New York , Jan. 31, 2024 (GLOBE NEWSWIRE) -- The global facial recognition market size is estimated to attain at 16% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 24 billion by the end of 2033, up from a revenue of USD 5 billion in the year 2022. The growth can be attributed to the growing adoption of smart security cameras. For instance, it was predicted that between 2023 and 2027, there will be more than 81 million more smart security camera-equipped homes worldwide.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4403
The market for home security systems saw a significant surge in demand due to the growing advancement in technology and the increasing importance of security. These factors are expected to drive the demand for facial recognition technology as they can aid in identifying individuals who are strolling in the same vicinity and simultaneously permit the creation of a regular database of visitors.
Facial Recognition Market: Key Takeaways
- Market in North America to propel highest growth
- Healthcare segment to garner the highest growth
- Market in Asia Pacific to grow at a significant rate
Growth in Cybercrimes to Boost Market Growth
The number of cybercrimes has been rising for several years due to the growing use of information and communication technology (ICT). For instance, globally, cyberattacks rose by more than 120% in 2021 over 2020. The world is more digitally connected than it has ever been in the present therefore cybercriminals are becoming more nimble and well-coordinated in exploiting gaps in internet infrastructure, networks, and systems. As a result, there is a growing need for biometric security including face recognition which aids in strengthening security protocols and can be useful in the fight against cybercrime. Additionally, biometric solutions for the retail, travel, and finance sectors allow one to pay more quickly, securely, and conveniently as they utilize distinct physical markers, such as fingerprints or facial recognition information, to verify identification.
Facial Recognition Industry: Regional Overview
The global facial recognition market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Usage of Facial Recognition By Law Enforcement to Drive Growth in the North America Region
The facial recognition market in North America region is estimated to garner the largest revenue by the end of 2033. Facial recognition technology is widely used by law enforcement in the United States to assist in the investigation of crimes and to identify an unknown suspect in a photo taken at a crime scene. According to research conducted last year, it was found that more than 40 federal departments in the US that employ law enforcement officers reported owning or employing facial recognition technology. Additionally, the number of surveillance cameras installed in the United States increased to over 84 million in 2021. Moreover, facial recognition can be integrated with surveillance cameras to find people who have gone missing or identify suspects in criminal investigations.
Increasing Rate of Crimes to Drive the Growth in the Asia Pacific Region
The Asia Pacific facial recognition market is estimated to garner the largest revenue by the end of 2033. The number of crimes in Indian society has been rising over the past few years, making it a growing problem. In 2022, more than 4,45,255 instances of "crimes against women" were reported in India. Therefore, law enforcement and the general public in India are becoming increasingly concerned about the country's rising crime rates as a result the police have also stepped up their patrols on public streets and areas and are planning public awareness initiatives regarding the laws and safety precautions, leading to a growing need for facial recognition technologies. Moreover, not only are police employing technology to apprehend armed robbers and investigate homicides but are also being used to monitor large crowds. Additionally, the increasing number of CCTV cameras in India is driven by raising concerns about security, crime rates, and urbanization has also connected facial recognition technologies. For instance, the top 15 cities in India are home to more than 1 million cameras.
Make an Inquiry Before Buying this Report @ https://www.researchnester.com/inquiries-before-buying-4403
Facial Recognition Segmentation by End-User
- Banking, Financial Services, and Insurance
- Retail and E-commerce
- Healthcare
- Automotive
- Education
- Others
The healthcare segment is anticipated to hold the largest revenue by the end of 2033. This is largely due to the growing generation of data in the healthcare industry. For instance, more than 25% of the world's data is produced by the healthcare sector, and by 2025, that percentage will increase to around 35%. Big data comes from a variety of sources in the healthcare sector, including hospital records, patient medical records, and test findings, which are considered necessary for better development of well-informed medical decisions. As a result, there is an increase in demand for facial recognition in the healthcare environment which highlights the significance of data entry and informed permission by mapping a person's facial features using software and saving the information as a face template. Additionally, artificial intelligence (AI) has been used in healthcare applications at an exponential rate in recent years since it has the potential to improve patient outcomes and efficiency. Moreover, one of the most developed AI technologies available today is facial recognition. In healthcare settings, patient verification by unique identification is a crucial process that has increased the use of AI-enhanced procedures as they are safer than conventional employee identity cards, and can enhance patient, staff, and public safety.
Facial Recognition Segmentation by Component
- Software/Tools
- 2D Facial Recognition
- 3D Facial Recognition
- Facial Analytics
- Services
- Training and Consulting
- Support and Maintenance
The 3D facial recognition segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the growing usage of 3D facial recognition in smartphones. Smartphones are increasingly using facial recognition technology as they are far more difficult to trick, but they can operate in the dark. For instance, in 2020, more than 55% of all smartphones were equipped with facial recognition with 3D capabilities. Additionally, many consumer electronics products, including computers, and tablets, also have 3D facial recognition that creates a 3D model of the face by using a straightforward concept that involves taking many pictures of the person from two different viewpoints to increase the security of the device.
Facial Recognition Segmentation by Application
- Law Enforcement
- Access Control
- Emotion Recognition
- Attendance Tracking
- Others
A few of the well-known market leaders in the global facial recognition market that are profiled by Research Nester are PopID, Inc., SAFR (RealNetworks, Inc.), Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, FACEPHI BIOMETRICS Ltd., Fujitsu Limited, THALES, IDEMIA Group, NEC Corporation, Onfido, and other key market players.
Recent Development in the Facial Recognition Market
- PopID, Inc. partnered with Visa to introduce facial verification payment acceptance in the Middle East region to provide a safe, secure, and trustworthy way for cardholders to pay.
- Fujitsu Laboratories, Ltd. developed a new multi-factor biometric authentication technology by merging palm vein recognition identification with non-contact biometrics that allows for identification with over 95% accuracy and enhances the user experience by letting users know how close to place their hand with the sensor for seamless authentication.
Read our insightful Blogs and Data-driven Case Studies:
- Hyperautomation - A People Centric Approach
The hyper-automation technology has numerous advantages such as increased ROI, enhanced task quality, and capability to help businesses scale in response to demand from users and employees. These technologies are also helpful in digital transformation.
- How Has A Semiconductor Chip Manufacturer Upgraded Itself According To The Latest Innovations & Increased Its Demand In The Market
This case study uncovers how a semiconductor chip manufacturer increased its market share by help of our experts. Our analysts provided them with trend analysis strategy to help the company get latest trend insights.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
