Facial Recognition Market size to Grow by USD 7.6341 billion from 2022 to 2027 | The increasing instances of identity threats to boost market growth- Technavio
NEW YORK, Nov. 12, 2023 /PRNewswire/ -- The facial recognition market size is estimated to increase by USD 7,634.09 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 18.11% during the forecast period. Increasing instances of identity threats are the key factor driving the market growth. End users are becoming more dependent on websites and web applications, leading to a surge in identity and data threat incidents. In addition, the growing popularity of online gaming and social media among younger generations also contributes to increasing identity threats. Therefore, the use of biometric security solutions is increasing. This makes them one of the fastest-growing authentication solutions currently in use in various industries. Hence, these factors are expected to drive market growth during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report
Facial recognition market insights -
- Companies: 15+, Including Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Corp., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, Veridium IP Ltd., among others
- Coverage: Key drivers, major trends, and challenges; customer and company landscape; company product insights and recent developments; key companies; and market positioning of companies
- Segments: Application (Identification and Verification), Technology (3D, 2D, and Facial analytics), End-user (Media and entertainment, BFSI, Automobile and transportation, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)
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Facial recognition market - Company Insights
The growing competition in the market is compelling companies to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market companies including –
- ASSA ABLOY AB - The company offers facial recognition solutions such as Contactless security.
- Aware Inc. - The company offers facial recognition solutions such as Nexa Face.
- Ayonix Corp. - The company offers facial recognition for border security solutions.
- Cognitec Systems GmbH - The company offers facial recognition solutions such as FaceVACS-DBScan ID, FaceVACS-DBScan LE, and FaceVACS-Entry CS.
Facial recognition market – Market Dynamics
Major Trends
Facial recognition using photos on social networking sites is a major trend in the market. Facebook is one of the world's most popular social networking sites. Social media platforms offer users the opportunity to upload photos. These photos are stored in a database and can be easily identified using some algorithms if desired. Photos from different angles should be uploaded for more accurate identification. Such photo-based identification techniques are more accurate than traditional face recognition methods. Additionally, in the future photo-based identification will be integrated with advanced 3D facial recognition to improve the security capabilities of facial recognition biometrics. Hence, facial recognition using photos on social networking sites is expected to drive market growth during the forecast period.
Significant challenges
The high cost of deployment of this technology is a significant challenge restricting market growth. Large-scale deployment of facial recognition systems in government agencies and airports will take time. Therefore, this process typically results in longer sales cycles. Also, users should spend according to their own needs. Therefore, an unsuccessful implementation could mean huge losses for these departments. Additionally, budget constraints limit the testing of facial recognition solutions. In addition to the actual costs, there are other hidden costs such as middleware costs, maintenance costs, and other related costs for facial recognition solutions. Hence, the high cost of deployment of this technology is expected to restrict market growth during the forecast period.
The facial recognition market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.
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What are the key data covered in this facial recognition market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the facial recognition market between 2023 and 2027
- Precise estimation of the size of the facial recognition market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the facial recognition market industry across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of facial recognition market companies
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Table of contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix
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