Summary

Facial Recognition Market Size, Share, and Analysis, By Component (Software, Service), By Technology (3D Facial Recognition, 2D Facial Recognition, Facial Analytics), By Application (Emotion Recognition, Attendance Tracking and Monitoring, Access Control, Security & Surveillance and Others), By End User (IT & Telecommunication, BFSI, Retail, Healthcare, Automotive, Government and Defense, Others) and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034.

PRODUCT OVERVIEW
The market for facial recognition is expected to expand at a compound annual growth rate (CAGR) of 16.3% from 2024 to 2034. Initially valued at USD 5.9 billion in 2023, it is projected to surge to USD 31.3 billion by the end of 2034.
Facial Recognition Technology consists of the automated process of identifying and authenticating different individuals based on their facial traits. It generally relies on different algorithms that help in analyse patterns and unique characteristics of a person’s face, which includes distance between eyes and nose. In recent years the technology has gained significant traction and adoption across several industries due to its better ability to provide more effective and accurate authentication and documentation solutions. This technology is being used in industries such as security, law enforcement, banking, and retail to improve security, speed up operations, and enhance consumer experiences. In addition, its application in mobile phones for security and at airports for passenger verification demonstrate its growing breadth and potential. This rising application emphasizes its importance in modern security and identity verification frameworks.

MARKET HIGHLIGHTS
Facial Recognition Market is anticipated to reach USD 31.3 billion, growing at a CAGR of 16.3% during the forecast period due to the increasing safety concerns for security and surveillance with advancements in artificial intelligence. The technology's capacity to provide quick and precise identity verification is essential for reducing fraud and increasing user experience, notably in banking and mobile phone access. Moreover, developments in artificial intelligence and machine learning have further improved the accuracy and reliability of facial recognition systems. In future, adoption of facial recognition is likely to grow even more as a result of its incorporation into smart city initiatives and rising public safety and security concerns, pushing continued market expansion.
Facial Recognition Market Segments:

• By Component
o Software
o Service
• By Technology
o 3D Facial Recognition
o 2D Facial Recognition
o Facial Analytics
• By Application
o Emotion Recognition
o Attendance Tracking and Monitoring
o Access Control
o Security & Surveillance
o Others
• By End User
o IT & Telecommunication
o BFSI
o Retail
o Healthcare
o Automotive
o Government and Defense
o Others
MARKET DYNAMICS
Growth Drivers
Increasing Adoption of Facial Recognition Technology in Security and Surveillance has been a Major Development Trend
Rising Demand for Contactless Biometric Authentication Systems is Accelerating the Need for Improved Solutions
Restraint
Privacy Concerns Regarding Collection and Usage of Facial Data Pose a Direct Challenge to Market Growth

Key Players
• Cognitec Systems GmbH
• NEC Corporation
• Amazon Rekognition
• Aware, Inc.
• Gemalto NV(Thales Group)
• Ayonix Corporation
• FaceFirst, Inc.
• Safran SA
• Animetrics, Inc.
• Idemia (formerly Morpho)
• Herta Security
• Megvii (Face++)
• Kairos AR, Inc.
• Microsoft Corporation
• FacePhi Biometría S.A.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)


Global Laboratory Temperature Control Units Market is further segmented by region into:
• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA


Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 3-month post-sales analyst support.

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Table of Contents

1.Executive Summary
1.1. Regional Market Share
1.2.Business Trends
1.3. Facial Recognition Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. Research Methodology
2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. Market Characteristics
3.1.Market Definition
3.2.Facial Recognition Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data
4.Facial Recognition Market – Industry Insights
4.1. Industry Segmentation
4.2.COVID-19 overview on world economy
4.3.Industry ecosystem Channel analysis
4.4.Innovation & Sustainability
5. Macroeconomic Indicators
6. Recent Developments
7. Market Dynamics
7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends
8.Risk Analysis
9. Market Analysis
9.1.Porters Five Forces
9.2. PEST Analysis
9.2.1.Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10.Facial Recognition Market
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11. Facial Recognition Market Size & Forecast 2024A-2034F
11.1. Overview
11.2.Key Findings
11.3.Market Segmentation
11.3.1.By Component
11.3.1.1. Software
11.3.1.1.1.By Value (USD Million) 2024-2034F
11.3.1.1.2. Market Share (%) 2024-2034F
11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.2.Service
11.3.1.2.1. By Value (USD Million) 2024-2034F
11.3.1.2.2.Market Share (%) 2024-2034F
11.3.1.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.2. By Technology
11.3.2.1.3D Facial Recognition
11.3.2.1.1. By Value (USD Million) 2024-2034F
11.3.2.1.2.Market Share (%) 2024-2034F
11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.2. 2D Facial Recognition
11.3.2.2.1.By Value (USD Million) 2024-2034F
11.3.2.2.2. Market Share (%) 2024-2034F
11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.3. Facial Analytics
11.3.2.3.1.By Value (USD Million) 2024-2034F
11.3.2.3.2. Market Share (%) 2024-2034F
11.3.2.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.By Application
11.3.3.1.Emotion Recognition
11.3.3.1.1. By Value (USD Million) 2024-2034F
11.3.3.1.2.Market Share (%) 2024-2034F
11.3.3.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.3.2. Attendance Tracking and Monitoring
11.3.3.2.1.By Value (USD Million) 2024-2034F
11.3.3.2.2. Market Share (%) 2024-2034F
11.3.3.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.3. Access Control
11.3.3.3.1.By Value (USD Million) 2024-2034F
11.3.3.3.2. Market Share (%) 2024-2034F
11.3.3.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.4. Security & Surveillance
11.3.3.4.1.By Value (USD Million) 2024-2034F
11.3.3.4.2. Market Share (%) 2024-2034F
11.3.3.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.5. Others
11.3.3.5.1.By Value (USD Million) 2024-2034F
11.3.3.5.2. Market Share (%) 2024-2034F
11.3.3.5.3. Y-o-Y Growth (%) 2024-2034F
11.3.4.By End User
11.3.4.1.IT & Telecommunication
11.3.4.1.1. By Value (USD Million) 2024-2034F
11.3.4.1.2.Market Share (%) 2024-2034F
11.3.4.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.4.2. BFSI
11.3.4.2.1.By Value (USD Million) 2024-2034F
11.3.4.2.2. Market Share (%) 2024-2034F
11.3.4.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.4.3. Retail
11.3.4.3.1.By Value (USD Million) 2024-2034F
11.3.4.3.2. Market Share (%) 2024-2034F
11.3.4.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.4.4.Healthcare
11.3.4.4.1.By Value (USD Million) 2024-2034F
11.3.4.4.2. Market Share (%) 2024-2034F
11.3.4.4.3. Y-o-Y Growth (%) 2024-2034F
11.3.4.5. Automotive
11.3.4.5.1.By Value (USD Million) 2024-2034F
11.3.4.5.2. Market Share (%) 2024-2034F
11.3.4.5.3. Y-o-Y Growth (%) 2024-2034F
11.3.4.6. Government and Defense
11.3.4.6.1.By Value (USD Million) 2024-2034F
11.3.4.6.2. Market Share (%) 2024-2034F
11.3.4.6.3. Y-o-Y Growth (%) 2024-2034F
11.3.4.7. Others
11.3.4.7.1.By Value (USD Million) 2024-2034F
11.3.4.7.2. Market Share (%) 2024-2034F
11.3.4.7.3. Y-o-Y Growth (%) 2024-2034F
12.North America Facial Recognition Market Size & Forecast 2024A-2034F
12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1.By Component
12.3.2. By Technology
12.3.3. By Application
12.3.4. By End user
12.4. Country
12.4.1. United States
12.4.2. Canada
13.Europe Facial Recognition Market Size & Forecast 2024A-2034F
13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1.By Component
13.3.2. By Technology
13.3.3. By Application
13.3.4. By End user
13.4.Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14.Asia-Pacific Facial Recognition Market Size & Forecast 2024A-2034F
14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
14.3.1.By Component
14.3.2. By Technology
14.3.3. By Application
14.3.4. By End user
14.4. Country
14.4.1.India
14.4.2. China
14.4.3. South Korea
14.4.4.Japan
14.4.5.Rest of APAC
15.Middle East and Africa Facial Recognition Market Size & Forecast 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1.By Component
15.3.2. By Technology
15.3.3. By Application
15.3.4. By End user
15.4.Country
15.4.1. Israel
15.4.2. GCC
15.4.3. North Africa
15.4.4.South Africa
15.4.5. Rest of Middle East and Africa
16. Latin America Facial Recognition Market Size & Forecast 2024A-2034F
16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1.By Component
16.3.2. By Technology
16.3.3. By Application
16.3.4. By End user
16.4.Country
16.4.1. Mexico
16.4.2. Brazil
16.4.3. Rest of Latin America
17. Competitive Landscape
17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders
18. Company Profiles
18.1. Cognitec Systems GmbH
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2.Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2. NEC Corporation
18.3. Amazon Rekognition
18.4. Aware, Inc.
18.5. Gemalto NV(Thales Group)
18.6. Ayonix Corporation
18.7. FaceFirst, Inc.
18.8. Safran SA
18.9. Animetrics, Inc.
18.10. Idemia (formerly Morpho)
18.11.Herta Security
18.12. Megvii (Face++)
18.13. Kairos AR, Inc.
18.14. Microsoft Corporation
18.15. FacePhi Biometría S.A.
18.16. Other Prominent Players
19. Appendix
20.Consultant Recommendation