Global Facial Recognition Market to Grow at 16.7% During 2024-2032, Impelled by Increasing Incidences of Identity Theft

October 18, 2021 | Technology & Media

According to the latest report by IMARC Group, titled "Facial Recognition Market Report by Component (Software, Services), Technology (2D Facial Recognition, 3D Facial Recognition, Facial Analytics), Application (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Security and Surveillance, and Others), End Use Industry (Retail and E-commerce, BFSI, Government and Defense, Automotive and Transportation, Media and Entertainment, Healthcare, Telecom and IT, and Others), and Region 2024-2032," the global facial recognition market size reached US$ 7.3 Billion in 2023. Facial recognition is a biometric technology that is widely deployed for the authentication and identification of individuals. This technology compares the facial features of a person with the stored facial database using deep learning algorithms. It assists in capturing, analyzing and comparing patterns in an efficient manner to facilitate a non-contact process for authentication without the need for physical contact for verification. It can be widely integrated with numerous advanced technologies to safeguard an infrastructure in a better manner. Consequently, it is increasingly utilized as a key security component in criminal investigations, identity management, homeland security, intelligent signage and photo indexing.

Global Facial Recognition Market Trends:

The global market is majorly driven by the rising incidences of terrorist activities, identity thefts and cyber-attacks. Facial recognition is widely deployed for high-level security and smart surveillance systems across public and private sectors, thereby providing an impetus to the market growth. These recognitions are also being integrated with multi-factor authentication systems to offer enhanced security for sensitive data, which is acting as a major growth-inducing factor. Additionally, continual technological advancements, including the development of 3D recognition systems to recognize faces from several viewing angles and precisely determine changes in facial characteristics, are also contributing to the market growth. Moreover, these systems are increasingly being used in the healthcare sector to replace passwords and provide healthcare providers a relatively quicker access to the patients and their records. Some of the other factors favorably impacting the market growth include the rising adoption of cloud-based surveillance systems and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 16.7% during 2024-2032.

Market Summary;

On the basis of the component, the market has been bifurcated into software and services.
Based on the technology, the market has been classified into 2D facial recognition, 3D facial recognition, and facial analytics.
On the basis of the application, the market has been categorized into emotion recognition, attendance tracking and monitoring, access control, security and surveillance, and others.
Based on the end use industry, the market has been segmented into retail and E-commerce, BFSI, government and defense, automotive and transportation, media and entertainment, healthcare, telecom and IT, and others.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include 3M Company, Animetrics Inc., Aware Inc., Ayonix Corporation, Cognitec Systems GmbH, Daon Inc., FaceFirst Inc., FacePhi Biometria, IDEMIA (Advent International), NEC Corporation, Safran Group and Thales Group.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Component, Technology, Application, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	3M Company, Animetrics Inc., Aware Inc., Ayonix Corporation, Cognitec Systems GmbH, Daon Inc., FaceFirst Inc., FacePhi Biometria, IDEMIA (Advent International), NEC Corporation, Safran Group and Thales Group
Customization Scope	10% Free Customization
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Global Facial Recognition Market to Grow at 16.7% During 2024-2032, Impelled by Increasing Incidences of Identity Theft

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