Global Facial Recognition Market Set to Soar, Expected to Reach US$ 25.4 Billion by 2033 (Computers - Information Technologies)

Item ID 133010437 in Category: Computers - Information Technologies

Global Facial Recognition Market Set to Soar, Expected to Reach US$ 25.4 Billion by 2033

A recent FMI analysis projects that the facial recognition market would develop at a compound annual growth rate (CAGR) of 16.1%, from US$ 5.7 billion in 2023 to US$ 25.4 billion by 2033. According to this survey, increased government spending on the contemporary CCTV cameras that are deployed in most public spaces to prevent crime and terrorist attacks and to enhance public safety is what is propelling the growth of the facial recognition sector.

The need for face detection systems to increase safety and security, along with the rise of applications in physical security and intelligent signs, are expected to fuel the growth of the worldwide facial recognition market during the course of the forecast period. Predictions from the poll indicate that technology advancements such as cloud-based

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The gradual rise in use cases following the COVID-19 pandemic is another factor that has benefited the market’s requirement for facial recognition. Additionally, these devices are being used by healthcare institutions all around the world to do thermal camera inspections.

Key Takeaways from the Market Study

Global Facial Recognition market to be valued at US$ 5.2 Bn by 2022-end
By Component, Software Tools Segment expanded at a CAGR of 16.8% until 2021
Law Enforcement applications ruled the Facial Recognition market with a CAGR of 16.7% until 2021.
China to account for the highest value share of US$ 1.6 Bn of global market demand for the Facial Recognition market in 2032.
Competitive Landscape

Players in the global Facial Recognition market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

In March 2022, Aware, a biometrics software and services company, partnered with MIRACL to expand its cloud-based biometric authentication technology. The partnership is a mutual reseller arrangement whereby each company can both sell each other’s products and integrate them within their own product lines, quickly bringing to market password-free login paradigms delivering superior security and simplicity for users.
In March 2022, SALTO’s acquisition of Cognitec Systems initiates a strong partnership of business synergy and innovation. This acquisition is expected to meet market requests for adding face recognition and artificial intelligence technologies to the company’s renowned electronic access control and ticketing solutions. In addition, both companies appreciate a similar innovative work environment and corporate culture.
More Insights on the Facial Recognition Market

Future Market Insights offers an unbiased analysis of the global facial recognition market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the facial recognition market, the market is segmented on the basis of component type, application, and vertical across five major regions.

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Key Segments Covered in the Facial Recognition Industry Report

Facial Recognition by Component

Facial Recognition Software Tools

2D Facial Recognition
3D Facial Recognition
Facial Analytics
Facial Recognition Services

Training and Consulting
Cloud Based Facial Recognition
Facial Recognition by Vertical

Facial Recognition in Banking
Facial Recognition in Retail & E-Commerce
Facial Recognition in Automotive
Facial Recognition in Healthcare
Facial Recognition in Government & Defence
Facial Recognition for Other Verticals
Facial Recognition by Application

Facial Recognition for Law Enforcement
Facial Recognition for Access Control
Facial Recognition for Emotion Recognition
Facial Recognition for Attendance Tracking and Monitoring
Facial Recognition for Other Applications

Target State: All States
Target City : All Cities
Last Update : Apr 24, 2024 11:23 AM
Number of Views: 153
Item  Owner  : Sudip Saha is the managing director and co-founder at Future Market Insights
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2024-07-24 (0.392 sec)