Global Facial Recognition Market 2023-2027

Global Facial Recognition Market 2023-2027

Technavio has been monitoring the facial recognition market and is forecast to grow by $7634.09 mn during 2022-2027, accelerating at a CAGR of 18.11% during the forecast period. Our report on the facial recognition market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing instances of identity threats, rising popularity of facial recognition, and adoption of 3D facial recognition technology.

Technavio's facial recognition market is segmented as below:

By Application

• Identification
• Verification

By Technology

• 3D
• 2D
• Facial analytics

By End-user

• Media and entertainment
• BFSI
• Automobile and transportation
• Others

By Geographical Landscape

• North America
• Europe
• APAC
• Middle East and Africa
• South America

This study identifies the technological advances and emergence of facial analytics as one of the prime reasons driving the facial recognition market growth during the next few years. Also, increasing adoption of multimodal biometric systems and facial recognition using photos on social networking sites will lead to sizable demand in the market.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the facial recognition market covers the following areas:

• Facial recognition market sizing
• Facial recognition market forecast
• Facial recognition market industry analysis

Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading facial recognition market vendors that include Amazon.com Inc., ASSA ABLOY AB, Aware Inc., Ayonix Corp., Cognitec Systems GmbH, Daon Inc., Facebanx, FaceFirst Inc., Fujitsu Ltd., IDEMIA, Ipsidy Inc., Luxand Inc., Microsoft Corp., NEC Corp., Precise Biometrics AB, Safran SA, Suprema Inc., Synaptics Inc., Thales Group, and Veridium IP Ltd. Also, the facial recognition market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.