Facial Recognition Market Growth Outlook Through 2024-2033

Overview and Scope
Facial recognition refers to the method of recognizing someone or confirming their identification by looking at their face. It records patterns based on a person's face characteristics, analyses them, and compares the results. In order to identify and locate human faces in pictures and videos, the face detection method is a necessary first step.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

North America was the largest region in the facial recognition market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the facial recognition market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the facial recognition market report are NEC Corporation, SenseTime Group Inc., Idemia Group S.A., Megvii Inc., CyberLink Corp., Ayasdi Inc., FacePhi S.L., Raydiant Inc., Paravision Inc., Aware Inc., FaceFirst Incorporated, Innovatrics Inc., Ayonix Corporation, Herta Security GmbH, Polaris Sensor Technologies Inc., Cognitec Systems GmbH, AURORA COMPUTER SERVICES LIMITED, Animetrics, Rank One Computing Inc., DeepVisionAI Inc., AnyVision Interactive Technologies Ltd., FaceTec Inc., BioID AG, Applied Recognition Inc., XRVision Pte Ltd., Tech5 S.A., Pangiam Trueface Corporation, Clearview AI Inc., Kairos AR Inc., Neurotechnology LLC, ImageWare Systems Inc., KeyLemon S.A., VicarVision B.V.

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
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32. Global Facial Recognition Market Competitive Benchmarking
33. Global Facial Recognition Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Facial Recognition Market
35. Facial Recognition Market Future Outlook and Potential Analysis
36. Appendix

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