Global Facial Recognition Market Key Insights
During the forecast period of 2023-2033, the global facial recognition market is expected to reach an estimated value of ~USD 24 billion by 2033, by expanding at a CAGR of ~16%. The market further generated a revenue of ~USD 5 billion in the year 2022. Major key factors propelling the growth of facial recognition market worldwide are the notable growth in the electronics sector globally and the rising cases of security breaches.
Market Definition of Facial Recognition
Facial recognition is a contactless biometric, contactless solution is a way of identifying or confirming an individual’s identity using their face. Contactless solutions enable easy deployment in consumer devices and is effortless and convenient to use. Apart from individual identities, the technology can gather demographic data on crowds; thus, increasing its usability.
Global Facial Recognition Market: Growth Drivers
The growth of the global facial recognition market can majorly be attributed to the launch of several advanced facial recognition products by the key players operating in the market. For instance, PopID, Inc. and Visa has entered into a partnership to launch facial verification payment acceptance in the Middle East region. Further, the aim is to provide cardholders with new safe, secure, and innovative ways to pay. On the other hand, the market growth can also be attributed several collaborations occurring in the field of facial recognition is also projected to drive the market growth. For instance, SAFR has entered with a collaboration with Geutebruck Pacific to expand the company’s competency.
The global facial recognition market is also estimated to grow majorly on account of the following:
- Rising Demand of Smart Phones
- Growing Concerns of Cybersecurity
- Surging Market Capitalization of Banking Sector
- Increased Digitization
Global Facial Recognition Market: Restraining Factor
There is a low adoption rate of facial recognition in developing countries. Hence this factor is expected to be the major hindrance for the growth of the global facial recognition market during the forecast period.
Global Facial Recognition Market Segmentation
- By End User (Healthcare, Education, Automotive, Banking, Financial Services and Insurance, Retail & E-commerce, and Others)
The healthcare segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the expansion of healthcare sector across the world. Lately, it was estimated that revenue generation by healthcare segment stood up at approximately USD 60 billion in 2022.
- By Application (Law Enforcement, Access Control, Emotion Recognition, Attendance Tracking, and Others)
- By Component (Software & Tools, 2D Facial Recognition, 3D Facial Recognition, and Others)
- By Region
The North America facial recognition market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. expansion of electronics sector in the region. In 2019, the U.S. consumer electronics industry was predicted to garner almost USD 300 billion. Further, the rising digitization and industrialization are also expected to increase the adoption rate of facial recognition in the assessment period. The United States industrial production rose 4% YoY in July 2022, with an increment of 3.5% YoY from the previous month.
The market research report on global facial recognition also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Facial Recognition Market
Some of the key players of the global facial recognition market are PopID, Inc., SAFR (RealNetworks), Inc., Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, FACEPHI BIOMETRICS Ltd., Fujitsu Limited, THALES, IDEMIA Group, NEC Corporation, Onfido, and others.