The facial recognition market size is projected to reach US$ 18.87 billion by 2031 from US$ 6.53 billion in 2023. The market is expected to register a CAGR of 14.2% during 2023–2031. The rising awareness of using facial recognition technology is likely to remain a key trend in the market.
The growing requirement for effective video surveillance systems is driving up demand for facial recognition technologies. Facial recognition technology is being adopted by industries such as security and law enforcement, healthcare, retail, and transportation to improve security and safety.
Face recognition is a type of biometric software that uses a person's facial traits to verify their identification. Facial recognition is a typical method used in security systems to identify specific people or users. One of the most frequent applications of face recognition is to unlock cell phones. The technique is also utilized in police enforcement, video monitoring, and passenger screening. Facial recognition mathematically maps a person's facial characteristics and stores the results as a faceprint. To validate an individual's identification, the program compares a distinct video or digital picture to a database of stored faceprints using deep learning techniques.
The growing need for contactless authentication techniques, along with the availability of high-resolution cameras and the increasing use of smartphones equipped with face recognition capabilities, is propelling the facial recognition industry forward. This technology has uses in a variety of industries, including surveillance, banking, airports, and access control. The market is estimated to create large revenue and will continue to grow in the future years.
The government segment consists of various government facilities, defense facilities, municipalities, utility stations, and others. Owing to the increasing emphasis on national security, governments across the world are investing significantly in advanced security solutions such as facial recognition systems. Also, the increasing emphasis on developing smart cities is among the other factors contributing to the adoption of facial recognition systems for enhanced security and surveillance applications, which drives the facial recognition market growth.
Key segments that contributed to the derivation of the facial recognition market analysis are component, application, and vertical.
The geographic scope of the facial recognition market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the market in 2023. Hence, any impact on the growth of industries is expected to affect the region's economic growth negatively. Despite several state and local regulations regulating facial recognition technology in the United States, impending conflicts persist. Facial recognition is predicted to rise significantly in the next years due to increased investment and enthusiasm by companies to embrace it. At the same time, US legislators and privacy groups are voicing concerns about the technology's potential societal effects and advocating for more regulation.
The regional trends and factors influencing the Facial Recognition Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Facial Recognition Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6.53 Billion |
| Market Size by 2031 | US$ 18.87 Billion |
| Global CAGR (2023 - 2031) | 14.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Facial Recognition Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Facial Recognition Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The facial recognition market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the facial recognition market are listed below:
The “Facial Recognition Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the facial recognition market in 2023.
The growing requirement for effective video surveillance systems is driving up demand for facial recognition technologies. Facial recognition technology is being adopted by industries such as security and law enforcement, healthcare, retail, and transportation to improve security and safety.
The rising awareness of using facial recognition technology is likely to remain a key trend in the market.
Tech5, IDEMIA, Aware Inc., Cognitec Systems GmbH, and Ayonix Corporation are among the leading facial recognition market.
The estimated value of the facial recognition market is expected to reach US$ 18.87 billion by 2031.
The market is expected to grow at a CAGR of 14.2% over the forecast period.