PUBLISHER: The Business Research Company | PRODUCT CODE: 1477083
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477083
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.
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.
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.