Facial Recognition Market Size 2023-2030 Global Industrial Analysis, Market Share, Top Key Players

Facial Recognition Market

The global facial recognition market size was worth around USD 3.86 Billion in 2022 and is predicted to grow to around USD 12.77 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 16.10% between 2023 and 2030.

The report analyzes the global facial recognition market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the facial recognition industry.

Global Facial Recognition Market: Overview

In the stored facial database, the identification of the individuals is made by comparing their facial features to an image; this biometric technology is known as facial recognition. In the coming years, this market is going to grow tremendously owing to its increased use in non-law enforcement and law enforcement applications. Among the other biometric technologies, such as skin texture recognition, fingerprint scanning, voice recognition, and iris recognition, facial recognition is preferred on a large scale owing to its easy deployment and non-contact process. This technology is mainly used for marketing and security purposes.

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Global Facial Recognition Market: Segmentation

The facial recognition market is segmented globally into its component, technology, and use case. On the basis of the component, the global market is segregated into service and software. The service segment is further sub-segmented into cloud-based facial recognition services and training and consulting services. The software segment is sub-segmented into thermal facial recognition, 2D facial recognition, and 3D facial recognition. Based on the technology, the market is categorized into middleware, modeling and restructuring, facial recognition software and SDK (Software Development Kit), databases, and analytics solutions. On the basis of the use case, the facial recognition market is bifurcated into emotion recognition, surveillance, law enforcement, monitoring, e-learning, robotics, and others.

Global Facial Recognition Market: Growth Factors

The use of facial recognition provides a high level of security in the private and public sectors. In recent years, there has been an increase in terrorist attacks on government organizations, thus the demand for facial recognition is growing on a large scale. The factors that increased the use of facial recognition are its increasing application in intelligent signage and physical security, and the technological advancements made such as 3D-based recognition systems and cloud-based services have huge implementations of facial recognition. Technically developed facial recognition systems with their application in mobile security and drones will provide huge opportunities in the future. However, factors such as lack of accuracy, lack of security of the personal shared data, and the high implementation cost are likely to hamper the market growth.

Global Facial Recognition Market: Regional Analysis

Region-wise, the facial recognition market is diversified into North America, Asia-Pacific, Europe, and Rest of the World. The region that dominates the facial recognition market is North America. The developed regions in North America have deep-rooted infrastructure which favors the market growth. The major countries that are contributing to the market share are the US and Canada. The factor that attributes to this growth is the established economy that allows to make investments in new technologies. The Asia Pacific region also has a huge scope for the growth of the facial recognition market. Huge investments made by the government for the surveillance and security infrastructure, increased awareness among the people, and the increasing developments made are some of the factors that are driving the Asia-Pacific facial recognition market.

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