Facial Recognition Market Size to Grow at a CAGR of 17% in the Forecast Period of 2023-2028

The ‘Global Facial Recognition Market Size, Share, Price, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global facial recognition market, assessing the market on the basis of its segments like type, application, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.

Facial Recognition Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Forecast CAGR (2023-2028): 17%

The growing penetration of smartphones and high-speed internet have impacted the global facial recognition market positively. Increasing incidences of data theft and fraud and the adoption of advanced surveillance systems by the governments of various nations are the key factors driving the growth of this market. Besides, growing deployment of facial recognition systems at corporate offices, warehouses, and airports is likely to bolster this market in the forecast period.

The 3D facial recognition type is expected to witness a steady growth in the future owing to its better accuracy despite changes in lighting and varying facial expressions. The surging demand for facial recognition systems in personal consumer devices in order to protect sensitive data is projected to expand this market further. The incorporation of facial recognition systems in smart city projects and internet protocol (IP) cameras has enhanced the growth of the security and law enforcement applications of this market.

The growing use of facial recognition technology in BFSI sector for the prevention of fraudulent activities and enhancing overall security is estimated to contribute significantly to the growth of the facial recognition market. Furthermore, the healthcare sector is increasingly deploying this technology to generate electronic health records of patients and for non-invasive monitoring and diagnosis.

Facial Recognition Market Industry Definition and Major Segments

Facial recognition is a technology that captures, compares, and analyses an individual’s identity using his face. It is a new technology that is increasingly being employed as a means of biometric security by storing data as a faceprint and using deep learning algorithms. It is deployed to authenticate an individual’s right to access or identify a specific individual.

On the basis of type, the market is classified into:

• 2D Facial Recognition
• 3D Facial Recognition
• Facial Analytics

Based on application, the market is divided into:

• Security and Law Enforcement
• Healthcare
• Retail
• Others

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Facial Recognition Market Trends

Rapid advancements in technology and automation systems have created a strong base for the growth of the global facial recognition market. The key trends observed in this market include the adoption of technologies like artificial intelligence (AI) and machine learning (ML), and the growing deployment of cloud-based facial detection services. The emergence of innovations like fever-detection facial recognition systems coupled with development of facial emotion recognition (FER) systems is bolstering the growth of this market.

The deployment of facial recognition technology to issue identity documents and for ensuring security at border checks by the comparison of digitised passports with the holder’s face is likely to boost the market for facial recognition. Furthermore, payments using facial recognition have become a preferable option for consumers, since it is considered less-intrusive and completely contactless. The prevailing use of facial recognition in cryptocurrency in order to mitigate risk has made the atmosphere favourable for the growth of the facial recognition market.

Facial recognition software are also being used to track the arrival and departure times of employees, making the process of monitoring employee productivity automatic and much simpler, further aiding the growth of the facial recognition market. E-commerce platforms deploy facial recognition technology in order to analyse consumers’ facial features, skin texture and hair colour, in order to suggest suitable products to them as per their face and hair type.

Key Market Players

The major players in the global facial recognition market report are :

• Panasonic Corporation
• Thales SA
• NEC Corporation
• Cognitec Systems GmbH
• Aware, Inc.
• Ayonix Face Technoligies Inc.
• Microsoft Corporation
• FaceFirst, Inc.
• Fujitsu Limited
• FACEPHI BIOMETRÍA SA
• Others.

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.