Facial Recognition Market to reach $24.3 Billion, Globally, by 2032 at 16.4% CAGR: Allied Market Research

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Oct 17, 2023, 04:15 ET

NEW CASTLE, Del., Oct. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Facial Recognition Market by Technology (3D, 2D, and Facial Analytics), Application (Access Control, Attendance Tracking and Monitoring, Emotion Recognition, Security and Surveillance, and Others), End User (Retail and E-commerce, Media and Entertainment, BFSI, Automobile and Transportation, IT and Telecom, Government, Healthcare, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global facial recognition industry generated $5.5 billion in 2022 and is estimated to reach $24.3 billion by 2032, witnessing a CAGR of 16.4% from 2023 to 2032.

Drivers, Restraints, and Opportunities-

The global facial recognition market is experiencing growth due to several factors, including the increasing need for effective video surveillance systems, and rising government and military investments in facial recognition. However, concern over privacy and data security hampers market growth to some extent. Moreover, IoT and smart device adoption that works seamlessly is expected to provide lucrative opportunities for market growth during the forecast period

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Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$5.5 Billion
Market Size in 2032	$24.3 Billion
CAGR	16.4 %
No. of Pages in Report	278
Segments Covered	Technology, Application, End User, and Region
Drivers	Increasing need for effective video surveillance systems. Rising government and military investments on facial recognition.
Opportunities	IoT and smart device adoption that works seamlessly
Restraints	Concern over privacy and data security

COVID-19 Scenario-

The popularity of facial recognition systems in many industries was fueled by the growing emphasis on contactless technology and the necessity for touchless identification techniques.
Facial recognition offers a practical and hygienic substitute for conventional authentication techniques like fingerprint scanning or PIN entry because it avoids physical contact.
Facial recognition technology is now more in demand in sectors like healthcare, banking, retail, and transportation. Additionally, the outbreak created interest in facial recognition as a substitute authentication technique by driving demand for touchless and contactless technologies.
Due to this, new approaches have been developed and implemented into operation that aim to increase the accuracy of facial recognition in situations where people are wearing masks, such as algorithms that can evaluate additional facial traits or blend facial recognition with other biometric modalities.

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The 3D segment to rule the roost by 2022-

By technology, the 3D segment held the major share in 2022, garnering more than two-fifths of the global facial recognition market revenue. This is due to a facial identification system that is more reliable and accurate than conventional 2D facial recognition, which depends on flat photographs. On the other hand, the 2D segment is projected to rule the roost during the forecast period. Furthermore, the facial analytics segment would showcase the fastest CAGR of 19.2% from 2023 to 2032. Owing to examine customer demographics, emotions, and engagement levels in-store using facial analytics technologies. This information can be utilized to target advertising and marketing campaigns, improve store layouts, and enhance consumer interactions.

The access control segment to maintain the leadership status throughout the forecast period-

By application, the access control segment held the major share in 2022, garnering more than one-third of the global facial recognition market revenue, and is expected to maintain the leadership status throughout the forecast period. This is due to secure areas, buildings, rooms, or facilities. Only individuals with authorized facial biometrics are granted entry. However, the security and surveillance segment would display the fastest CAGR of 20.3% from 2023 to 2032. owing to real-time identification and alerts, making surveillance more proactive. Furthermore, the rising concern over security threats, terrorism, and public safety issues is a significant driver for the adoption of facial recognition technology in surveillance.

The retail and e-commerce segment to maintain the lead position during the forecast period-

By end user, the retail and e-commerce segment accounted for nearly one-fourth of the global facial recognition market revenue in 2022, and is expected to maintain its lead position during the forecast period. Owing to authentic security for customers to access their online accounts and make transactions on e-commerce platforms. On the other hand, the healthcare segment would portray the fastest CAGR of 23.7% throughout the forecast period. Owing to accurately and quickly identify patients upon admission to hospitals and healthcare facilities. This helps ensure that patients receive the correct treatments and medications.  

North America garnered the major share in 2022-

By region, North America garnered the highest share in 2022, holding nearly two-fifths of the global facial recognition market revenue. owing to the growing adoption of advanced technological solutions such as AR (Augmented Reality) and VR (Virtual Reality) solutions across end-user industries, such as media & entertainment, retail, and financial sectors, contributing toward a major trend in the North America region. However, the Asia-Pacific region is expected to maintain dominance by 2032. The same region would also exhibit the fastest CAGR of 20.0% during the forecast period. This is due to the rise in the use of automated systems from unlocking mobile phones to checking in for flights to making payments with the use of AI to match live images of a person for verification against a database of photographs.

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Leading Market Players-

NEC Corporation
Aware, Inc.
COGNITEC SYSTEMS GMBH.
Thales
Fujitsu
FacePhi
NVISO
Onfido
Daon, Inc.
FaceFirst

The report analyzes these key players in the global facial recognition market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.

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