered by the widespread incorporation of facial recognition technology across diverse applications. Authorities at border checkpoints leverage this technology to authenticate identities, particularly within airport settings. Similarly, law enforcement agencies harness facial recognition software to analyze CCTV footage and identify individuals of interest.
The technology’s penetration into the realm of smartphones is also noteworthy, finding applications in unlocking devices, enabling secure access to mobile apps, and facilitating payment verification processes. As these multifaceted applications continue to drive demand, the facial recognition market is poised for dynamic expansion in the forecast period.
The 3D technology segment dominated in the Facial Recognition Market
Based on Technology, The 3D technology segment dominated in the facial recognition market in 2022, a trend anticipated to persist through the forecast period.
The ascendancy of 3D facial recognition stems from its capacity to surmount the limitations inherent in 2D technology. However, the facial analytics sector is poised to experience the most substantial growth in the coming years. This projection is driven by its escalating integration within the retail industry for targeted audience communication and its use in identifying criminals based on their evolving facial expressions.
The emergence of cutting-edge technologies, including cloud-based solutions and facial analytics, is poised to invigorate market growth. Within facial recognition software, facial analytics capabilities empower users to discern a face’s location in videos or images alongside its distinctive attributes. Notably, Amazon Rekognition is capable of analyzing facial traits such as mood, visual geometry, eye status, and hair color. This attribute-driven analysis aids clients in cataloging extensive image libraries through metadata tags.
Notably, facial analytics boasts high precision and detection efficacy, rendering it increasingly indispensable in diverse sectors such as education, research, retail, healthcare, and law enforcement. Its applications span from determining gender, age, and height to identifying various other facial attributes.
Regional Insight: North America hold the major market share
North America dominated the facial recognition market and hold the major market share in 2022, a position it is anticipated to uphold throughout the forecast period. This prominence can be attributed to substantial investments in security systems by both the government and public sectors. Notably, the utilization of facial recognition technology by entities such as law enforcement agencies, the military, and other public sector industries is set to drive the facial recognition market’s growth during the projected period.
However, the Asia-Pacific region is poised to undergo substantial expansion over the forecast period. This growth trajectory can be attributed to government initiatives encompassing biometric-focused projects like the National ID Program, Biometric Passports & Visas, and Biometric Driver’s Licenses. These initiatives are projected to create a host of opportunities for the facial recognition market in the foreseeable future.
Impact analysis of the market dynamics with factors currently driving and restraining the growth of the market, along with their impact in the short, medium, and long-term landscapes. Competitive intelligence from the company profiles, key player strategies, and game-changing developments such as new product launches, collaborations, expansions, investment analysis, mergers, and acquisitions.
Facial Recognition Market is segmented by region and further by countries, technology, application, and industry. Players, stakeholders, and other participants in the global Facial Recognition Market will be able to gain a strong position as this report will surely benefit their marketing strategies. The market analysis focuses on revenue and forecast by region/countries and by application in terms of revenue forecast for the period 2023-2030.
The report further studies the market strategies of key players, recent development status, future plans, and Facial Recognition Market trends across the world. Also, it splits Facial Recognition Market Segmentation by technology, application, industry and region to deep dive research and reveals company profile and prospects.
Company Profiles
- Microsoft Corporation (US)
- Aware, Inc. (US)
- NEC Corporation (Japan)
- Cognitec Systems GmbH (Germany)
- Ayonix Corporation (Japan)
- NVISO SA (Switzerland)
- Neurotechnology (Lithuania)
- Animetrics (US)
- Daon (Ireland)
- Techno Brain (Dubai)
- Stereovision Imaging, Inc. (US)
- Innovatrics (Bratislava)
- Thales (France)
- id3 Technologies (Israel)
- Idemia (France)
- BioID (Germany)
- Nuance Communications, Inc. (US)
- Fulcrum Biometrics, LLC. (US)
- Amazon (US)
- TrueFace.AI (US)
- FacePhi (Spain)
- Kairos AR, Inc. (Kairos) (US)
- Herta Security (Spain)
- SightCorp Inc. (Netherlands)
Major Classifications are as follows:
Competitive Analysis
- Introduction
- Top Companies Ranking
- Competitive Landscape
- Competition Dashboard
- Market Analysis (2022)
- Emerging company case studies
Facial Recognition Market, By Technology
- 2D
- 3D
- Thermal Face Recognition
- Skin Texture Analysis
- Others
Facial Recognition Market, By Application
- Access Control
- Attendance Tracking & Monitoring
- Emotion Recognition
- Security & Surveillance
- Others
Facial Recognition Market, By Industry
- BFSI
- Telecom & IT
- Retail & E-Commerce
- Media & Entertainment
- Automobile & Transportation
- Government
- Healthcare
- Others
Facial Recognition Market, By Geography
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World
- Middle East
- UAE
- Saudi Arabia
- Israel
- Africa
- South Africa
- Rest of Africa
For more information about this report visit https://www.researchandmarkets.com/r/d3i9je
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