Facial Recognition Market Size, Share and Growth Report 2028

The facial recognition market is projected to reach US$ 12,670.22 million by 2028 from US$ 5,012.71 million in 2021; it is expected to grow at a CAGR of 14.2% from 2021 to 2028.

Biometrics gained huge traction among intelligence agencies after the world witnessed several severe terrorist attacks in the past, e.g., the attack on World Trade Center on September 11, 2011, in the US. The data were collected worldwide through biometric, especially by military personnel in possibly high-threat nations. Governments of various countries, such as the US and China, are investing in the adoption of facial recognition technologies. China is one of the significant adopters and exporters of facial recognition tools. According to Comparitech, China has the most extensive public surveillance system as the number of CCTV cameras increased to 626 million in 2020. The country government reinforces these systems with the integration of facial recognition technologies. Furthermore, in the military sector, facial recognition systems are employed to identify individuals on the battlefield. The US military has spent more than US$ 4.5 million in the development of facial recognition technology that reads the heat patterns emitted by faces to identify specific people. Thus, the above metioned factors drive the facial recognition market growth.

Strategic Insights

Impact of COVID-19 Pandemic on Facial Recognition Market 

The COVID-19 pandemic has shaken several industries. Due to rising concern for hygiene, many companies are shifting toward facial recognition as a sanitary alternative to avoid the spread of novel coronavirus. In many countries, law enforcement and organization have moved from legacy systems to facial recognition solutions to avoid the spread of infection. In addition, the integration of artificial intelligence (AI) offers a practical solution by combining both facial recognition technology and temperature detection. During the COVID-19 outbreak in China, authorities used facial recognition, combined with infrared cameras, to recognize infected people. Also, Chinese intelligent interaction company, Hanwang Technology, developed a facial recognition technology that can identify people wearing masks in the country. Thus, the overall impact of COVID-19 pandemic on the facial recognition market is low to moderate due to the increasing adoption of the technology to avoid the spread of the novel coronavirus.

Lucrative Regions in Facial Recognition Market

Get more information on this report : Request Free Sample PDF

Market Insights – Facial Recognition Market

Rising Investment by Government Sector Propels Facial Recognition Market Growth

The government segment consists of various government facilities, defense facilities, municipalities, utility stations, and others. Owing to the increasing emphasis on national security, governments across the world are investing significantly in advanced security solutions such as facial recognition systems. Also, the increasing emphasis on developing smart cities is among the other factors contributing to the adoption of facial recognition system for enhanced security and surveillance applications, which drives the facial recognition market growth.

Application-Based Insights

Based on device, the facial recognition market is segmented into security & surveillance, access control, and others. The security & surveillance segment held the largest market share in 2021.

Players operating in the facial recognition market are mainly focused on the development of advanced and efficient products.

• In January 2022, Tech5 announced partnership with NIDP Ethiopia Partners in the field of biometric and digital ID technologies.
• In January 2022, BAXE and Haventec partnered with IDEMIA to launch the first blockchain ecosystem using a facial authentication solution for identification.

The facial recognition market is segmented on the basis of component, application, and vertical. Based on component, the market is segmented into software, hardware, and services. In 2021, the software segment led the market with the largest share. Based on application, the facial recognition market is segmented into security & surveillance, access control, and others. In 2021, the security & surveillance segment led the market and accounted for the largest share. Based on vertical, the facial recognition market is segmented into BFSI, retail and e-commerce, government, healthcare, education, automotive and transportation, and others. In 2021, the government segment held the largest share of the market. By geography, the facial recognition market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share in the market.

Tech5, IDEMIA, Aware Inc., Cognitec Systems GmbH, Ayonix Corporation, Fujitsu Limited, Onfido, NEC Corporation, Thales Group, and Face PHI are among the key players operating in the global facial recognition market and profiled in the market study.