The Facial Recognition Market is expected to grow significantly, from US$ 5.7 billion in 2023 to US$ 25.4 billion by 2033, according to a new FMI report, with a CAGR of 16.1%. This study claims that the expansion of the facial recognition industry is being driven by rising government investments in modern CCTV camera technologies installed in most public locations to reduce crime and terrorist acts and to improve public safety.
During the course of the forecast period, the need for face detection systems to boost safety and security, as well as the expansion of applications in physical security and intelligent signage, are anticipated to propel the growth of the global facial recognition market. The survey also forecasts that in the next years, technological advancements like cloud-based services and 3D recognition technologies would hasten industry progress.
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The gradual rise in use cases following the COVID-19 pandemic is another factor that has benefited the market’s requirement for facial recognition. Additionally, these devices are being used by healthcare institutions all around the world to do thermal camera inspections.
Key Takeaways from the Market Study
- Global Facial Recognition market to be valued at US$ 5.2 Bn by 2022-end
- By Component, Software Tools Segment expanded at a CAGR of 16.8% until 2021
- Law Enforcement applications ruled the Facial Recognition market with a CAGR of 16.7% until 2021.
- China to account for the highest value share of US$ 1.6 Bn of global market demand for the Facial Recognition market in 2032.
Competitive Landscape
Players in the global Facial Recognition market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:
- In March 2022, Aware, a biometrics software and services company, partnered with MIRACL to expand its cloud-based biometric authentication technology. The partnership is a mutual reseller arrangement whereby each company can both sell each other’s products and integrate them within their own product lines, quickly bringing to market password-free login paradigms delivering superior security and simplicity for users.
- In March 2022, SALTO’s acquisition of Cognitec Systems initiates a strong partnership of business synergy and innovation. This acquisition is expected to meet market requests for adding face recognition and artificial intelligence technologies to the company’s renowned electronic access control and ticketing solutions. In addition, both companies appreciate a similar innovative work environment and corporate culture.
More Insights on the Facial Recognition Market
Future Market Insights offers an unbiased analysis of the global facial recognition market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the facial recognition market, the market is segmented on the basis of component type, application, and vertical across five major regions.
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Key Segments Covered in the Facial Recognition Industry Report
Facial Recognition by Component
Facial Recognition Software Tools
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics
Facial Recognition Services
- Training and Consulting
- Cloud Based Facial Recognition
Facial Recognition by Vertical
- Facial Recognition in Banking
- Facial Recognition in Retail & E-Commerce
- Facial Recognition in Automotive
- Facial Recognition in Healthcare
- Facial Recognition in Government & Defence
- Facial Recognition for Other Verticals
Facial Recognition by Application
- Facial Recognition for Law Enforcement
- Facial Recognition for Access Control
- Facial Recognition for Emotion Recognition
- Facial Recognition for Attendance Tracking and Monitoring
- Facial Recognition for Other Applications
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