U.S (New York) – New research study titled “Facial Recognition Market” for the year 2023, encompassing various aspects such as industry size, market share, growth analysis, segmentation, leading manufacturers and innovations, key trends, market drivers, restraints, regulatory framework, distribution methods, opportunities, strategies, potential roadmap, and annual forecasts until 2031. The primary objective of this market research study is to thoroughly examine the industry, enabling businesses to gain comprehensive insights into the sector and its economic potential. By leveraging accurate statistical research data provided by Report Ocean 2023 to 2031, your business can experience accelerated growth. This report also delves into PESTLE & SWOT analysis, Porter’s Five Forces Analysis, and provides crucial information including expenditure, costs, revenue, and end-users. With over 150+ pages, the document offers a comprehensive table of contents, 180+ figures, tables, charts, and insightful analysis.
Facial recognition is a biometric technology which is used for authentication and identification of individuals, by comparing the facial features from an image with the existing database. Facial recognition is expected to witness robust growth during the forecast period due to its increasing usage in both law enforcement and non-law enforcement applications. Moreover, facial recognition is widely preferred over other biometric technologies such as voice recognition, skin texture recognition, iris recognition and fingerprint scanning among others, due to its non-contact process and easy deployment (using cameras and existing monitoring devices). The technology is predominantly used for security purposes, but is now gaining wide popularity for advertising and marketing, as it enables the companies’ to deliver targeted messages to the consumers.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
KEY PLAYERS, 3M, Cognitec Systems GmbH, NEC Corporation, FaceFirst, Inc., Nuance Communications Inc., Crossmatch, International Business Machines Corporation (IBM), Animetrics Inc., Daon Inc.
Increasing crime rate across the world has persuaded government agencies to look for cutting edge surveillance technology that can effectively address the growing concerns over security. Facial recognition has emerged as one such identification technologies, which addresses most of the security concerns in the most effective and fool proof manner. However, increasing sensitivity towards personal data privacy has hindered the expansion of market in certain regions. On the other hand, technically advanced facial recognition systems with application in mobile security, drones, and retail is likely to create greater opportunities in the years to come.
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The market is segmented on the basis of technology, component, application, and geography. The technology segment is categorized into 2D facial recognition, 3D facial recognition and facial analytics. Among the mentioned technologies, 3D facial recognition technology segment holds significant share in the world facial recognition market owing to its high accuracy in terms of recognizing facial features as compared to the 2D facial recognition technology. The component segment is bifurcated into hardware (scanners, cameras, handheld devices, integrated devices) and software. The application segment includes homeland security, criminal investigation, ID management, physical security, intelligent signage, web application, business intelligence, photo indexing & sorting, and others (VIP recognition, automotive and phone, PC & banking login). In 2015, homeland security contributed the highest revenue share.
Based on geography, the facial recognition market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America is further bifurcated into the U.S., Mexico and Canada, whereas Europe has been further segmented into UK, Russia, Germany, Italy, France and Rest of the Europe. The countries covered under Asia-Pacific are China, India, Japan, South Korea, and Rest of Asia Pacific. LAMEA includes Latin America, Middle East and Africa.
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POTENTIAL BENEFITS FOR STAKEHOLDERS
The report provides a comprehensive analysis of the world facial recognition market with current and future growth trends, driving factors, opportunities and challenges.
The report includes a comprehensive qualitative as well quantitative analysis of the key market segments, for the period 2015 – 2022.
Porters Five Forces analysis highlights the potential of buyers and suppliers as well as provides insights on the competitive structure of the market to devise effective growth strategies and facilitate better decision-making.
Value chain analysis provides key inputs on the role of stakeholders involved at various stages of the value chain.
SWOT analysis of the key market players highlights their strengths and weaknesses along with potential opportunities present in the market.
FACIAL RECOGNITION MARKET SEGMENTATION
The market is segmented on the basis of technology, component, application, and geography.
MARKET BY TECHNOLOGY
2D facial recognition
3D facial recognition
Facial analytics
MARKET BY COMPONENT
Hardware
Scanners
Cameras
Handheld devices
Integrated devices
Software
MARKET BY APPLICATION
Homeland security
Criminal investigation
ID management
Physical security
Intelligent signage
Web application
Business intelligence
Photo indexing and sorting
Others (VIP recognition, automotive and phone, PC & banking login)
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MARKET BY GEOGRAPHY
North America
U.S.
Mexico
Canada
Europe
UK
Germany
Russia
Italy
France
Rest of the Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia Pacific
LAMEA
Latin America
Middle East
Africa
Market Dynamics:
Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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