Facial Recognition Market: Global Industry Analysis and Forecast (2022-2029) Technology, Trends

Facial Recognition Market size was valued at US$ 4.47 Bn. in 2021 and the total revenue is expected to grow at a CAGR of 17.8% through 2022 to 2029, reaching nearly US$ 16.59 Bn.

Facial Recognition Market Overview:

Biometrics are used in facial recognition systems to map facial features from photos or videos. To identify matches, it compares the information to a database of known faces. Facial recognition can help verify a person's identity, but it also raises privacy concerns. Access Control, Emotion Recognition, Law Enforcement, and Attendance Tracking and Monitoring are some of the use cases of facial recognition. Enterprises, Banking, Financial Services, and Insurance, Healthcare, Retail, Government, Homeland Security, and the Military are some of the end-users of facial recognition. Facial Recognition MarketTo know about the Research Methodology :- Request Free Sample Report

Facial Recognition Market Dynamics:

Technology advances evolves and enlarges at a rapid speed. Biometrics and other biometric technologies are widely utilized to improve security. Access control, attendance monitoring, security and surveillance, and other applications use these. Biometrics can be utilised to create security solutions because they are universal, distinctive, and measurable. Biometrics include fingerprint, iris recognition, face recognition, speech recognition, and other types of biometrics. Facial recognition technology is a type of image recognition software that has grown in popularity over time. This technique uses a linked or digital camera to detect faces in taken photos and then quantifies the image's attributes to compare to templates saved in the database. Face recognition technology is extremely diverse in terms of application, and as a result, it is fast being adopted by a wide range of end-users. For example, NEC Corporation, a Japanese electronics and information technology business, stated in January 2021 that it will provide facial recognition technology to Mitsui Fudosan Co., Ltd, a real-estate company. Smart hospitality service, a solution based on facial recognition technology, is part of the company's portfolio. Furthermore, the solution, which employs facial recognition technology, will assist users in having secure and safe hotel stays. It would be utilised for a variety of purposes, including cashless payments, entertainment, room entry, and check-in. The growing use of facial recognition technology in a variety of applications is driving the facial recognition market during the forecast period 2021-2029. In the interest of security, border authorities are employing technology to verify a traveler's identity, particularly at airports. Face recognition software is also being used by law enforcement agencies to scan faces taken on CCTV and locate the target person. Smartphones are another application where the technology has seen widespread adoption. In smartphones, the software is used to unlock the phone, sign in to mobile apps, and verify payment information.

Facial Recognition Market Segment Analysis:

Based on the Use Case, the market is segmented into Access Control, Emotion Recognition, Law Enforcement, Attendance Tracking and Monitoring, and Others. The access Control segment is expected to hold the largest market share of xx% by 2029. This is because a growing number of businesses are concentrating on improving their access control systems. For example, Precise Biometrics, a producer of authentication products, announced a new product upgrade in November 2021. Liveness detection capabilities have been integrated into face recognition-based physical access control systems, according to the business. As a result of these advancements, more people are adopting technology for access control systems, resulting in increased revenue. Based on the End-Use, the market is segmented into Enterprises, Banking, Financial Services, and Insurance, Healthcare, Retail, Government, Homeland Security, Military, and Other. Government and Military segments are expected to grow rapidly at a CAGR of xx% and xx% during the forecast period 2021-2029. The adoption of face recognition technology solutions and services is being driven by an increasing number of government and defence investments in adopting facial recognition technology for various activities such as border control and criminal identification. Because facial recognition makes identification and verification easier, it is commonly used in airport immigration and attendance tracking and monitoring. Face recognition products and services are becoming more popular as technical improvements across industries encourage businesses to use them for easier manual processing and time savings. Facial Recognition Market

Facial Recognition Market Regional Insights:

Asia Pacific region is expected to dominate the Facial Recognition market during the forecast period 2021-2029. Asia Pacific region is expected to hold the largest market share of xx% by 2029. This is due to the factors such as technical advancement, growing infrastructural developments, and increasing applicability in a variety of fields, the Asia-Pacific region is the most prominent region for face recognition adoption. Massive industrialisation and the region's rising consumer electronics industry highlight the market's attractive opportunities and potential for significant growth. Face recognition technology has been used in China for a long time, and the country has built up a vast database for facial identification of its 1.3 billion population. Besides, China has a number of domestic partnerships that have contributed to the country's dominance in the global physical security equipment industry.   The objective of the report is to present a comprehensive analysis of the Global Facial Recognition Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Global Facial Recognition Market dynamic, structure by analyzing the market segments and project the Global Facial Recognition Market size. Clear representation of competitive analysis of key players by Product Type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Facial Recognition Market make the report investor’s guide.

Global Facial Recognition Market Scope: Inquiry Before Buying

Global Facial Recognition Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 4.47 Bn.
Forecast Period 2022 to 2029 CAGR: 17.8% Market Size in 2029: US $ 16.59 Bn.
Segments Covered: by Component • Software Tools • Sevices
by Technology • ddleware • Facial Recognition Software and Sdk • Databases • Analytics Solution • Modeling and Restructuring
by Use Case •  Access Control • Emotion Recognition • Law Enforcement • Attendance Tracking and Monitoring • Others
by End-Use • Enterprises • Banking, Financial Services, and Insurance • Healthcare • Retail • Government • Homeland Security • Military • Other

Global Facial Recognition Market, by Region

• North America • Europe • Asia Pacific • South America • Middle East and Africa

Global Facial Recognition Market Key Players

NEC • Aware • Ayonix • Keylemon • Cognitec Systems • Herta Security • Nviso • Techno Brain • Neurotechnology • 3M Company • Daon • Gemalto • Animetrics • Idemia • Others Frequently Asked Questions: 1. Which region has the largest share in Global Facial Recognition Market? Ans: Asia Pacific region holds the highest share in 2021. 2. What is the growth rate of Global Facial Recognition Market? Ans: The Global Facial Recognition Market is growing at a CAGR of 17.8% during forecasting period 2022-2029. 3. What is scope of the Global Facial Recognition market report? Ans: Global Facial Recognition Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Facial Recognition market? Ans: The important key players in the Global Facial Recognition Market are – NEC, Aware, Ayonix, Keylemon, Cognitec Systems, Herta Security, Nviso, Techno Brain, Neurotechnology, 3M Company, Daon, Gemalto, Animetrics, Idemia, and Others 5. What is the study period of this market? Ans: The Global Facial Recognition Market is studied from 2021 to 2029.
1. Global Facial Recognition Market: Research Methodology 2. Global Facial Recognition Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Facial Recognition Market 2.2. Summary 2.1.1. Key Findings 2.1.2. Recommendations for Investors 2.1.3. Recommendations for Market Leaders 2.1.4. Recommendations for New Market Entry 3. Global Facial Recognition Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12 COVID-19 Impact 4. Global Facial Recognition Market Segmentation 4.1 Global Facial Recognition Market, by Component (2021-2029) • Software Tools • Services 4.2 Global Facial Recognition Market, by Technology (2021-2029) • Middleware • Facial Recognition Software and Sdk • Databases • Analytics Solution • Modeling and Restructuring 4.3 Global Facial Recognition Market, by Use Case (2021-2029) • Access Control • Emotion Recognition • Law Enforcement • Attendance Tracking and Monitoring • Others 4.4 Global Facial Recognition Market, by End-Use (2021-2029) • Enterprises • Banking, Financial Services, and Insurance • Healthcare • Retail • Government • Homeland Security • Military • Other 5. North America Facial Recognition Market (2021-2029) 5.1 Global Facial Recognition Market, by Component (2021-2029) • Software Tools • Services 5.2 Global Facial Recognition Market, by Technology (2021-2029) • Middleware • Facial Recognition Software and Sdk • Databases • Analytics Solution • Modeling and Restructuring 5.3 Global Facial Recognition Market, by Use Case (2021-2029) • Access Control • Emotion Recognition • Law Enforcement • Attendance Tracking and Monitoring • Others 5.4 Global Facial Recognition Market, by End-Use (2021-2029) • Enterprises • Banking, Financial Services, and Insurance • Healthcare • Retail • Government • Homeland Security • Military • Other 5.5 North America Facial Recognition Market, by Country (2021-2029) • United States • Canada • Mexico 6. Asia Pacific Facial Recognition Market (2021-2029) 6.1. Asia Pacific Facial Recognition Market, by Component (2021-2029) 6.2. Asia Pacific Facial Recognition Market, by Technology (2021-2029) 6.3. Asia Pacific Facial Recognition Market, by Use Case (2021-2029) 6.4. Asia Pacific Facial Recognition Market, by End-Use (2021-2029) 6.5. Asia Pacific Facial Recognition Market, by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 7. Middle East and Africa Facial Recognition Market (2021-2029) 7.1 Middle East and Africa Facial Recognition Market, by Component (2021-2029) 17.8. Middle East and Africa Facial Recognition Market, by Technology (2021-2029) 7.3. Middle East and Africa Facial Recognition Market, by Use Case (2021-2029) 7.4. Middle East and Africa Facial Recognition Market, by End-Use (2021-2029) 7.5. Middle East and Africa Facial Recognition Market, by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 8. Latin America Facial Recognition Market (2021-2029) 8.1. Latin America Facial Recognition Market, by Component (2021-2029) 8.2. Latin America Facial Recognition Market, by Technology (2021-2029) 8.3. Latin America Facial Recognition Market, by Use Case (2021-2029) 8.4. Latin America Facial Recognition Market, by End-Use (2021-2029) 8.5. Latin America Facial Recognition Market, by Country (2021-2029) • Brazil • Argentina • Rest Of Latin America 9. European Facial Recognition Market (2021-2029) 9.1. European Facial Recognition Market, by Component (2021-2029) 9.2. European Facial Recognition Market, by Technology (2021-2029) 9.3. European Facial Recognition Market, by Use Case (2021-2029) 9.4. European Facial Recognition Market, by End-Use (2021-2029) 9.5. European Facial Recognition Market, by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 10. Company Profile: Key players 10.1. NEC 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Aware 10.3. Ayonix 10.4. Keylemon 10.5. Cognitec Systems 10.6. Herta Security 10.7. Nviso 10.8. Techno Brain 10.9. Neurotechnology 10.10. 3M Company 10.11. Daon 10.12. Gemalto 10.13. Animetrics 10.14. Idemia 10.15. Others

About This Report

Report ID 2743
Category Electronics
Published Date Sep 2022
Updated Date
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