Global Facial Recognition Market 2024 New Trends, Business Growth, Segmentation And Key Players Analysis Till 2033

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.

Market Overview -
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.

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Surging Demand In The Surveillance Industry Drives Growth In The Facial Recognition Market
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.

Competitive Landscape -
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.

Strategic partnership is a key trend in the facial recognition market. Companies are partnering with facial recognition companies to expand into a new market and leverage each other resources. For instance, in May 2021, SAFR, a US-based company that provides touchless biometrics solutions, partnered with Convergint Technologies. Through this partnership, Convergint will add the SAFR computer vision technology to its portfolio of integrated security solutions to provide the industry's leading face recognition platform for live video intelligence to its clients in the United States. Convergint is a Schaumburg-based security and investigations company. Similarly, in February 2021, Honeywell, a US-based multinational conglomerate company that provides smart building solutions for aerospace, defense, manufacturing, and others, partnered with Idemia. The partnership aims to create solutions that will enable occupants to have contactless engagement with a building easily and securely, from vehicle recognition in the parking garage to automatic elevator. IDEMIA is a France-based company that offers identity and security solutions.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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