Facial recognition is a technology that involves the identification or verification of individuals by analyzing and comparing patterns, based on their facial features. This technology uses biometric measurements, such as the distances between eyes, nose and mouth, as well as the shape and size of facial characteristics, to create a unique facial signature for each person. Facial recognition systems are commonly used for security purposes, access control, law enforcement and in various applications for identity verification.
The facial recognition market consists of sales, by entities (organizations, sole traders and partnerships), of facial recognition technology solutions and services that involve capturing images or video footage of faces, extracting key features and comparing them against a database of known faces to make identifications or verifications.
The global facial recognition market was valued at $3,004.7 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 15.0%.
Growing Importance Of The Surveillance Industry
The growing importance of the surveillance industry drove the growth of the facial recognition market during the historic period. The increasing incidences of cyberattacks, terrorist activities and identity thefts across the globe have increased surveillance. Private and public organizations are using facial recognition to provide high-level security, through accurate identification of individuals for access control. The utilization of smart surveillance systems using facial recognition is rising. For instance, in 2018, according to a report by IHS Markit, a UK-based provider of critical information, analytics and solutions, there were an estimated 70 million security cameras in the US. This number encompasses both public and private surveillance systems. Therefore, the growing importance of the surveillance industry supported the facial recognition market growth.
Integration of Artificial Intelligence (AI) In Facial Recognition To Improve Accuracy
The integration of artificial intelligence (AI) in facial recognition is a key trend gaining popularity in the facial recognition market. Facial recognition technology developers are focusing on integrating AI to improve the accuracy and efficiency of facial recognition systems. For example, in April 2023, Suprema AI, a Korea-based company that provides artificial intelligence (AI) based integrated security solutions, launched Q-Face Pro, a high-performance AI face recognition OEM (original equipment manufacturer) module. With its AI-based face recognition algorithm and Neural Processing Unit (NPU), Q-Face Pro can recognize faces up to 50,000 times faster and more accurately than other face recognition devices. In addition, it offers highly accurate authentication performance and a high degree of precision in detecting fake faces.
The global facial recognition market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 10.93% of the total market in 2022.
Facial Recognition Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global facial recognition market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for facial recognition? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The facial recognition market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider facial recognition market and compares it with other markets.
The report covers the following chapters
Introduction And Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by technology, by application and by end-user.
Key Trends - Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
Macro-Economic Scenario - The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the facial recognition market.
Global Market Size and Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional And Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
Market Segmentation - Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by technology, by application and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
Regional Market Size And Growth - Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
Competitive Dashboard - Briefs on competitive dashboard of major players.
Key Mergers And Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations- This section includes recommendations for facial recognition market providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Technology: 2D; 3D; Facial Analytics
2) By Application: Emotion Recognition; Attendance Tracking And Monitoring; Access Control; Security And Surveillance; Other Applications
3) By End-User: Retail And E-Commerce; Media And Entertainment; Banking, Financial Services And Insurance (BFSI); Automobile And Transportation; Telecom And Information Technology (IT); Government; Healthcare; Other End-Users
Companies Mentioned: NEC Corporation; Thales Group; Microsoft Corporation; IDEMIA; Onfido Ltd
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; Canada; France; Germany; UK; Italy; Spain; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; facial recognition indicators comparison.
Data segmentations: Country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Table of Contents
1 Executive Summary
1.1 Facial Recognition - Market Attractiveness And Macro Economic Landscape
2 Table Of Contents
3 List Of Tables
4 List Of Figures
5 Report Structure
6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Facial Recognition Market Definition And Segmentations
6.4 Market Segmentation By Technology
6.4.1 2D
6.4.2 3D
6.4.3 Facial Analytics
6.5 Market Segmentation By Application
6.5.1 Emotion Recognition
6.5.2 Attendance Tracking And Monitoring
6.5.3 Access Control
6.5.4 Security And Surveillance
6.5.5 Other Applications
6.6 Market Segmentation By End-User
6.6.1 Retail And E-Commerce
6.6.2 Media And Entertainment
6.6.3 Banking, Financial Services And Insurance (BFSI)
6.6.4 Automotive And Transportation
6.6.5 Telecom And Information Technology (IT)
6.6.6 Government
6.6.7 Healthcare
6.6.8 Other End-Users
7 Major Market Trends
7.1 Integration of Artificial Intelligence (AI) In Facial Recognition To Improve Accuracy
7.2 Use Of Background-Check Databases For Better-Informed Decisions
7.3 Strategic Partnerships And Collaborations Among Market Players
7.4 Innovative Product Launches With A Focus On Law Enforcement Investigations