Global Facial Recognition Market Overview:
Facial Recognition Market Size was valued at USD 5.5 Billion in 2023. The Facial Recognition Market industry is projected to grow from USD 6.42 Billion in 2024 to USD 22.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16.71% during the forecast period (2024 - 2032). Increased government investment in facial recognition technologies and rising demand for advanced video surveillance systems are the key market drivers enhancing the market growth.
August 2023, IIT Madras will launch two initiatives as part of its suicide prevention initiative in the upcoming academic year beginning in August: a face recognition attendance management system for identifying students absent for long periods of time & an app that will allow parents to regularly interact with their children. The automatic attendance system will use face-recognition technology, and it was noted that the institute's data science programs will aid in analyzing this data.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Facial Recognition Market Trends
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Government investments in facial recognition technologies are fueling market growth
Marker CAGR for Facial Recognition is being driven by the government investments in facial recognition technologies. Governments in several nations are investing large resources to deploy advanced facial recognition technology, which provides high security and monitoring to prevent violent crimes, terrorist threats, and human trafficking. The United States and China are the most aggressive users of facial recognition technology, with China being the largest exporter of facial recognition technologies. The Chinese government has made significant investments as it prioritizes public security, encourages the development of artificial intelligence, and strives to limit the spread of covid-19. Leading facial recognition and surveillance businesses such as Hikivison, Dahua, iFlyTek, SenseTime, and, most recently, Jiadu Technology have been tapped as part of China's "National AI Team" to improve AI technology with applications advancing facial identification and surveillance. This increases the need for the facial recognition market.
The increasing adoption of modern video surveillance systems such as 360 security cameras, thermal security cameras, outdoor PIZ cameras, CCTV, and others by end-users to improve security and safety is one of the key factors for facial recognition market growth. Video surveillance systems are mostly utilized in industrial process monitoring, traffic control, and crime prevention. The rising need for video surveillance systems in business workplaces, airports, public transportation vehicles, households, and warehouses, among other places, is expected to drive market growth.
Sectors such as government and commercial offices are driving market growth by focusing on the use of mobile video surveillance systems for security against criminal activities and fraud. According to the Maharashtra State Police, the Mumbai police used citywide closed-circuit television camera (CCTV) footage in approximately 1,287 cases in October 2018 and solved 520 criminal cases. In addition, the government and law enforcement sectors are adopting and pushing facial recognition technology to identify persons in films, pictures, or real-time. For example, in January 2020, the government of Moscow installed live facial recognition cameras to offer inhabitants with protection. The NtechLab company provides these cameras to assist the police force in searching for suspects on a live camera.
As people limit their contact with one another, the coronavirus pandemic is hastening the march toward a cashless economy. Cashless transactions serve to reduce corruption and the flow of illicit money, hence improving the nation's economy. China's WeChat Pay launched its "Frog Pro" device in 2020, which includes a 3D depth-sensing camera that can scan customers' faces to process payments. Such company breakthroughs and technologies aid the facial recognition business.
Facial Recognition Market Segment Insights:
Facial Recognition Technology Insights
The Facial Recognition Market segmentation, based on Technology includes 3D Facial Recognition, 2D Facial Recognition, Thermal Imaging, Skin Texture Analysis and Others. In 2022, the 3D Facial Recognition segment topped the facial recognition market. The introduction of new technologies such as cloud-based solutions and face analytics is projected to drive market expansion. Users can use facial recognition software's facial analytics capabilities to comprehend where a face resides in a video or image, as well as the qualities of the face. Amazon Rekognition, for example, can evaluate facial attributes such as mood, visual geometry, eyes open or closed, and hair colour.
- July 2023, The Smart Door Lock M20 Pro from Xiaomi is a cutting-edge smart lock with AI-driven 3D structured light face recognition for improved security and accurate identification. The regular M20 model, which was introduced earlier this year, has been updated into the M20 Pro. The precision and versatility of the 3D structured light face recognition technology have made it popular for usage in high-end digital gadgets, access control systems, & other security systems. The 3D structural light module and dual-core AI chip improve the device's accuracy and resistance to efforts to unlock it using images, movies, or masks. According to BCTC certification, this lock system conforms with the financial payment-grade security criteria.
Facial Recognition Service Insights
The Facial Recognition Market segmentation, based on Service, includes Consulting And Cloud-Based Services. The cloud-based service sector is the facial recognition market's fastest-growing section. The growing use of cloud-based face recognition services in applications such as security and surveillance, law enforcement, and consumer electronics is propelling this market forward. The usage of cloud-based facial recognition technologies improves these applications' scalability and adaptability.
Figure1: Facial Recognition Market, by Service, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Facial Recognition Components Insights
The Facial Recognition Market is divided into two components: hardware and software. In 2022, the software category held the biggest revenue share in the facial recognition market, which is expected to rise fast throughout the forecast period. The increased emphasis on the development of more modern technologies such as cloud-based technology, Al, and Internet connectivity technologies are key drivers that are opening up more profitable revenue potential for both big and new entrants in the facial recognition industry.
Facial Recognition End-User Insights
Government, BFSI, Commercial Retail, Automotive, and Others are the end-user segments of the Facial Recognition Market. In 2022, the government sector held the biggest revenue share in the facial recognition market, which is predicted to rise fast throughout the forecast period. Increased citizen biometric identity deployment and rapid digitalization of documents are driving the growth of the facial recognition industry. The rising frequency of infectious diseases, which has resulted in the rapid use of face recognition technology in the healthcare sector, is also projected to drive market expansion during the forecast period.
- July 2023, Your grin will soon be able to pay for your purchases instead of a card or a QR code! Paytm, which invented in India the QR code payments, is developing a new technology to allow for face recognition payments.
- December 2022, Jyotiraditya Scindia, the minister of civil aviation, unveiled DigiYatra, a program that allows air travelers to enter the airport in nation's capital using a facial recognition technology. DigiYatra, a biometric-enabled, frictionless travel experience built on face recognition technology, intends to give Indian air travelers a new digital experience. Paperless admission at airports will be possible thanks to DigiYatra. At several checkpoints, including security check areas, the passenger data indeed can be automatically processed based on the facial recognition system.
Facial Recognition Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Facial Recognition Market area will dominate this market, due to the increasing implementation of face recognition technology in various sectors such as homeland security, law, and defence, among others, is driving market expansion in the United States.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Facial Recognition Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Facial Recognition Market accounts for the second-largest market share because of the increased demand for better security solutions. Further, the German Facial Recognition Market held the largest market share, and the UK Facial Recognition Market was the fastest growing market in the European region
The Asia-Pacific Facial Recognition Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to growing use of facial recognition technology in a variety of applications, the presence of large businesses, and favourable government measures all contribute to this trend. Moreover, China’s Facial Recognition Market held the largest market share, and the Indian Facial Recognition Market was the fastest growing market in the Asia-Pacific region.
Facial Recognition Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Facial Recognition Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Facial Recognitionindustry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Facial Recognition industry to benefit clients and increase the market sector. In recent years, the Facial Recognition industry has offered some of the most significant advantages to medicine. Major players in the Facial Recognition Market, including ), Key Lemon Ltd (Switzerland), Safran S.A (France), Face++ (China), Fareclock (US), Nuance Commuication, Inc (US), Google LLC (US), Intel Security Group (US), 3M Company (US) and others, are attempting to increase market demand by investing in research and development operations.
Microsoft Azure, sometimes known as Azure, is a cloud computing platform operated by Microsoft that provides access, management, and creation of applications and services across global data centres. It offers a variety of services, such as software as a service (SaaS), platform as a service (PaaS), and infrastructure as a service (IaaS). Microsoft Azure supports a wide range of programming languages, tools, and frameworks, as well as Microsoft and third-party software and systems. In April 2020, Microsoft Azure's facial recognition solution has been improved. The new version features a streamlined User Interface (UI) and can easily respond to consumer feedback. It also assists devices in receiving faster and more up-to-date data, which may be transferred more quickly with better IoT Central application process.
Intel RealSense Technology is a product line of depth and tracking technologies designed to provide depth perception capabilities to machines and devices. Intel-owned technology is employed in autonomous drones, robots, AR/VR, and smart home gadgets, among many other broad market items. The RealSense package consists of Vision Processors, Depth and Tracking Modules, and Depth Cameras that are backed by an open source, cross-platform SDK that simplifies camera support for third-party software developers, system integrators, ODMs, and OEMs. In Jan 2021, Intel RealSense ID is a facial recognition system that allows users to unlock items with a glance. The Intel RealSense ID face authentication system combines an active depth sensor with a specialized neural network to provide secure, accurate, and user-aware facial authentication.
Key Companies in the Facial Recognition market include
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Cognitec Systems GmbH (Germany)
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Aware Inc. (US)
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Facefirst. All (US)
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NEC Corporation (NEC)
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Dell Inc.(US)
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Thales Digital Identity and Security (US)
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Daon, Inc (US)
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Ayonix Corporation (Japan)
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kairos AR, Inc (US)
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Key Lemon Ltd (Switzerland)
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Safran S.A (France), Face++ (China)
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Fareclock (US)
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Nuance Commuication, Inc (US)
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Google LLC (US)
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Intel Security Group (US)
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3M Company (US) among others
Facial Recognition Industry Developments
September 2022, CyberLink Corporation, a provider of AI and facial recognition technology, has incorporated its FaceMe AI face recognition engine into MediaTek's new Genio AIoT platform. FaceMe now has precise facial recognition capabilities for flexible deployment across various industries and use cases, including security, access control, public safety, smart banking, and smart retail, thanks to the recent MediaTek Genio 1200 integration.
March 2022, Salto Group announced the acquisition of Cognitec Systems to expand its access control portfolio with face biometrics. As Cognitec engages with Salto on innovative technologies for increasing biometric markets, the acquisition is expected to strengthen Cognitec's research and development activities and market reach for its product range.
Facial Recognition Market Segmentation:
Facial Recognition Market By Technology Outlook
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3D Facial Recognition
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2D Facial Recognition
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Thermal Imaging
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Skin Texture Analysis
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Others
Facial Recognition Market By Service Outlook
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Consulting
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Cloud-Based Services
Facial Recognition Market By Components Outlook
Facial Recognition Market By End-User Outlook
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Government
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BFSI
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Commercial Retail
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Automotive
Facial Recognition Regional Outlook
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Middle East
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Africa
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Latin America
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 5.5 Billion |
| Market Size 2024 |
USD 6.42 Billion |
| Market Size 2032 |
USD 22.1 Billion |
| Compound Annual Growth Rate (CAGR) |
16.71% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Technology, Service, Components. End-User and Region |
| Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered |
The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Cognitec Systems GmbH (Germany), Aware Inc. (US), Facefirst. All (US), NEC Corporation (NEC), Dell Inc.(US), Thales Digital Identity and Security (US), Daon, Inc (US), Ayonix Corporation (Japan), kairos AR, Inc (US), Key Lemon Ltd (Switzerland), Safran S.A (France), Face++ (China), Fareclock (US), Nuance Commuication, Inc (US), Google LLC (US), Intel Security Group (US), 3M Company (US), Advanced Micro Devices, Inc (US), Animetrics, Inc (US), Apple, Inc (US), AsusTek Computer Inc. (Taiwan), Allied Times USA Inc (US), and Lenovo Group Limited (China), |
| Key Market Opportunities |
Technical difficulties are caused by a lack of information and awareness. |
| Key Market Dynamics |
Criminal activity is increasing in government and non-government institutions. |
Frequently Asked Questions (FAQ) :
The Facial Recognition Market size was valued at USD 5.5 Billion in 2023.
The global market is projected to grow at a CAGR of 16.71% during the forecast period, 2024-2032.
North America had the largest share in the global market
The key players in the market are ), Key Lemon Ltd (Switzerland), Safran S.A (France), Face++ (China), Fareclock (US), Nuance Commuication, Inc (US), Google LLC (US), Intel Security Group (US), 3M Company (US).
The 3D Facial Recognition category dominated the market in 2022.
The software had the largest share in the global market.
