Research Nester published a report titled “Facial Recognition Market: Demand Analysis & Opportunity Outlook 2033” which delivers detailed overview of the global facial recognition market in terms of market segmentation by component, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global facial recognition market is anticipated to grow with a CAGR of ~16% during the forecast period, i.e. 2023-2033. The market is segmented by end-users into healthcare, education, automotive, banking, financial services and insurance, retail & e-commerce, and others. Out of these, the healthcare sector is attributed to garner the highest market share by 2033, owing to expansion of healthcare sector across the world. Lately, it was estimated that revenue generation by healthcare segment stood up at approximately USD 60 billion in 2022.
The global facial recognition market is estimated to garner a notable revenue by the end of 2033. Facial recognition technology is being extensively used in various application such as smartphones for locking and unlocking features, and signing in or paying with through mobile apps. The popularity of the technology is owing to its ability to recognize and verify an individual from a digital image or video. It mainly works by capturing an image of someone and applying the face analytics combining with the available database. The contactless verification technology like facial recognition has been gaining popularity for a significant time being.
Geographically, the global facial recognition market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America region is estimate to garner the largest market share by the end of 2031, on the back of presence of major key players, expansion of electronic industry, increase of smartphone and internet users, high disposable income and considerable growth in GDP.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Rise in Smartphone Usersto Drive the Market Growth
An increase in applications in physical security and intelligent signage as well as rise in demand for face detection systems to enhance safety and security is anticipated to propel the growth of the global facial recognition market. In addition, technological advancements, increase in applications in mobile security and drones is expected to offer remunerative opportunities for expansion of the facial recognition market size during the forecast period. Facial recognition is indeed an area of biometrics where several technologies meet. The next generation of mobile networks, 5G, and edge technology is expected to make it widespread than it already is. Nowadays, it is being adopted in airports and border checks, surveillance and similar applications, but facial recognition applications are forecasted to expand its usage in the upcoming years.
However,the low adoption rate in developing countries coupled with frequent changing regulatory policies and poor policy managementis expected to operate as key restraint to the growth of the global facial recognition market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global facial recognition market which includes company profiling of PopID, Inc., SAFR (RealNetworks), Inc., Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, FACEPHI BIOMETRICS Ltd., Fujitsu Limited, THALES, IDEMIA Group, NEC Corporation, Onfido,and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global facial recognition market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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