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The Global Facial Recognition Market size is estimated to grow by USD 7,634.09 million between 2022 and 2027 accelerating at a CAGR of 18.11% during the forecast period. The growth of the market depends on several factors, including the increasing instances of identity threats, the rising popularity of facial recognition, and the adoption of 3D facial recognition technology. Facial recognition technology is used for the identification of an individual. The facial recognition system measures the overall facial features of a person, which includes the eyes, mouth, nose, and jaw edges. It is being used in high-security areas for control access. Facial recognition is largely used in the government, financial, transit, and aviation sectors to identify and authenticate individuals. Facial recognition systems are widely accepted as they are non-intrusive and they can work from more than two feet. Most facial recognition systems do not require the consent of individuals. Therefore, this system does not demand an individual to stand against the camera for the scan, but rather it locates the individual face for identification against the template stored in the database. Facial recognition is a biometric software technology that is used for the identification/authentication of individuals. It uses a software application that is specifically designed and developed to identify or authenticate a person automatically.
This report extensively covers market segmentation by application (identification and verification), technology (3D, 2D, and facial analytics), end-user (media and entertainment, BFSI, automobile and transportation, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Facial Recognition Market shows accelerated growth during the forecast period
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing instances of identity threats are the key factor driving the global facial recognition market growth. Identity and data theft incidents are on the rise as end users become more reliant on websites and web applications. The growing popularity of online games and social networking sites has also contributed to an increase in identity theft incidents. Additionally, the increasing sophistication of these attacks is driving end users to implement secure authentication solutions.
Therefore, the acceptance of biometric security solutions is increasing. Biometric solutions are one of the most secure authentication solutions because of their capability to incorporate the physical and behavioral features of the end-users, which are difficult to forge. Hence, it is among the strongest growing authentication solutions currently. Such factors will increase the market growth during the forecast period.
Facial recognition using photos on social networking sites is the primary trend in the global food enzymes market growth. Facebook is the most popular social network for uploading personal information and photos. The ability for users to tag their photos has opened up new ways to identify people. These photos are stored in a database that is stored under the tagged name. Various algorithms can be used to search the data and facial recognition can identify people.
Uploading photos at different angles makes the identification more accurate. Such photo-based identification techniques have higher accuracy than traditional facial recognition methods. Therefore, photo-based identification will be integrated with advanced 3D facial recognition to enhance the security features of facial recognition biometrics in the future.
The high cost of deployment is a major challenge to the global facial recognition market growth. One of the biggest challenges limiting the use of facial recognition systems is the high cost of deployment. Large-scale deployment of facial recognition systems in government agencies and airports is a time-consuming process and typically results in long sales cycles. Also, the cost of deployment will depend on the user's needs. Budget constraints limit the testing of facial recognition solutions.
Hence, a failure in the successful implementation can result in a high loss for these departments. Apart from the actual cost of the facial recognition solution, there are other hidden costs, such as maintenance costs, middleware costs, and other associated costs. All these factors contribute to the high cost of deployment of these systems, posing a major challenge to the market.
The market share growth by the identification segment will be significant during the forecast period. Identification mainly deals with the matching of individual biometrics with a database to recover the details. Biometrics is used for identification in cases of solving crimes and identifying victims. Identification is one of the major applications of physical biometrics. The global facial recognition market for identification will grow during the forecast period.
The identification segment was valued at USD 2,655.71 million in 2017 and continue to grow by 2021.
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One of the major reasons for this high growth rate is its high adoption in the government and transportation sectors. Identifying individuals for security purposes is a growing need in these sectors. As facial recognition helps to identify individuals without any human interaction, it is widely being adopted in public places and airports. The interaction of facial recognition with video surveillance systems is a major factor supporting the growth of this market.
North America is estimated to contribute 39% to the growth of the global market during the forecast period.
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The facial recognition market in North America will grow during the forecast period. The US has been the major contributor to revenue growth in this region. One of the main reasons for this growth is the high adoption of advanced technologies at the initial stages of homeland security and defense. In addition, the implementation of facial recognition for border security by detecting passport identity fraud is driving the growth of the market.
In 2021, due to the introduction of various COVID-19 vaccines and large-scale vaccination drives, lockdowns were lifted, and global business operations resumed. Facial recognition technology has been adopted by the BFSI sector and other end-users. Increasing smartphone penetration is driving the implication of facial recognition as a security verification. Such factors are anticipated to increase the demand for facial recognition, which will drive the growth of the regional facial recognition market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Facial Recognition Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Amazon - The company offers facial recognition solutions such as Content moderation, Face compare and search, and Face detection and analysis.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Facial Recognition Market Scope |
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Report Coverage |
Details |
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Page number |
193 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.11% |
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Market growth 2023-2027 |
USD 7,634.09 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
16.41 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 39% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Corp., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Market Segmentation by End-user
9 Customer Landscape
10 Geographic Landscape
11 Drivers, Challenges, and Trends
12 Vendor Landscape
13 Vendor Analysis
14 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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