Wilmington, Delaware , Aug. 07, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Face Recognition Device Market by Type (Standalone Devices and Integrated Devices), and Application (Surveillance, Access Control, Healthcare, Banking and Finance, Retail and E-commerce and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the face recognition device market was valued at $4.5 billion in 2023, and is estimated to reach $16.5 billion by 2032, growing at a CAGR of 15.7% from 2024 to 2032.
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- 105 – Tables
- 57 – Charts
- 310 – Pages
Prime determinants of growth
The global face recognition device market is experiencing growth due to several factors, including the increasing adoption in retail and e-commerce and the expansion of smart city initiatives. However, accuracy issues somewhat hinder market growth. Moreover, the integration with IoT and other emerging technologies offers lucrative opportunities for the expansion of the global face recognition device market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $4.5 billion |
| Market Size in 2032 | $16.5 billion |
| CAGR | 15.7% |
| Segments Covered | Device Type, Application, and Region. |
| Drivers |
|
| Opportunities | Integration with IoT and Other Emerging Technologies |
| Restraint | Accuracy Issues |
Segment Highlights:
By device type, the global face recognition device market is bifurcated into standalone devices and integrated devices. Integrated devices lead the global face recognition device market. This dominance is driven by their seamless incorporation into a wide range of consumer electronics and security systems, benefiting from ongoing technological advancements in AI and machine learning.
By application, the global face recognition device market is divided into security and surveillance, access control, healthcare, banking and finance, retail and E-commerce, and others. The security and surveillance lead the global face recognition device market. This dominance is attributed to the increasing need for enhanced security measures across public and private sectors, including government buildings, airports, and critical infrastructure.
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Region/Country Outlook:
The Asia-Pacific region leads the face recognition device market, with China at the forefront. This leadership is driven by substantial government investments in surveillance infrastructure, widespread adoption of facial recognition technology in public security and law enforcement, and a rapidly growing consumer electronics market.
Leading Market Players:
- NEC Corporation
- IDEMIA Group
- Zhejiang Dahua Technology Co., Ltd.
- Hangzhou Hikvision Digital Technology Co., Ltd.
- Panasonic Corporation
- Honeywell International Inc.
- Fujitsu Limited.
- Anviz Global Inc.
- Sense Time Group Limited
- VIVOTEK Inc.
The report provides a detailed analysis of these key players in the global face recognition device market. These players have adopted different strategies such as new product launches, collaborations, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Key Industry Developments:
- March 2024: Hikvision, a leading provider of security products, launched a new range of face recognition cameras designed for enhanced security in urban surveillance and critical infrastructure protection, boasting higher resolution and faster processing speeds.
- November 2022: NEC Corporation developed a gateless access control system using biometric recognition that combines NEC's face recognition technology with person re-identification technology, which matches people even if they are facing away or their bodies are occluded, to provide fast and reliable entry control that is free from gates.
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Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the face recognition devices market segments, current trends, estimations, and dynamics of the market analysis to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the face recognition devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global face recognition devices market statistics.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global fface recognition devices market trends, key players, market segments, application areas, and market growth strategies.
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Face Recognition Device Market Key Segments:
By Type
- Standalone Devices
- Integrated Devices
By Application
- Surveillance
- Access Control
- Healthcare
- Banking and Finance
- Retail and E-commerce
- Others
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Italy, Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
- Latin America (Brazil, Argentina, Rest of Latin America)
- Middle East and Africa (UAE, Saudi Arabia, Rest of Middle East And Africa)
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