NEW YORK, Feb. 24, 2023 /PRNewswire/ -- According to Technavio, the global facial recognition market size is estimated to grow by USD 7,634.09 million from 2022 to 2027. The market is estimated to grow at a  CAGR of 18.11% during the forecast period. North America is estimated to contribute 39% to the growth of the global market during the forecast period.For more insights on the historic (2017 to 2021) and forecast market size (2022 to 2027) - Request a sample report

Leading trends influencing the market 

• Technological advances like the integration of facial recognition with video surveillance will drive the growth of the market during the forecast period.

• The increasing adoption of multimodal biometric systems is set to witness strong demand.  A multimodal biometric system is an integration of several biometric technologies like facial, fingerprint, and voice recognition

• The facial recognition tool that uses photos on social networking sites like Facebook is also a major trend in the global facial recognition market.

• Know more- Buy The Report!

Facial Recognition Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on type, Application (Identification and Verification), Technology (3D, 2D, and Facial analytics), End-user (Media and entertainment, BFSI, Automobile and transportation, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).

• The identification segment will account for a significant share of the market's growth during the forecast period. The growth of this segment is attributed to factors such as its high adoption in the government and transportation sectors. One of the major factors supporting the growth of the verification segment is the high adoption of facial recognition in mobile devices. It is widely implemented in laptops and smartphones for user authentication.

Geography Overview
By geography, the global facial recognition market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global facial recognition market.

• North America is estimated to contribute 39% to the growth of the global market during the forecast period.  One of the main reasons for the growth in the region is the high adoption of advanced technologies at the initial stages of homeland security and defense. The market in Europe is estimated to grow during the forecast period owing to the increasing need for border security. The facial recognition market in the APAC region will grow at a high rate during the forecast period. The market will grow in MEA during the forecast period because of the growing awareness of facial recognition technology among end-users. The facial recognition market in South America will grow because of the need for improved safety and security during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 – Download a Sample Report

Facial Recognition Market – Market Dynamics
Key factor driving market growth

• The increasing number of identity and data theft cases is a key driver for the global facial recognition market.

• The growing popularity of online gaming and social network websites is one of the major reasons for the rising number of identity theft cases.

• The rising popularity of facial recognition is a key driving force for the growth of the global facial recognition market.

• For instance, ASSA ABLOY AB invested in Paravision in May 2021. Paravision is a leading provider of advanced facial recognition solutions recognized for their world-class leadership in accuracy.

• The increased adoption of 3D facial recognition technology in online banking services, ATMs, and mobile payments is also driving demand for the global market.

• Factors like these likely drive the growth of the market.

Major challenges hindering market growth

• The high cost of deployment is one of the major challenges restricting the use of facial recognition systems in government departments and airports. Additional to the actual cost of the facial recognition solution, there are other hidden costs like maintenance costs, middleware costs, and other associated costs.

• The lack of accuracy of biometric devices poses a challenge to the vendors. It occurs when the system fails to identify people because of factors such as plastic surgery, aging, and the non-permanent makeup of the persons whose images are previously stored in the database.

• Some agencies, such as the Federal Bureau of Investigation (FBI), mandate compliance with certain standards for biometrics solutions, which may lead to a challenge for vendors.

• The testing and approval process requires substantial time, effort, and financial resources. Failure to comply with applicable regulatory requirements can lead to the revocation of licenses or registrations, administrative enforcement actions, loss of approved status, civil and criminal liabilities, regulatory and governmental investigations, and constraints on the ability to continue to operate.

• Factors like these lead to challenges for vendors in the global facial recognition market.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this Facial Recognition Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the Facial Recognition Market between 2023 and 2027

• Precise estimation of the size of the Facial Recognition Market size and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the Facial Recognition Market industry across North America, Europe, APAC, Middle East and Africa, and South America

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of Facial Recognition Market vendors

Gain instant access to 17,000+ market research reports. 

Technavio's SUBSCRIPTION platform

Related Reports:

The iris recognition market size is expected to increase by USD 1.33 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 16.41%. The increased adoption of iris recognition in the government sector is a major factor driving the global iris recognition market share growth.

The gesture recognition solution market is estimated to grow at a CAGR of 28.13% between 2022 and 2027. The rising implementation of HMI technologies in the automotive industry is notably driving the market growth.

Browse for Technavio's information technology market reports

Table of Contents

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global facial recognition market 2017 - 2022

• 4.2 Application Segment Analysis 2017 - 2022

• 4.3 Technology Segment Analysis 2017 - 2022

• 4.4 End-user Segment Analysis 2017 - 2022

• 4.5 Geography Segment Analysis 2017 - 2022

• 4.6 Country Segment Analysis 2017 - 2022

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Application

• 6.1 Market segments

• 6.2 Comparison by Application

• 6.3 Identification - Market size and forecast 2022-2027

• 6.4 Verification - Market size and forecast 2022-2027

• 6.5 Market opportunity by Application

7 Market Segmentation by Technology

• 7.1 Market segments

• 7.2 Comparison by Technology

• 7.3 3D - Market size and forecast 2022-2027

• 7.4 2D - Market size and forecast 2022-2027

• 7.5 Facial analytics - Market size and forecast 2022-2027

• 7.6 Market opportunity by Technology

8 Market Segmentation by End-user

• 8.1 Market segments

• 8.2 Comparison by End-user

• 8.3 Media and entertainment - Market size and forecast 2022-2027

• 8.4 BFSI - Market size and forecast 2022-2027

• 8.5 Automobile and transportation - Market size and forecast 2022-2027

• 8.6 Others - Market size and forecast 2022-2027

• 8.7 Market opportunity by End-user

9 Customer Landscape

• 9.1 Customer landscape overview

10 Geographic Landscape

• 10.1 Geographic segmentation

• 10.2 Geographic comparison

• 10.3 North America - Market size and forecast 2022-2027

• 10.4 Europe - Market size and forecast 2022-2027

• 10.5 APAC - Market size and forecast 2022-2027

• 10.6 Middle East and Africa - Market size and forecast 2022-2027

• 10.7 South America - Market size and forecast 2022-2027

• 10.8 US - Market size and forecast 2022-2027

• 10.9 China - Market size and forecast 2022-2027

• 10.10 UK - Market size and forecast 2022-2027

• 10.11 Germany - Market size and forecast 2022-2027

• 10.12 Japan - Market size and forecast 2022-2027

• 10.13 Market opportunity by geography

11 Drivers, Challenges, and Trends

• 11.1 Market drivers

• 11.2 Market challenges

• 11.3 Impact of drivers and challenges

• 11.4 Market trends

12 Vendor Landscape

• 12.1 Overview

• 12.2 Vendor landscape

• 12.3 Landscape disruption

• 12.4 Industry risks

13 Vendor Analysis

• 13.1 Vendors covered

• 13.2 Market positioning of vendors

• 13.3 Amazon.com Inc.

• 13.4 ASSA ABLOY AB

• 13.5 Aware Inc.

• 13.6 Ayonix Corp.

• 13.7 Cognitec Systems GmbH

• 13.8 Daon Inc.

• 13.9 Facebanx

• 13.10 Fujitsu Ltd.

• 13.11 IDEMIA

• 13.12 Microsoft Corp.

• 13.13 NEC Corp.

• 13.14 Precise Biometrics AB

• 13.15 Safran SA

• 13.16 Synaptics Inc.

• 13.17 Thales Group

14 Appendix

• 14.1 Scope of the report

• 14.2 Inclusions and exclusions checklist

• 14.3 Currency conversion rates for US$

• 14.4 Research methodology

• 14.5 List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/facial-recognition-market-size-to-grow-at-a-cagr-of-18-11-by-2027--increasing-adoption-of-a-multimodal-biometric-system-to-be-a-key-trend--technavio-301755212.html

SOURCE Technavio