The global facial recognition market is predicted to reach USD 4.65 billion in 2024 and USD 15.89 billion by 2032, growing at a CAGR of 16.6% during the forecast period.
Facial recognition is biometric software that can uniquely identify, recognize, and authenticate a person by comparing and analyzing models based on the contours of the subject's face. The report under review deals with facial recognition software in accordance with technologies such as 3D and 2D facial recognition and facial analysis. The study provides applications, market trends, influencing factors, and growth data for end-user software, such as security and law enforcement, healthcare, retail, and other end users.
Facial recognition has gained importance in recent times because of its advantages over traditional surveillance techniques, such as biometrics. Governments around the world have invested significant resources in facial recognition technology, with the United States and China being the main adopters. There is a rising call for multifactor authentication owing to the surge in cyber-attacks, terrorist threats, and data breaches. The need to integrate better security systems encourages organizations to implement secure multi-factor authentication solutions, such as fingerprint sensors and facial recognition technology.
With tech giants like Apple offering facial recognition features in their latest versions, facial recognition apps have expanded to retail and banking. Mastercard is working on a concept of facial recognition for online shopping called Selfie Pay. These innovations have encouraged various investments in the market.
The advanced functionality and increased accuracy technology provides are driving demand, and technology is increasingly being incorporated for authentication and access control.
3D facial recognition calculates the geometry of the 3D face using the invisible light of an infrared camera, offering an optimal user experience that combines convenience, reliability, and complete security. Currently, about 94% of smartphones are equipped with fingerprint sensors, but this percentage is expected to reach 90% by 2023, with technologies such as 3D facial recognition becoming a standard approach for user authentication.
The precision offered by 3D facial recognition is growing in adoption in critical applications that run on confidential data. In the coming years, this technology should be integrated into authentication payments. For example, at NRF 2020, Wordline presented the payment solution with its face, developed jointly with OneVisage, integrating 3D facial biometrics.
Development in the 3D camera market should also bring advancements and new applications for 3D facial recognition technology. For example, the auto industry is expected to experience significant adoption rates in the coming years as providers focus on adopting the technology not only as part of access control but also as part of security systems as part of ADAS systems.
The surge in terrorist attacks against governments worldwide in recent years has encouraged several companies to implement biometric facial recognition technology. In addition, the rise of physical security and smart signage applications and technological advancements such as cloud-based services and 3D-based recognition systems have increased the use of facial recognition. However, an increasing sensitivity to shared personal data, lack of precision, and high implementation costs are hampering market expansion in certain regions. Technically advanced facial recognition systems with mobile security apps and drones are likely to create more opportunities in the future.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
16.6% |
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Segments Covered |
By Component, Technology, Application, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
NEC Corporation, Safran Group, Cognitec Systems GmbH, Keylemon, Animetrics, 3M, Aware, Daon Inc., Ayonix nViso and Others. |
The technology segment includes 2D, 3D, and facial analysis. Among these, the 3D facial recognition technology segment has a significant share of the global market due to its high accuracy in terms of facial feature recognition compared to 2D facial recognition.
The component segment is divided into hardware, software, and services.
The applications segment includes emotion recognition, access control, law enforcement, and others.
Asia-Pacific is the most important region for facial recognition adoption due to factors such as technological development, increased infrastructure growth, and increased applications in many areas. The massive industrialization and growth of the consumer electronics industry in the region highlight the exciting opportunities for market players and the prospects for significant growth.
With the increase in urban population and their purchasing ability, the Asia-Pacific is likely to witness the highest demand in the biometrics market in the future. The increase in mobile banking transactions in countries like India and China, combined with government initiatives, is expected to be the main driver of the facial recognition market in the region. For example, China is experiencing a high volume of mobile transactions, which should create demand for biometric data in the future.
The main players in the global facial recognition market are NEC Corporation, Safran Group, Cognitec Systems GmbH, Keylemon, Animetrics, 3M, Aware, Daon Inc., Ayonix, and nViso.
In January 2020, Thales teamed up with Docaposte to update the security of La Poste's Digital Identity mobile application. Docaposte has adopted Gematlo's two-step mobile authentication in its Digital Identity mobile application. This partnership can benefit from the company's gentle expansion in Europe.
By Technology
By Component
By Application
By Region
North America
The United States
Canada
Rest of North America
Europe
The United Kingdom
Spain
Germany
Italy
France
Rest of Europe
The Asia Pacific
India
Japan
China
Australia
Singapore
Malaysia
South Korea
New Zealand
Southeast Asia
Latin America
Brazil
Argentina
Mexico
Rest of LATAM
The Middle East and Africa
Saudi Arabia
UAE
Lebanon
Jordan
Cyprus
Frequently Asked Questions
Law enforcement agencies globally are increasingly adopting facial recognition technology for various applications such as criminal identification, surveillance monitoring, and crowd management. This technology aids in tracking and identifying individuals in real-time, enhancing public safety and security measures.
Some of the main challenges include concerns over privacy and data security, potential biases and inaccuracies in facial recognition algorithms, regulatory uncertainties regarding the use of facial recognition technology, and public skepticism towards mass surveillance practices.
Facial recognition technologies are subject to varying degrees of regulation globally. Some countries have implemented strict regulations to govern the use of facial recognition systems, especially concerning data privacy and protection. However, regulatory frameworks continue to evolve, and there is ongoing debate regarding the ethical and legal implications of facial recognition technology.
In the retail and hospitality sectors, facial recognition technology is utilized to personalize customer experiences by identifying and analyzing customer demographics, preferences, and behaviors. This enables businesses to offer targeted promotions, streamline check-in processes, and improve overall customer satisfaction and loyalty.
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