PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1489362
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1489362
Facial Recognition Market Forecasts to 2030 - Global Analysis By Component, Application, End User and By Geography
According to Stratistics MRC, the Global Facial Recognition Market is accounted for $6.6 billion in 2023 and is expected to reach $22.4 billion by 2030 growing at a CAGR of 19.2% during the forecast period. Facial recognition is a biometric technology that identifies or verifies individuals by analyzing and comparing patterns in their facial features. This technology utilizes algorithms to map unique characteristics such as the distance between the eyes, nose shape, and jawline to create a facial signature, often referred to as a faceprint. These faceprints are then compared to those stored in a database or against a live image to authenticate or identify individuals. Moreover, facial recognition is utilized in unlocking smartphones and other devices, providing a convenient and secure method for authentication.
According to the Council on Criminal Justice, thefts and robberies in major cities across the United States increased by around 20% in the first half of 2022. According to the China Internet Network Information Center (CNNIC), around 583.4 million people have preferred mobile payment transactions across the country in 2018 and 527 million users in 2017.
Market Dynamics:
Driver:
Rising demand for contactless solutions
With an increased emphasis on minimizing physical contact, facial recognition technology has emerged as a compelling solution across various sectors. In retail, banking, transportation, and healthcare, the integration of facial recognition enables seamless, touchless authentication processes, enhancing both convenience and safety for users. Additionally, facial recognition systems offer robust security measures, safeguarding sensitive data and premises while streamlining access control. Moreover, advancements in facial recognition algorithms have enhanced accuracy and reliability, further driving adoption.
Restraint:
Data security risks
Data security risks pose a significant impediment to the growth of the facial recognition market. Concerns about the unauthorized access, misuse, or potential breaches of sensitive personal data stored within facial recognition systems deter both consumers and businesses from adopting these technologies. Regulatory scrutiny and evolving data protection laws, such as GDPR in Europe and similar regulations worldwide, impose strict requirements on the collection, storage, and processing of biometric information, adding compliance burdens and potential liabilities for companies operating in this space. As a result, businesses hesitate to invest in facial recognition solutions, fearing the repercussions of data security lapses, thereby impeding the market's growth.
Opportunity:
Increasing adoption of biometric systems
The increasing adoption of biometric systems is substantially enhancing the Facial Recognition Market by bolstering security measures and streamlining authentication processes across various sectors. Biometric systems, particularly those utilizing facial recognition technology, offer a high level of accuracy and convenience, making them increasingly attractive for applications ranging from law enforcement to consumer electronics. As more organizations and governments recognize the value of biometric authentication in enhancing security protocols, the demand for facial recognition solutions continues to surge.
Threat:
Privacy concerns
Privacy concerns pose a significant obstacle to the growth of the facial recognition market. With the technology's capability to identify individuals from images or video feeds, there's a growing unease about its potential misuse. Many fear the infringement upon personal privacy and civil liberties, especially in public spaces where surveillance is prevalent. The collection and storage of facial data raise concerns about unauthorized access, data breaches, and the misuse of sensitive information by governments or corporations. However, the lack of robust regulations and standards for facial recognition exacerbates these worries, leaving individuals vulnerable to potential abuses.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the facial recognition market due to the widespread use of face masks, a necessary measure to prevent virus transmission, posed a challenge to facial recognition systems reliant on full facial visibility. The pandemic accelerated the development and adoption of facial recognition systems with improved mask detection capabilities, as companies sought to adapt to the new normal. Overall, while COVID-19 presented challenges to the facial recognition market, it also spurred innovation and adaptation, leading to the evolution of more robust and versatile solutions suited to the post-pandemic landscape.
The attendance tracking and monitoring segment is expected to be the largest during the forecast period
Attendance Tracking and Monitoring segment is expected to be the largest during the forecast period. By integrating facial recognition technology, companies can streamline attendance tracking processes, eliminating the need for manual check-ins and reducing the likelihood of errors or inaccuracies. This technology offers a seamless and efficient way to verify the identity of individuals, allowing for more reliable attendance data collection. Moreover, facial recognition systems can enhance security measures by accurately identifying authorized personnel and detecting unauthorized access attempts.
The Software segment is expected to have the highest CAGR during the forecast period
Software segment is expected to have the highest CAGR during the forecast period. Through deep learning techniques, software developers are refining facial recognition systems to be more accurate, efficient, and versatile. These advancements include robust face detection, improved recognition of facial features, and enhanced capabilities in challenging conditions such as low light or varying angles. Moreover, software solutions are increasingly integrating with other technologies like artificial intelligence and machine learning, enabling facial recognition systems to adapt and learn from data, thereby improving their performance over time.
Region with largest share:
Asia Pacific region is expected to register largest share of the market over the extrapolated period. As mobile devices become ubiquitous across the region, their widespread adoption serves as a catalyst for the proliferation of facial recognition technology. This integration not only simplifies the user experience but also promotes the adoption of secure biometric authentication methods, replacing traditional passwords and PINs. Moreover, the region's thriving smartphone market, coupled with increasing concerns over data security and identity theft, further drives the demand for facial recognition-enabled devices.
Region with highest CAGR:
Asia Pacific region is poised to hold profitable growth throughout the projection period. Government regulations in the Asia Pacific region are playing a substantial role in enhancing the Facial Recognition Market by providing a framework for its deployment and ensuring its responsible use. These regulations in the region create a sense of trust among consumers and businesses, fostering wider acceptance and adoption of facial recognition technology. Moreover, government mandates for security and surveillance purposes, such as in airports, border control, and law enforcement, are driving the regional demand for facial recognition systems.
Key players in the market
Some of the key players in Facial Recognition market include Aware, Inc, Ayonix Corporation, Cognitec Systems GmbH, Daon, Inc, FacePhi, Fujitsu, Gemalto NV, NEC Corporation, Onfido and Thales.
Key Developments:
In April 2023, Apple revealed that face recognition will be added to its following iPhone models. Face ID is a function that employs a TrueDepth camera system to scan and authenticate a user's face.
In February 2023, Microsoft announced the acquisition of Face++, a top Chinese face recognition business. Microsoft gained access to Face++'s technology and experience, which it said would help it extend its face recognition products in the Chinese market.
In September 2022, CyberLink Corporation successfully integrated its FaceMe AI facial recognition engine into MediaTek's AIoT platform, Genio 1200. This integration empowers IoT/AIoT developers and system integrators with precise facial recognition capabilities suitable for a wide range of industries and applications, including security, access control, public safety, smart banking, and smart retail.
In March 2022, Cognitec joined the Salto Group, adding the German company's facial biometrics technology to the portfolio of the Spanish electronic security and access control company. It is anticipated that the acquisition will increase Cognitec's research and development efforts and product line market penetration as the company collaborates with Salto to develop new technologies for developing biometric markets.
Components Covered:
- Services
- Software
Applications Covered:
- Access Control
- Attendance Tracking and Monitoring
- Security and Surveillance
- Other Applications
End Users Covered:
- Media and Entertainment
- IT and Telecom
- Retail and E-commerce
- Healthcare
- Government
- Other End Users
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Facial Recognition Market, By Component
- 5.1 Introduction
- 5.2 Services
- 5.2.1 Cloud Based Facial Recognition
- 5.2.2 Training and Consulting Services
- 5.3 Software
- 5.3.1 3D Facial Recognition
- 5.3.2 2D Facial Recognition
6 Global Facial Recognition Market, By Application
- 6.1 Introduction
- 6.2 Access Control
- 6.3 Attendance Tracking and Monitoring
- 6.4 Security and Surveillance
- 6.5 Other Applications
7 Global Facial Recognition Market, By End User
- 7.1 Introduction
- 7.2 Media and Entertainment
- 7.3 IT and Telecom
- 7.4 Retail and E-commerce
- 7.5 Healthcare
- 7.6 Government
- 7.7 Other End Users
8 Global Facial Recognition Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Aware, Inc
- 10.2 Ayonix Corporation
- 10.3 Cognitec Systems GmbH
- 10.4 Daon, Inc
- 10.5 FacePhi
- 10.6 Fujitsu
- 10.7 Gemalto NV
- 10.8 NEC Corporation
- 10.9 Onfido
- 10.10 Thales
List of Tables
- Table 1 Global Facial Recognition Market Outlook, By Region (2021-2030) ($MN)
- Table 2 Global Facial Recognition Market Outlook, By Component (2021-2030) ($MN)
- Table 3 Global Facial Recognition Market Outlook, By Services (2021-2030) ($MN)
- Table 4 Global Facial Recognition Market Outlook, By Cloud Based Facial Recognition (2021-2030) ($MN)
- Table 5 Global Facial Recognition Market Outlook, By Training and Consulting Services (2021-2030) ($MN)
- Table 6 Global Facial Recognition Market Outlook, By Software (2021-2030) ($MN)
- Table 7 Global Facial Recognition Market Outlook, By 3D Facial Recognition (2021-2030) ($MN)
- Table 8 Global Facial Recognition Market Outlook, By 2D Facial Recognition (2021-2030) ($MN)
- Table 9 Global Facial Recognition Market Outlook, By Application (2021-2030) ($MN)
- Table 10 Global Facial Recognition Market Outlook, By Access Control (2021-2030) ($MN)
- Table 11 Global Facial Recognition Market Outlook, By Attendance Tracking and Monitoring (2021-2030) ($MN)
- Table 12 Global Facial Recognition Market Outlook, By Security and Surveillance (2021-2030) ($MN)
- Table 13 Global Facial Recognition Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 14 Global Facial Recognition Market Outlook, By End User (2021-2030) ($MN)
- Table 15 Global Facial Recognition Market Outlook, By Media and Entertainment (2021-2030) ($MN)
- Table 16 Global Facial Recognition Market Outlook, By IT and Telecom (2021-2030) ($MN)
- Table 17 Global Facial Recognition Market Outlook, By Retail and E-commerce (2021-2030) ($MN)
- Table 18 Global Facial Recognition Market Outlook, By Healthcare (2021-2030) ($MN)
- Table 19 Global Facial Recognition Market Outlook, By Government (2021-2030) ($MN)
- Table 20 Global Facial Recognition Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 21 North America Facial Recognition Market Outlook, By Country (2021-2030) ($MN)
- Table 22 North America Facial Recognition Market Outlook, By Component (2021-2030) ($MN)
- Table 23 North America Facial Recognition Market Outlook, By Services (2021-2030) ($MN)
- Table 24 North America Facial Recognition Market Outlook, By Cloud Based Facial Recognition (2021-2030) ($MN)
- Table 25 North America Facial Recognition Market Outlook, By Training and Consulting Services (2021-2030) ($MN)
- Table 26 North America Facial Recognition Market Outlook, By Software (2021-2030) ($MN)
- Table 27 North America Facial Recognition Market Outlook, By 3D Facial Recognition (2021-2030) ($MN)
- Table 28 North America Facial Recognition Market Outlook, By 2D Facial Recognition (2021-2030) ($MN)
- Table 29 North America Facial Recognition Market Outlook, By Application (2021-2030) ($MN)
- Table 30 North America Facial Recognition Market Outlook, By Access Control (2021-2030) ($MN)
- Table 31 North America Facial Recognition Market Outlook, By Attendance Tracking and Monitoring (2021-2030) ($MN)
- Table 32 North America Facial Recognition Market Outlook, By Security and Surveillance (2021-2030) ($MN)
- Table 33 North America Facial Recognition Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 34 North America Facial Recognition Market Outlook, By End User (2021-2030) ($MN)
- Table 35 North America Facial Recognition Market Outlook, By Media and Entertainment (2021-2030) ($MN)
- Table 36 North America Facial Recognition Market Outlook, By IT and Telecom (2021-2030) ($MN)
- Table 37 North America Facial Recognition Market Outlook, By Retail and E-commerce (2021-2030) ($MN)
- Table 38 North America Facial Recognition Market Outlook, By Healthcare (2021-2030) ($MN)
- Table 39 North America Facial Recognition Market Outlook, By Government (2021-2030) ($MN)
- Table 40 North America Facial Recognition Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 41 Europe Facial Recognition Market Outlook, By Country (2021-2030) ($MN)
- Table 42 Europe Facial Recognition Market Outlook, By Component (2021-2030) ($MN)
- Table 43 Europe Facial Recognition Market Outlook, By Services (2021-2030) ($MN)
- Table 44 Europe Facial Recognition Market Outlook, By Cloud Based Facial Recognition (2021-2030) ($MN)
- Table 45 Europe Facial Recognition Market Outlook, By Training and Consulting Services (2021-2030) ($MN)
- Table 46 Europe Facial Recognition Market Outlook, By Software (2021-2030) ($MN)
- Table 47 Europe Facial Recognition Market Outlook, By 3D Facial Recognition (2021-2030) ($MN)
- Table 48 Europe Facial Recognition Market Outlook, By 2D Facial Recognition (2021-2030) ($MN)
- Table 49 Europe Facial Recognition Market Outlook, By Application (2021-2030) ($MN)
- Table 50 Europe Facial Recognition Market Outlook, By Access Control (2021-2030) ($MN)
- Table 51 Europe Facial Recognition Market Outlook, By Attendance Tracking and Monitoring (2021-2030) ($MN)
- Table 52 Europe Facial Recognition Market Outlook, By Security and Surveillance (2021-2030) ($MN)
- Table 53 Europe Facial Recognition Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 54 Europe Facial Recognition Market Outlook, By End User (2021-2030) ($MN)
- Table 55 Europe Facial Recognition Market Outlook, By Media and Entertainment (2021-2030) ($MN)
- Table 56 Europe Facial Recognition Market Outlook, By IT and Telecom (2021-2030) ($MN)
- Table 57 Europe Facial Recognition Market Outlook, By Retail and E-commerce (2021-2030) ($MN)
- Table 58 Europe Facial Recognition Market Outlook, By Healthcare (2021-2030) ($MN)
- Table 59 Europe Facial Recognition Market Outlook, By Government (2021-2030) ($MN)
- Table 60 Europe Facial Recognition Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 61 Asia Pacific Facial Recognition Market Outlook, By Country (2021-2030) ($MN)
- Table 62 Asia Pacific Facial Recognition Market Outlook, By Component (2021-2030) ($MN)
- Table 63 Asia Pacific Facial Recognition Market Outlook, By Services (2021-2030) ($MN)
- Table 64 Asia Pacific Facial Recognition Market Outlook, By Cloud Based Facial Recognition (2021-2030) ($MN)
- Table 65 Asia Pacific Facial Recognition Market Outlook, By Training and Consulting Services (2021-2030) ($MN)
- Table 66 Asia Pacific Facial Recognition Market Outlook, By Software (2021-2030) ($MN)
- Table 67 Asia Pacific Facial Recognition Market Outlook, By 3D Facial Recognition (2021-2030) ($MN)
- Table 68 Asia Pacific Facial Recognition Market Outlook, By 2D Facial Recognition (2021-2030) ($MN)
- Table 69 Asia Pacific Facial Recognition Market Outlook, By Application (2021-2030) ($MN)
- Table 70 Asia Pacific Facial Recognition Market Outlook, By Access Control (2021-2030) ($MN)
- Table 71 Asia Pacific Facial Recognition Market Outlook, By Attendance Tracking and Monitoring (2021-2030) ($MN)
- Table 72 Asia Pacific Facial Recognition Market Outlook, By Security and Surveillance (2021-2030) ($MN)
- Table 73 Asia Pacific Facial Recognition Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 74 Asia Pacific Facial Recognition Market Outlook, By End User (2021-2030) ($MN)
- Table 75 Asia Pacific Facial Recognition Market Outlook, By Media and Entertainment (2021-2030) ($MN)
- Table 76 Asia Pacific Facial Recognition Market Outlook, By IT and Telecom (2021-2030) ($MN)
- Table 77 Asia Pacific Facial Recognition Market Outlook, By Retail and E-commerce (2021-2030) ($MN)
- Table 78 Asia Pacific Facial Recognition Market Outlook, By Healthcare (2021-2030) ($MN)
- Table 79 Asia Pacific Facial Recognition Market Outlook, By Government (2021-2030) ($MN)
- Table 80 Asia Pacific Facial Recognition Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 81 South America Facial Recognition Market Outlook, By Country (2021-2030) ($MN)
- Table 82 South America Facial Recognition Market Outlook, By Component (2021-2030) ($MN)
- Table 83 South America Facial Recognition Market Outlook, By Services (2021-2030) ($MN)
- Table 84 South America Facial Recognition Market Outlook, By Cloud Based Facial Recognition (2021-2030) ($MN)
- Table 85 South America Facial Recognition Market Outlook, By Training and Consulting Services (2021-2030) ($MN)
- Table 86 South America Facial Recognition Market Outlook, By Software (2021-2030) ($MN)
- Table 87 South America Facial Recognition Market Outlook, By 3D Facial Recognition (2021-2030) ($MN)
- Table 88 South America Facial Recognition Market Outlook, By 2D Facial Recognition (2021-2030) ($MN)
- Table 89 South America Facial Recognition Market Outlook, By Application (2021-2030) ($MN)
- Table 90 South America Facial Recognition Market Outlook, By Access Control (2021-2030) ($MN)
- Table 91 South America Facial Recognition Market Outlook, By Attendance Tracking and Monitoring (2021-2030) ($MN)
- Table 92 South America Facial Recognition Market Outlook, By Security and Surveillance (2021-2030) ($MN)
- Table 93 South America Facial Recognition Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 94 South America Facial Recognition Market Outlook, By End User (2021-2030) ($MN)
- Table 95 South America Facial Recognition Market Outlook, By Media and Entertainment (2021-2030) ($MN)
- Table 96 South America Facial Recognition Market Outlook, By IT and Telecom (2021-2030) ($MN)
- Table 97 South America Facial Recognition Market Outlook, By Retail and E-commerce (2021-2030) ($MN)
- Table 98 South America Facial Recognition Market Outlook, By Healthcare (2021-2030) ($MN)
- Table 99 South America Facial Recognition Market Outlook, By Government (2021-2030) ($MN)
- Table 100 South America Facial Recognition Market Outlook, By Other End Users (2021-2030) ($MN)
- Table 101 Middle East & Africa Facial Recognition Market Outlook, By Country (2021-2030) ($MN)
- Table 102 Middle East & Africa Facial Recognition Market Outlook, By Component (2021-2030) ($MN)
- Table 103 Middle East & Africa Facial Recognition Market Outlook, By Services (2021-2030) ($MN)
- Table 104 Middle East & Africa Facial Recognition Market Outlook, By Cloud Based Facial Recognition (2021-2030) ($MN)
- Table 105 Middle East & Africa Facial Recognition Market Outlook, By Training and Consulting Services (2021-2030) ($MN)
- Table 106 Middle East & Africa Facial Recognition Market Outlook, By Software (2021-2030) ($MN)
- Table 107 Middle East & Africa Facial Recognition Market Outlook, By 3D Facial Recognition (2021-2030) ($MN)
- Table 108 Middle East & Africa Facial Recognition Market Outlook, By 2D Facial Recognition (2021-2030) ($MN)
- Table 109 Middle East & Africa Facial Recognition Market Outlook, By Application (2021-2030) ($MN)
- Table 110 Middle East & Africa Facial Recognition Market Outlook, By Access Control (2021-2030) ($MN)
- Table 111 Middle East & Africa Facial Recognition Market Outlook, By Attendance Tracking and Monitoring (2021-2030) ($MN)
- Table 112 Middle East & Africa Facial Recognition Market Outlook, By Security and Surveillance (2021-2030) ($MN)
- Table 113 Middle East & Africa Facial Recognition Market Outlook, By Other Applications (2021-2030) ($MN)
- Table 114 Middle East & Africa Facial Recognition Market Outlook, By End User (2021-2030) ($MN)
- Table 115 Middle East & Africa Facial Recognition Market Outlook, By Media and Entertainment (2021-2030) ($MN)
- Table 116 Middle East & Africa Facial Recognition Market Outlook, By IT and Telecom (2021-2030) ($MN)
- Table 117 Middle East & Africa Facial Recognition Market Outlook, By Retail and E-commerce (2021-2030) ($MN)
- Table 118 Middle East & Africa Facial Recognition Market Outlook, By Healthcare (2021-2030) ($MN)
- Table 119 Middle East & Africa Facial Recognition Market Outlook, By Government (2021-2030) ($MN)
- Table 120 Middle East & Africa Facial Recognition Market Outlook, By Other End Users (2021-2030) ($MN)
