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Facial Recognition Market By Technology, By Application, By End User: Global Opportunity Analysis and Industry Forecast, 2023-2032

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    Report

  • 278 Pages
  • September 2023
  • Region: Global
  • Allied Market Research
  • ID: 5578343
The facial recognition market is involved in the development and implementation of technologies that allow for the identification and verification of people based on their facial features. The goal of facial recognition technology is to generate a unique identifier for each person by analyzing and comparing distinctive facial characteristics, such as the distance between the eyes, the shape of the nose, and the jawline. The demand for convenient and safe authentication techniques in multiple sectors has led to a major increase in the market for facial recognition in the past few years. Applications for the technology can be found in fields like police enforcement, government, banking, retail, and healthcare. Facial recognition is used in law enforcement for forensic investigation, criminal identification, and monitoring. It is used by governments for public safety, identification verification, and border control. Furthermore, facial recognition is also used in banking and retail for safe access management, fraud prevention, and customized consumer experiences. This technology is utilized in healthcare for patient identification, access management, and monitoring. Technological breakthroughs in artificial intelligence, deep learning algorithms, and computer vision are driving the facial recognition market. Additionally, the market is expanding as a result of the expanding availability of high-resolution cameras, the rising use of smartphones with facial recognition features, and the demand for contactless authentication techniques. However, obstacles to broad use of facial recognition and continued advancement include issues regarding privacy, data security, and potential biases in the algorithms employed for facial recognition.

The facial recognition market is segmented on the basis of technology, application, end user, and region. On the basis of technology, it is categorized into 2D, 3D, and facial analytics. As per application, it is divided into access control, attendance tracking & monitoring, emotion recognition, security & surveillance, and others. Depending on the end user, it is fragmented into retail & e-commerce, media & entertainment, BFSI, automobile & transportation, IT and Telecom, government, healthcare, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global facial recognition industry is dominated by key players such as NEC Corporation, Aware, Inc., Cognitec Systems Gmbh., Thales, Fujitsu, Facephi, Nviso, Onfido, Daon, Inc., and Facefirst. These players have adopted various strategies to increase their market penetration and strengthen their position in the facial recognition market.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the facial recognition market analysis from 2022 to 2032 to identify the prevailing facial recognition market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the facial recognition market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global facial recognition market trends, key players, market segments, application areas, and market growth strategies.

Additional benefits you will get with this purchase are:

  • Quarterly Update and* (only available with a corporate license, on listed price)
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  • Product Life Cycles
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  • Additional country or region analysis- market size and forecast
  • Key player details (including location, contact details, supplier/vendor network etc. in excel format)
  • Market share analysis of players at global/region/country level
  • SWOT Analysis

Key Market Segments

By Application

  • Access Control
  • Attendance Tracking and Monitoring
  • Emotion Recognition
  • Security and Surveillance
  • Others

By Technology

  • 3D
  • 2D
  • Facial Analytics

By End User

  • Retail and E-commerce
  • Media and Entertainment
  • BFSI
  • Automobile and Transportation
  • IT and Telecom
  • Government
  • Healthcare
  • Others

By Region

  • North America
  • U.S.
  • Canada
  • Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa
  • Key Market Players
  • NEC Corporation
  • Aware, Inc.
  • Thales
  • Fujitsu
  • NVISO
  • Onfido
  • FaceFirst
  • Cognitec Systems GmbH.
  • FacePhi
  • Daon, Inc.

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.3. Porter’s five forces analysis
3.4. Market dynamics
CHAPTER 4: FACIAL RECOGNITION MARKET, BY TECHNOLOGY
4.1. Overview
4.2. 3D
4.3. 2D
4.4. Facial Analytics
CHAPTER 5: FACIAL RECOGNITION MARKET, BY APPLICATION
5.1. Overview
5.2. Access Control
5.3. Attendance Tracking and Monitoring
5.4. Emotion Recognition
5.5. Security and Surveillance
5.6. Others
CHAPTER 6: FACIAL RECOGNITION MARKET, BY END USER
6.1. Overview
6.2. Retail and E-commerce
6.3. Media and Entertainment
6.4. BFSI
6.5. Automobile and Transportation
6.6. IT and Telecom
6.7. Government
6.8. Healthcare
6.9. Others
CHAPTER 7: FACIAL RECOGNITION MARKET, BY REGION
7.1. Overview
7.2. North America
7.3. Europe
7.4. Asia-Pacific
7.5. LAMEA
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product mapping of top 10 player
8.4. Competitive dashboard
8.5. Competitive heatmap
8.6. Top player positioning, 2022
CHAPTER 9: COMPANY PROFILES
9.1. NEC Corporation
9.2. Aware, Inc.
9.3. Cognitec Systems GmbH.
9.4. Thales
9.5. Fujitsu
9.6. FacePhi
9.7. NVISO
9.8. Onfido
9.9. Daon, Inc.
9.10. FaceFirst
List of Tables
Table 01. Global Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 02. Facial Recognition Market for 3D, by Region, 2022-2032 ($ Million)
Table 03. Facial Recognition Market for 2D, by Region, 2022-2032 ($ Million)
Table 04. Facial Recognition Market for Facial Analytics, by Region, 2022-2032 ($ Million)
Table 05. Global Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 06. Facial Recognition Market for Access Control, by Region, 2022-2032 ($ Million)
Table 07. Facial Recognition Market for Attendance Tracking and Monitoring, by Region, 2022-2032 ($ Million)
Table 08. Facial Recognition Market for Emotion Recognition, by Region, 2022-2032 ($ Million)
Table 09. Facial Recognition Market for Security and Surveillance, by Region, 2022-2032 ($ Million)
Table 10. Facial Recognition Market for Others, by Region, 2022-2032 ($ Million)
Table 11. Global Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 12. Facial Recognition Market for Retail and E-Commerce, by Region, 2022-2032 ($ Million)
Table 13. Facial Recognition Market for Media and Entertainment, by Region, 2022-2032 ($ Million)
Table 14. Facial Recognition Market for Bfsi, by Region, 2022-2032 ($ Million)
Table 15. Facial Recognition Market for Automobile and Transportation, by Region, 2022-2032 ($ Million)
Table 16. Facial Recognition Market for It and Telecom, by Region, 2022-2032 ($ Million)
Table 17. Facial Recognition Market for Government, by Region, 2022-2032 ($ Million)
Table 18. Facial Recognition Market for Healthcare, by Region, 2022-2032 ($ Million)
Table 19. Facial Recognition Market for Others, by Region, 2022-2032 ($ Million)
Table 20. Facial Recognition Market, by Region, 2022-2032 ($ Million)
Table 21. North America Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 22. North America Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 23. North America Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 24. North America Facial Recognition Market, by Country, 2022-2032 ($ Million)
Table 25. U.S. Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 26. U.S. Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 27. U.S. Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 28. Canada Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 29. Canada Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 30. Canada Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 31. Europe Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 32. Europe Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 33. Europe Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 34. Europe Facial Recognition Market, by Country, 2022-2032 ($ Million)
Table 35. UK Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 36. UK Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 37. UK Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 38. Germany Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 39. Germany Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 40. Germany Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 41. France Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 42. France Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 43. France Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 44. Italy Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 45. Italy Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 46. Italy Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 47. Spain Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 48. Spain Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 49. Spain Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 50. Rest of Europe Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 51. Rest of Europe Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 52. Rest of Europe Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 53. Asia-Pacific Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 54. Asia-Pacific Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 55. Asia-Pacific Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 56. Asia-Pacific Facial Recognition Market, by Country, 2022-2032 ($ Million)
Table 57. China Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 58. China Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 59. China Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 60. Japan Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 61. Japan Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 62. Japan Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 63. India Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 64. India Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 65. India Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 66. Australia Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 67. Australia Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 68. Australia Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 69. South Korea Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 70. South Korea Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 71. South Korea Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 72. Rest of Asia-Pacific Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 73. Rest of Asia-Pacific Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 74. Rest of Asia-Pacific Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 75. LAMEA Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 76. LAMEA Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 77. LAMEA Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 78. LAMEA Facial Recognition Market, by Country, 2022-2032 ($ Million)
Table 79. Latin America Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 80. Latin America Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 81. Latin America Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 82. Middle East Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 83. Middle East Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 84. Middle East Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 85. Africa Facial Recognition Market, by Technology, 2022-2032 ($ Million)
Table 86. Africa Facial Recognition Market, by Application, 2022-2032 ($ Million)
Table 87. Africa Facial Recognition Market, by End-user, 2022-2032 ($ Million)
Table 88. Nec Corporation : Key Executives
Table 89. Nec Corporation : Company Snapshot
Table 90. Nec Corporation : Service Segments
Table 91. Nec Corporation : Product Portfolio
Table 92. Nec Corporation : Key Stratergies
Table 93. Aware, Inc.: Key Executives
Table 94. Aware, Inc.: Company Snapshot
Table 95. Aware, Inc.: Service Segments
Table 96. Aware, Inc.: Product Portfolio
Table 97. Aware, Inc.: Key Stratergies
Table 98. Cognitec Systems Gmbh.: Key Executives
Table 99. Cognitec Systems Gmbh.: Company Snapshot
Table 100. Cognitec Systems Gmbh.: Product Segments
Table 101. Cognitec Systems Gmbh.: Product Portfolio
Table 102. Cognitec Systems Gmbh.: Key Stratergies
Table 103. Thales: Key Executives
Table 104. Thales: Company Snapshot
Table 105. Thales: Product Segments
Table 106. Thales: Product Portfolio
Table 107. Thales: Key Stratergies
Table 108. Fujitsu: Key Executives
Table 109. Fujitsu: Company Snapshot
Table 110. Fujitsu: Service Segments
Table 111. Fujitsu: Product Portfolio
Table 112. Fujitsu: Key Stratergies
Table 113. Facephi: Key Executives
Table 114. Facephi: Company Snapshot
Table 115. Facephi: Service Segments
Table 116. Facephi: Product Portfolio
Table 117. Facephi: Key Stratergies
Table 118. Nviso: Key Executives
Table 119. Nviso: Company Snapshot
Table 120. Nviso: Service Segments
Table 121. Nviso: Product Portfolio
Table 122. Nviso: Key Stratergies
Table 123. Onfido: Key Executives
Table 124. Onfido: Company Snapshot
Table 125. Onfido: Service Segments
Table 126. Onfido: Product Portfolio
Table 127. Onfido: Key Stratergies
Table 128. Daon, Inc.: Key Executives
Table 129. Daon, Inc.: Company Snapshot
Table 130. Daon, Inc.: Service Segments
Table 131. Daon, Inc.: Product Portfolio
Table 132. Daon, Inc.: Key Stratergies
Table 133. Facefirst: Key Executives
Table 134. Facefirst: Company Snapshot
Table 135. Facefirst: Service Segments
Table 136. Facefirst: Product Portfolio
List of Figures
Figure 01. Facial Recognition Market, 2022-2032
Figure 02. Segmentation of Facial Recognition Market, 2022-2032
Figure 03. Top Impacting Factors in Facial Recognition Market (2022 to 2032)
Figure 04. Top Investment Pockets in Facial Recognition Market (2023-2032)
Figure 05. Low Bargaining Power of Suppliers
Figure 06. Low Threat of New Entrants
Figure 07. Low Threat of Substitutes
Figure 08. Low Intensity of Rivalry
Figure 09. Low Bargaining Power of Buyers
Figure 10. Global Facial Recognition Market: Drivers, Restraints and Opportunities
Figure 11. Facial Recognition Market, by Technology, 2022 and 2032 (%)
Figure 12. Comparative Share Analysis of Facial Recognition Market for 3D, by Country 2022 and 2032 (%)
Figure 13. Comparative Share Analysis of Facial Recognition Market for 2D, by Country 2022 and 2032 (%)
Figure 14. Comparative Share Analysis of Facial Recognition Market for Facial Analytics, by Country 2022 and 2032 (%)
Figure 15. Facial Recognition Market, by Application, 2022 and 2032 (%)
Figure 16. Comparative Share Analysis of Facial Recognition Market for Access Control, by Country 2022 and 2032 (%)
Figure 17. Comparative Share Analysis of Facial Recognition Market for Attendance Tracking and Monitoring, by Country 2022 and 2032 (%)
Figure 18. Comparative Share Analysis of Facial Recognition Market for Emotion Recognition, by Country 2022 and 2032 (%)
Figure 19. Comparative Share Analysis of Facial Recognition Market for Security and Surveillance, by Country 2022 and 2032 (%)
Figure 20. Comparative Share Analysis of Facial Recognition Market for Others, by Country 2022 and 2032 (%)
Figure 21. Facial Recognition Market, by End-user, 2022 and 2032 (%)
Figure 22. Comparative Share Analysis of Facial Recognition Market for Retail and E-Commerce, by Country 2022 and 2032 (%)
Figure 23. Comparative Share Analysis of Facial Recognition Market for Media and Entertainment, by Country 2022 and 2032 (%)
Figure 24. Comparative Share Analysis of Facial Recognition Market for Bfsi, by Country 2022 and 2032 (%)
Figure 25. Comparative Share Analysis of Facial Recognition Market for Automobile and Transportation, by Country 2022 and 2032 (%)
Figure 26. Comparative Share Analysis of Facial Recognition Market for It and Telecom, by Country 2022 and 2032 (%)
Figure 27. Comparative Share Analysis of Facial Recognition Market for Government, by Country 2022 and 2032 (%)
Figure 28. Comparative Share Analysis of Facial Recognition Market for Healthcare, by Country 2022 and 2032 (%)
Figure 29. Comparative Share Analysis of Facial Recognition Market for Others, by Country 2022 and 2032 (%)
Figure 30. Facial Recognition Market by Region, 2022 and 2032 (%)
Figure 31. U.S. Facial Recognition Market, 2022-2032 ($ Million)
Figure 32. Canada Facial Recognition Market, 2022-2032 ($ Million)
Figure 33. UK Facial Recognition Market, 2022-2032 ($ Million)
Figure 34. Germany Facial Recognition Market, 2022-2032 ($ Million)
Figure 35. France Facial Recognition Market, 2022-2032 ($ Million)
Figure 36. Italy Facial Recognition Market, 2022-2032 ($ Million)
Figure 37. Spain Facial Recognition Market, 2022-2032 ($ Million)
Figure 38. Rest of Europe Facial Recognition Market, 2022-2032 ($ Million)
Figure 39. China Facial Recognition Market, 2022-2032 ($ Million)
Figure 40. Japan Facial Recognition Market, 2022-2032 ($ Million)
Figure 41. India Facial Recognition Market, 2022-2032 ($ Million)
Figure 42. Australia Facial Recognition Market, 2022-2032 ($ Million)
Figure 43. South Korea Facial Recognition Market, 2022-2032 ($ Million)
Figure 44. Rest of Asia-Pacific Facial Recognition Market, 2022-2032 ($ Million)
Figure 45. Latin America Facial Recognition Market, 2022-2032 ($ Million)
Figure 46. Middle East Facial Recognition Market, 2022-2032 ($ Million)
Figure 47. Africa Facial Recognition Market, 2022-2032 ($ Million)
Figure 48. Top Winning Strategies, by Year (2020-2023)
Figure 49. Top Winning Strategies, by Development (2020-2023)
Figure 50. Top Winning Strategies, by Company (2020-2023)
Figure 51. Product Mapping of Top 10 Players
Figure 52. Competitive Dashboard
Figure 53. Competitive Heatmap: Facial Recognition Market
Figure 54. Top Player Positioning, 2022
Figure 55. Nec Corporation : Net Revenue, 2019-2021 ($ Million)
Figure 56. Aware, Inc.: Research & Development Expenditure, 2019-2021
Figure 57. Aware, Inc.: Net Sales, 2019-2021 ($ Million)
Figure 58. Aware, Inc.: Revenue Share by Segment, 2021 (%)
Figure 59. Aware, Inc.: Revenue Share by Region, 2021 (%)
Figure 60. Thales: Net Revenue, 2020-2022 ($ Million)
Figure 61. Thales: Revenue Share by Segment, 2022 (%)
Figure 62. Thales: Revenue Share by Region, 2022 (%)
Figure 63. Fujitsu: Net Revenue, 2020-2022 ($ Million)
Figure 64. Fujitsu: Research & Development Expenditure, 2020-2022 ($ Million)
Figure 65. Fujitsu: Revenue Share by Segment, 2022 (%)
Figure 66. Fujitsu: Revenue Share by Region, 2022 (%)

Executive Summary

According to the report, the facial recognition market was valued at $5.5 billion in 2022, and is estimated to reach $24.3 billion by 2032, growing at a CAGR of 16.4% from 2023 to 2032.

A system that can recognize a human face from a digital photo or video frame using a database of faces is known as facial recognition. It works in a series of complex processes that include detecting facial features in images, video clips, multiple camera views, and three-dimensional (3D) data, analyzing the image by analyzing the geometry and expression, and recognizing the image to recognize the person. It is largely used to identify users through identification (ID) verification services, and it automatically groups people into different categories based on things like age, gender, and weight. Moreover, it could rectify blurred image in order to accurately analyze and identify people. By minimizing unnecessary human interaction, it improves security maintenance efficiency and helps to avoid crimes. Additionally, it enables people to secure their documents and data stored online or on computers using network access control that supports facial recognition. Furthermore, it is integrated with banking, airport, and border control biometric and attendance systems.

Furthermore, utilizing current cameras and surveillance equipment, facial recognition technology may be quickly deployed. The use of facial recognition technologies is anticipated to increase as security technology advances to enable effective surveillance systems to track crimes, frauds, and terrorist activities. During the upcoming period, this is anticipated to drive the facial recognition market.

Additionally, factors such as increasing need for effective video surveillance systems and rising government and military investments on facial recognition primarily drive the growth of the facial recognition market. However, concern over privacy and data security hampers market growth to some extent. Moreover, IoT and smart device adoption that works seamlessly is expected to provide lucrative opportunities for market growth during the forecast period.

On the basis of application the access control dominated the facial recognition market share in 2022, owing to increasing integrated with smartphones, tablets, and smart locks to provide seamless access control in residential, commercial, and hospitality settings. Furthermore, the need for heightened security measures in residential, commercial, and public settings is a significant driver for facial recognition in access control. However the security and surveillance segment is expected to be the fastest growing, owing to real-time identification and alerts, making surveillance more proactive. Furthermore, the rising concern over security threats, terrorism, and public safety issues is a significant driver for the adoption of facial recognition technology in surveillance.

Region-wise North America dominated the facial recognition market size in 2022, owing to the growing adoption of advanced technological solutions such as AR (Augmented Reality) and VR (Virtual Reality) solutions across end-user industries, such as media & entertainment, retail, and financial sectors, contributing toward a major trend in the North America region. However Asia-Pacific is expected to be the fastest growing region in the market, owing to the rise in the use of automated systems from unlocking mobile phones to checking in for flights to making payments with the use of AI to match live images of a person for verification against a database of photographs.

The facial recognition market was significantly impacted by the COVID-19 pandemic. The popularity of facial recognition systems in many industries was fueled by the growing emphasis on contactless technology and the necessity for touchless identification techniques. Facial recognition offers a practical and hygienic substitute to conventional authentication techniques like fingerprint scanning or PIN entry because it avoids physical contact. Facial recognition technology is now more in demand in sectors like healthcare, banking, retail, and transportation. Additionally, the outbreak created interest in facial recognition as a substitute authentication technique by driving demand for touchless and contactless technologies. Without requiring physical touch or the use of communal surfaces, facial recognition offers a hygienic and practical approach to identify people. Due to this, new approaches have been developed and implemented into operation that aim to increase the accuracy of facial recognition in situations where people are wearing masks, such as algorithms that can evaluate additional facial traits or blend facial recognition with other biometric modalities.

Key Findings of the Study

By technology, the 3D segment led the facial recognition market in terms of revenue in 2022.

By application, the security and surveillance segment is anticipated the fastest growth for facial recognition market forecast.

By end user, the retail and e-commerce dominated the facial recognition market growth.

By region, North America generated the highest revenue for facial recognition market analysis in 2022.

The key players profiled in the facial recognition industry analysis are NEC Corporation, Aware, Inc., Cognitec Systems Gmbh., Thales, Fujitsu, Facephi, Nviso, Onfido, Daon, Inc., and Facefirst. These players have adopted various strategies to increase their market penetration and strengthen their position in the facial recognition industry.

Companies Mentioned

  • NEC Corporation
  • Aware, Inc.
  • Thales
  • Fujitsu
  • NVISO
  • Onfido
  • FaceFirst
  • Cognitec Systems GmbH.
  • FacePhi
  • Daon, Inc.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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