New York, March 20, 2023 (GLOBE NEWSWIRE) -- The global facial recognition market is Predicted to Increase from USD 5.1 Billion in 2022 to USD 19.3 Billion in 2032, with a CAGR of 14.6% between 2023 and 2032. Facial recognition technology is the digital mapping of a person’s facial geometry. It is a biometric technology used to identify and authenticate persons by taking face photos and comparing them to an existing database. The process of identification and verification is made easier with facial recognition.
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Key Takeaway:
- By Technology, in 2022, the 3D segment has generated a revenue share of 36.8% 2022.
- By Application, the access control segment has dominated the market and it accounted for 36% of global revenue in 2022.
- By End-User, the retail and e-commerce segment was dominant in the market with the largest market share of 22.1% in 2022.
- In 2022, North America dominated the market with the highest revenue share of 37.8%.
- Asia-Pacific will grow at a significant CAGR from 2023-2032.
Facial recognition technology is evolving rapidly as the use of this technology is highly versatile. Therefore, it is quickly being adopted by many end-users.
Factors affecting the growth of facial recognition market
Several factors can affect the growth of the facial recognition market. Some of these factors include:
- Increasing use in information & communication technology: Facial recognition technologies are widely used in information and communication technology as it is the effective system to protect data, and privacy.
- High accuracy: Facial analytics offers high accuracy to detect face in video or image form. This aids to increase adoption of facial recognition technologies in security services.
- COVID-19 pandemic: Sudden increase in infected patients during COVID-19 pandemic resulted in use of facial recognition technology to track infected people in crowds.
- Technological advancements: Advancements in technologies like introduction to cloud based services and 3D based recognition services propel the market growth.
- Increasing uses in security agencies: Facial recognition technology plays important role in police agencies. Along with that other security services to identify criminals and thief’s also aids to high demand in global market.
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Top Trends in Global Facial Recognition Market
Development in 3D recognition and affordable cloud services is driving the growth potential of the facial recognition market.
The facial recognition market is becoming increasingly globalized, with a greater focus on increased productivity and less human interference.
IT & telecommunication sectors, and government security agencies are started adopting facial recognition technologies for effective and secure infrastructure.
Market Growth
Law enforcement agencies use face recognition software to identify and scan people's faces on CCTV which propels the growth of facial recognition technology.
Another area where this technology is being utilized is smartphones. Facial recognition technology uses software to unlock your smartphone, sign into mobile apps, verify your payment, and more, due to such high use in smartphones have a positive impact on market growth.
The travel industry has started looking into the benefits of facial identification. It helps speed up authentication and documentation and allows restricted access to sensitive areas.
Regional Analysis
The facial recognition market was dominated by North America, which acquired the largest revenue share. The region is dominant due to the widespread use of facial recognition technology for surveillance and security systems.
Market growth is also driven by the overall implementation of facial technology in many departments across the US, such as homeland security, justice, and defense sectors.
Asia Pacific region is anticipated to hold the largest share during the forecast period. Facial recognition technology has been widely adopted in India and other developing countries to solve investigation cases. Several countries in the Asia Pacific are taking steps to create electronic IDs for individuals.
The Middle East & Africa (MEA) region is expected to experience substantial growth during the forecast period, mainly due to increasing globalization.
Competitive Landscape
The industry’s main success factor is expected to be continuous R&D to provide product differentiation. The market expansion is driven by the widespread use of iris scanners in the government, military & defense, banking & finance, and travel & immigration verticals, mainly for identity management and access control applications.
Some of the major players include Aware, Inc. Ayonix Corporation Cognitec Systems GmbH, IBM Corporation, FacePhi, 3M Company, Fujitsu, Gemalto NV, IDEMIA, NEC Corporation, Microsoft Corporation, Nuance Communications, i-PRO Co., Ltd., Clarifai, Inc., Thales e-Security, Inc., and Other key players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 5.1 Billion |
| Market Size (2032) | USD 19.3 Billion |
| CAGR (from 2023 to 2032) | 14.6% |
| North Revenue Share | 37.8% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
There is a high demand for facial recognition technology for more data analysis, fraud detection, and network security database systems started adopting technology.
The BFSI sector is predicted to experience significant growth in the facial recognition market, driven by recognition and verification applications in security processes.
Airlines, manufacturing, retail, social events, and hospitality are some of the industries that use facial recognition technology for security and biometrics helps in the growth of facial recognition technology.
Market Restraints
The possibility of false matches through facial recognition in the defense sector is restraining market growth. Also, the glitches in the technology make it complex sometimes and it can hamper the market’s growth.
Market Opportunities
BFSI will see significant growth because of the increasing adoption of facial recognition systems in data analytics and fraud detection.
Positive government initiatives are anticipated to affect the industry’s growth positively. The creation of subcommittees within the federal government on machine learning and AI has helped to attract attention to the AI sector which is expected to create large opportunities in the market.
The increasing use of mobile and social media is creating lucrative opportunities in the global facial recognition market.
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Report Segmentation of the facial recognition Market
Technology Insight
On basis of technology, the 3D segment was dominant in the facial recognition market with the largest market share of 36.8% in 2022. As 3D systems are also highly recommended for public safety applications such as border surveillance and border protection.
Application Insight
Based on application the access control segment was dominant in the market with the largest market share of 36% in 2022. Owing to the increasing focus of companies on access control systems. The innovations in technology are driving higher revenues and increasing the adoption of access control systems based on facial recognition.
End-User Insight
Based on end-user the retail & E-Commerce segment was dominant in the market with the largest market share of 22.1% in 2022 and will remain dominant during the forecast period. E-commerce and retail have rapidly adopted face recognition technology to increase operations efficiency and enhance customer experience. Customers used to make payments using cash, card, and QR code.
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Market Segmentation
Based on Technology Type
- 2D
- Facial Analytics
- 3D
Based Application
- Emotion Recognition
- Security & Surveillance
- Access Control
- Attendance Tracking and Monitoring
- Others
By End-Use
- Automobile & Transportation
- Healthcare
- Telecom & IT
- Government
- Media & Entertainment
- BFSI
- Retail & E-commerce
- Other End-Uses
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Aware Inc.
- Ayonix Corporation
- Cognitec Systems GmbH
- IBM Corporation
- FacePhi
- 3M Company
- Fujitsu
- Gemalto NV
- IDEMIA
- NEC Corporation
- Microsoft Corporation
- Nuance Communications
- i-PRO Co., Ltd.
- Clarifai, Inc.
- Thales e-Security, Inc
- Thales Group
- Animetrics inc.
- Other Key Players
Recent Development of the Facial Recognition Market
- In April 2022, PopID company used facial recognition software to save customer costs in Middle Est Region for payment and visas.
- In May 2020 FacePhi, an Argentina-based fintech company signed an agreement with Nubi Fintech. Nubi Fintech, an Argentina-based financial services company, has signed the deal to integrate SelphID with its mobile application.
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