Facial Recognition Market worth $13.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

It is anticipated that facial recognition technology will witness more breakthroughs in research and development, enhanced accuracy, broad industry usage, heightened focus on privacy legislation and bias reduction, and integration with other technologies in the future. How people view and embrace facial recognition technology, as well as how ethical issues are resolved, will be critical factors in determining its future.

CHICAGO, March 5, 2024 /PRNewswire/ -- The global Facial Recognition Market is estimated to be worth USD 6.3 billion in 2023 and is projected to reach USD 13.4 billion by 2028, at a CAGR of 16.3% during the forecast period, according to a new report by MarketsandMarkets™. Accelerated adoption of facial recognition technology during and after the pandemic is driving the growth of the facial recognition market.

Browse in-depth TOC on "Facial Recognition Market"

57 - Tables
17 - Figures
248 - Pages

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Scope of the Report

The global reaction to the COVID-19 outbreak is strongly linked to the driving force behind contactless solutions, including facial recognition technology. The pandemic created a general need to improve cleanliness and minimize physical touch, spurring a boom in the use of facial recognition in various industries. This trend has seen the rise of facial recognition as a significant factor, especially in authentication and access management applications.

By Deployment Mode, the on-premises segment accounts for a larger market share.

The on-premises segment is estimated to account for a larger market share during the forecast period. On-premises facial recognition refers to software and hardware systems installed locally within an organization's facilities, rather than cloud-based services. On-premises deployments allow organizations to retain complete control and security of biometric data and integrate with existing infrastructure like access control and security cameras. Key benefits of on-site deployment include data sovereignty, lower latency responses, the ability to function offline, and avoidance of recurring cloud subscription costs. Its typical use cases include building access, employee time tracking, and loss prevention in retail stores or casinos.

The large enterprise segment accounts for a larger market share based on organization size.

The large enterprises segment is estimated to account for a larger market share during the forecast period. Large enterprises across key sectors like technology, financial services, healthcare, and manufacturing have rapidly adopted facial recognition technology over the last few years. The driving factors include enhanced security, workplace automation, and seamless customer experiences. Its conventional applications include automated employee authentication for facility access control, time-tracking, increased safety/surveillance, and personalized customer engagement. While most large companies acknowledge public concerns surrounding consent, biases, and mass surveillance, pragmatic implementations focused on workplace security, operations optimization, and customer convenience continue accelerating. With decreasing costs and improving accuracy, enterprise adoption is expected to grow significantly despite increasing regulation.

Asia Pacific to grow at the highest CAGR during the forecast period.

During the forecast period, the Asia Pacific region is poised to exhibit the highest CAGR in the facial recognition market. Facial recognition technology has gained significant traction in Asia and has become a focal point for governments, businesses, and various sectors. The Asia Pacific region has witnessed widespread adoption of facial recognition across diverse applications, ranging from security and surveillance to finance, retail, and healthcare. Governments in the area have been actively deploying facial recognition for public safety and law enforcement purposes. The technology is employed in airports, border crossings, and public spaces to enhance security measures and monitor potential threats, driving the adoption of facial recognition technology in the region.

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Top Companies in Facial Recognition Market

The major players in the facial recognition market are NEC (Japan), Microsoft (US), Thales (France), AWS (US), IDEMIA (France), Aware (US), Daon (Ireland), Megvii (China), Facephi (Spain), Herta Security (Spain), OneSpan (US), Q3 Technologies (US), Neurotechnology (Lithuania), Cognitec Systems (Germany), Ayonix (Japan), NVISO.ai (Switzerland), FaceFirst (US), Clarifai (US), Iproov (UK), Oosto (Israel), Pangiam (US), Clearview AI (US), Corsight AI (Israel), Facia (UK) Veridium (US), and Visage Technology (Sweden).

Recent Developments:

• The market report includes an enterprise and startup evaluation matrix.
• The market report provides financial information on key vendors in facial recognition until 2022–2023.
• The study includes the quantitative data for the historical years, i.e., 2017–2028, base year, i.e., 2022, and forecasted years, i.e., 2023–2028.
• The market study consists of the region-wise regulatory landscape and recession impact.
• The market study consists of the key conferences and events between 2024 and 2025.
• The research study includes 26 vendors operating in the market.
• The recession's impact on the facial recognition market has been included in the report.
• The research study comprises the patent analysis of technologies/solutions used in the facial recognition market.
• The research study also includes the market size for major countries in all regions.

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Facial Recognition Market Advantages:

• Access control systems, border control, law enforcement, and other sectors all benefit from facial recognition technology's safe and effective identification verification process.
• It provides a quick and easy way to authenticate, doing away with the need for tangible forms of identity like keys or cards. Applications like secure facility access and cell phone unlocking benefit greatly from this efficiency.
• Systems such as attendance tracking, client verification, and surveillance can all be automated with the use of facial recognition technology, which can be easily connected with other systems. By integrating, manual intervention is not as necessary and operational efficiency is increased.
• Facial recognition can improve customer experience in industries such as finance and retail by expediting transactions, providing personalized services, and streamlining login procedures.
• Innovation is encouraged by technology in sectors including healthcare, retail, and entertainment. Applications include everything from customized marketing campaigns in retail to patient identification in healthcare.
• Businesses can save time and money because to facial recognition's automation and speed. This is particularly useful in busy settings where prompt and precise identification are essential.

Report Objectives

• To define, describe, and forecast the facial recognition market based on segment By offering, organization size, deployment mode, applications, and vertical with regions covered.
• To forecast the size of the market segments with respect to five regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
• To provide detailed information on the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the facial recognition market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the global facial recognition market.
• To analyze opportunities in the market for stakeholders by identifying high-growth segments of the global facial recognition market.
• To profile the key market players, such as top and emerging vendors; provide a comparative analysis based on their business overviews, product offerings, and business strategies; and illustrate the market's competitive landscape.
• To track and analyze competitive developments in the market, such as new product launches, product enhancements, partnerships, acquisitions, and agreements and collaborations.

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