Austin, Feb. 25, 2025 (GLOBE NEWSWIRE) -- Facial Recognition Market Size & Growth Insights:

According to the SNS Insider,“The Facial Recognition Market was valued at USD 6.2 Billion in 2023 and is expected to reach USD 23.4 Billion by 2032, growing at a CAGR of 15.91% from 2024-2032.”

This growth is further supported by the growing adoption across the breadth of verticals such as security, banking, and retail, backed by ongoing improvements in artificial intelligence and better network capabilities such as those seen in North America and Asia-Pacific. Moreover, the increase in cyber-attacks from 2020 to 2023 has generated the need for data integrity, which is expected to stimulate the demand for facial recognition technology. The growing demand for remote authentication has led to the adoption of cloud-based solutions, which provide the advantage of scalability. The market report includes coverage across all major segments, including end-user industries, regional analysis, regulatory frameworks, competitive analysis, as well as detailed assessment of advancements in AI and deep learning technologies. It also provides information regarding ethical considerations and data privacy challenges whilst identifying significant growth opportunities.

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Leading Market Players with their Product Listed in this Report are:

• NEC Corporation – NeoFace
• Cognitec Systems GmbH – FaceVACS
• Thales Group – Cogent Face Recognition
• Aware, Inc. – Knomi
• FaceFirst, Inc. – FaceFirst Platform
• IDEMIA – MorphoFace
• Microsoft Corporation – Azure Face API
• Amazon Web Services (AWS) – Amazon Rekognition
• Google LLC – Google Cloud Vision AI
• IBM Corporation – IBM Watson Visual Recognition
• Clearview AI – Clearview Facial Recognition Database
• AnyVision – Better Tomorrow Platform
• TrueFace – TrueFace AI
• Herta Security – BioSurveillance NEXT
• Vintra Inc. – Vintra IQ.

Facial Recognition Market Report Scope:

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Key Industry Segmentation Analysis

By Technology, Dominance of 3D Facial Recognition and Fastest-Growing Facial Analytics in Market Expansion

In 2023, the 3D facial recognition segment held the largest market share, exceeding 42%, due to its ability to capture subtle facial contours for accurate results and reduced vulnerability to spoofing attacks. This technology is primarily used in high-security environments and is increasingly adopted for biometric authentication and fraud prevention in sectors such as banking, finance, government, and defense. The ongoing advancements in AI-driven facial mapping and depth-sensing technologies are expected to broaden the application of 3D facial recognition across various industries.

The Facial Analytics segment is projected to experience the fastest growth from 2024 to 2032, as it is being widely adopted in retail, marketing, and healthcare sectors. Artificial intelligence allows businesses to analyze customers’ emotions, age, and customers’ engagement with the product, which improves customers' experiences and targeted marketing. AI video surveillance integrated with facial analytics bolstering the ability to detect behavioral anomalies in real-time is also starting to garner momentum.

By Application, Access Control Dominating and Security and Surveillance Fastest Growing

In 2023, the Access Control application led the market, accounting for over 38% of the revenue share, as it is widely implemented in corporate offices, banks, and other secure locations. AI-driven facial recognition systems are increasingly replacing traditional keycard access due to a growing demand for enhanced security, operational efficiency, and seamless user authentication. This rising demand for advanced access control solutions is particularly prominent in sectors such as banking, financial services, insurance (BFSI), information technology (IT), and government, where facial recognition is utilized for secure login processes and restricted area access.

The Security and Surveillance segment is projected to experience the fastest CAGR from 2024 to 2032, driven by the increasing adoption of AI-enabled facial recognition technology for tasks related to homeland security, law enforcement, border security, and public safety. Authorities worldwide are deploying extensive facial recognition networks to prevent crime and identify suspects, while the integration of AI with video surveillance systems enhances real-time threat detection, further boosting demand in this segment.

By End Use, Retail & E-commerce dominating and Healthcare Fastest Growing

In 2023, the Retail & E-commerce segment led the market, capturing the largest share due to its ability to enhance personalized customer experiences, prevent fraud, and automate payment solutions. Retailers are increasingly implementing facial analytics to track customer preferences and engagement, allowing for refined target marketing campaigns. The demand for facial recognition solutions is further driven by the rise of self-checkout and cashier-less stores.

The Healthcare segment is anticipated to achieve the fastest CAGR during the forecast period, fueled by the growing adoption of facial recognition for patient identification, remote consultations, and secure access to medical records. As the need for secure handling of sensitive data increases, hospitals and telemedicine providers are integrating biometric authentication to enhance patient safety, reduce medical fraud, and expedite administrative processes.

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North America's Market Leadership and Asia-Pacific's Rapid Growth in Facial Recognition

In 2023, North America dominated the Facial Recognition market, holding over 37% of the share, driven by the presence of numerous technology giants, significant investments in AI research, and high adoption rates in both government and commercial sectors. The region is a leader in utilizing facial recognition technology in airports, law enforcement, and financial institutions. Continued growth is expected due to stringent security regulations and ongoing advancements in biometric technology.

The Asia-Pacific region is projected to experience the fastest growth over the forecast period 2024-2032, propelled by urbanization, smart city initiatives, and increased government spending on biometric security solutions. Countries like China, India, and Japan are already implementing AI-based facial recognition for surveillance and national security, while its integration into banking and retail will further enhance market expansion.

Table of Contents - Major Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Adoption Rates of Emerging Technologies

5.2 Network Infrastructure Expansion, by Region

5.3 Cybersecurity Incidents, by Region (2020-2023)

5.4 Cloud Services Usage, by Region

6.  Competitive Landscape

7. Facial Recognition Market Segmentation, by Technology

8. Facial Recognition Market Segmentation, by Application

9. Facial Recognition Market Segmentation, by End-Use

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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