Facial Recognition Market Size and Forecast 2024-2033|NEC Corporation, SenseTime Group Inc., Idemia Group S.A., Megvii Inc., CyberLink Corp

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The Facial Recognition Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Facial Recognition Global Market Report 2024, The facial recognition market size has grown rapidly in recent years. It will grow from $6.15 billion in 2023 to $7.09 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to security and surveillance applications, government initiatives for national security, rise of smartphones and consumer electronics, biometric authentication in financial services.

The facial recognition market size is expected to see rapid growth in the next few years. It will grow to $12.88 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to privacy-preserving solutions, covid-19 pandemic response, enhanced security in airports and transportation, expanding use in education. Major trends in the forecast period include contactless biometric authentication, enhanced accuracy with AI and deep learning, privacy and ethical considerations, expansion in public safety and security.

The growing importance of the surveillance industry is expected to drive the facial recognition market. 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 August 2021, the Singapore Minister for Home Affairs announced that it aims to double police cameras installation by 2030, from 90,000 to 200,000 police cameras across the island state. Therefore, increasing the importance of the surveillance industry will lead to facial recognition market growth.

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The facial recognition market covered in this report is segmented –

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

Major companies in the facial recognition market are focusing on technological innovation, such as background-check databases, to enable the use of facial recognition. A background-check database is a tool used in the process of background verification to uncover information about an individual’s conduct in the past. For instance, in December 2022, Verify, a US-based company that provides performance management solutions, launched the world’s first publicly available background-check database to enable the use of facial recognition. This service, called Verify Faces, helps people make more informed decisions about others they may date, work with, do business with, or otherwise engage with. It provides key background information such as criminal and civil court reports, birthdate, address and phone number history, and social security number validation.

The facial recognition market report table of contents includes:

1. Executive Summary

2. Facial Recognition Market Characteristics

3. Facial Recognition Market Trends And Strategies

4. Facial Recognition Market – Macro Economic Scenario

5. Global Facial Recognition Market Size and Growth

26. South America Facial Recognition Market

27. Brazil Facial Recognition Market

28. Middle East Facial Recognition Market

29. Africa Facial Recognition Market

30. Facial Recognition Market Competitive Landscape And Company Profiles

Top Major Players: