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.
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Facial Recognition Market: Strategic Insights
Market Size Value in US$ 5,012.71 Million in 2021 Market Size Value by US$ 12,670.22 Million by 2028 Growth rate CAGR of 14.2% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Facial Recognition Market: Strategic Insights
| Market Size Value in | US$ 5,012.71 Million in 2021 |
| Market Size Value by | US$ 12,670.22 Million by 2028 |
| Growth rate | CAGR of 14.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Facial Recognition Market
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
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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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Application, and Vertical
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major companies in facial recognition includes IDEMIA, Leidos, NEC Corporation, Thales Group and Cognitec. The ranking has been derived analysing multiple parameters such as annual revenue earned from facial recognition portfolio, client base, geographic locations, R&D expenditure, brand image, and number of employees, among others. These companies are actively participating in developing facial recognition for various applications.
China held the largest share in APAC region. The demand for the facial recognition market is growing in China due to rise in the use of facial recognitions in several sectors. In addition, the government's increasing focus on airport sectors and growing adoption in education sectors is fueling the market growth. For instance, in 2019, Beijing Daxing International Airport has been incorporating facial recognition software, and it being used from identifying passengers to purchasing items from the duty-free store..
In 2021, APAC led the market with a substantial revenue share, followed by North America and Europe. China is the leading country in APAC for facial recognition, and it is expected to rise rapidly over the projection period, followed by the Japan and India.
The global facial recognition market was dominated by security & surveillance application segment accounted for the largest share in 2021 during the forecast period. L Facial recognition is used by regional as well as international agencies such as the Interpol to identify potential suspects or find missing persons. Moreover, advanced facial recognition tools used by Security and Surveillance agencies are able to analysis several faces in real-time for security and surveillance application.
The facial recognition have been in use for several years worldwide, however, the technology has been experiencing immense demand in recent years. Increasing demand from government and defense sectors and burgeoning adoption of ai-based facial recognition systems are supporting the growth of facial recognition market.
Cloud-based facial recognition systems benefit through real-time processing. On-demand self-service allows customers to quickly procure and access the services they want. Cloud computing offers broad access to systems as it offers quick and reliable integration with other applications. Cloud-based solutions reduce various upfront costs and eliminate concerns related to the maintenance of servers. Hence, cloud-based solutions are best-suited for small and medium enterprises (SMEs) and organizations that cannot bear the cost of on-premises solutions. The increasing adoption of cloud-based technologies and the Internet of Things (IoT) is, thus, creating excellent opportunities for the future growth of facial recognition system vendors.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Facial Recognition Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 MEA
4.2.5 SAM
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Global Facial Recognition Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Demand from Government and Defense Sectors
5.1.2 Burgeoning Adoption of AI-Based Facial Recognition Systems
5.2 Market Restraints
5.2.1 Restricted Adoption due to Technical Drawbacks
5.3 Market Opportunities
5.3.1 Adoption of Cloud-Based Facial Recognition Technology
5.4 Future Trends
5.4.1 3D Face Recognition Systems
5.5 Impact Analysis of Drivers and Restraints
6. Facial Recognition Market – Global Analysis
6.1 Facial Recognition Market Overview
6.2 Facial Recognition Market Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – Five Key Players
7. Facial Recognition Market Analysis – By Component
7.1 Overview
7.2 Facial Recognition Market, By Component (2020 and 2028)
7.3 Software
7.3.1 Overview
7.3.2 Software: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
7.3.3 2D Facial Recognition
7.3.4 Overview
7.3.5 2D Facial Recognition: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
7.3.6 3D Facial Recognition
7.3.7 Overview
7.3.8 3D Facial Recognition: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
7.3.9 Facial Analytics
7.3.10 Overview
7.3.11 Facial Analytics: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
7.4.3 Training and Consulting
7.4.4 Overview
7.4.5 Training and Consulting: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
7.4.6 Integration and Implementation
7.4.7 Overview
7.4.8 Integration and Implementation: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
7.4.9 Support and Maintenance
7.4.10 Overview
7.4.11 Support and Maintenance: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
8. Facial Recognition Market Analysis – By Application
8.1 Overview
8.2 Facial Recognition Market, By Application (2020 and 2028)
8.3 Security and Surveillance
8.3.1 Overview
8.3.2 Security and Surveillance: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Access Control
8.4.1 Overview
8.4.2 Access Control: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Others
8.5.1 Overview
8.5.2 Others: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
9. Facial Recognition Market Analysis – By Vertical
9.1 Overview
9.2 Facial Recognition Market, By Vertical (2020 and 2028)
9.3 BFSI
9.3.1 Overview
9.3.2 BFSI: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Retail and E-commerce
9.4.1 Overview
9.4.2 Retail and E-commerce: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
9.5 Government
9.5.1 Overview
9.5.2 Government: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Healthcare
9.6.1 Overview
9.6.2 Healthcare: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
9.7 Education
9.7.1 Overview
9.7.2 Education: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
9.8 Automobile and Transportation
9.8.1 Overview
9.8.2 Automobile and Transportation: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
9.9 Others
9.9.1 Overview
9.9.2 Others: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10. Facial Recognition Market – Geographic Analysis
10.1 Overview
10.2 North America: Facial Recognition Market
10.2.1 North America: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.2.2 North America: Facial Recognition Market, By Component
10.2.3 North America: Facial Recognition Market, by Application
10.2.4 North America: Facial Recognition Market, by Vertical
10.2.5 North America: Facial Recognition Market, by Key Country
10.2.5.1 US: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.1.1 US: Facial Recognition Market, By Component
10.2.5.1.2 US: Facial Recognition Market, by Application
10.2.5.1.3 US: Facial Recognition Market, by Vertical
10.2.5.2 Canada: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.2.1 Canada: Facial Recognition Market, By Component
10.2.5.2.2 Canada: Facial Recognition Market, by Application
10.2.5.2.3 Canada: Facial Recognition Market, by Vertical
10.2.5.3 Mexico: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.2.5.3.1 Mexico: Facial Recognition Market, By Component
10.2.5.3.2 Mexico: Facial Recognition Market, by Application
10.2.5.3.3 Mexico: Facial Recognition Market, by Vertical
10.3 Europe: Facial Recognition Market
10.3.1 Europe: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.3.2 Europe: Facial Recognition Market, By Component
10.3.3 Europe: Facial Recognition Market, by Application
10.3.4 Europe: Facial Recognition Market, by Vertical
10.3.5 Europe: Facial Recognition Market, by Key Country
10.3.5.1 France: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.1.1 France: Facial Recognition Market, By Component
10.3.5.1.2 France: Facial Recognition Market, by Application
10.3.5.1.3 France: Facial Recognition Market, by Vertical
10.3.5.2 Germany: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.2.1 Germany: Facial Recognition Market, By Component
10.3.5.2.2 Germany: Facial Recognition Market, by Application
10.3.5.2.3 Germany: Facial Recognition Market, by Vertical
10.3.5.3 Italy: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.3.1 Italy: Facial Recognition Market, By Component
10.3.5.3.2 Italy: Facial Recognition Market, by Application
10.3.5.3.3 Italy: Facial Recognition Market, by Vertical
10.3.5.4 UK: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.4.1 UK: Facial Recognition Market, By Component
10.3.5.4.2 UK: Facial Recognition Market, by Application
10.3.5.4.3 UK: Facial Recognition Market, by Vertical
10.3.5.5 Russia: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.5.1 Russia: Facial Recognition Market, By Component
10.3.5.5.2 Russia: Facial Recognition Market, by Application
10.3.5.5.3 Russia: Facial Recognition Market, by Vertical
10.3.5.6 Rest of Europe: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.3.5.6.1 Rest of Europe: Facial Recognition Market, By Component
10.3.5.6.2 Rest of Europe: Facial Recognition Market, by Application
10.3.5.6.3 Rest of Europe: Facial Recognition Market, by Vertical
10.4 APAC: Facial Recognition Market
10.4.1 APAC: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.4.2 APAC: Facial Recognition Market, By Component
10.4.3 APAC: Facial Recognition Market, by Application
10.4.4 APAC: Facial Recognition Market, by Vertical
10.4.5 APAC: Facial Recognition Market, by Key Country
10.4.5.1 China: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.1.1 China: Facial Recognition Market, By Component
10.4.5.1.2 China: Facial Recognition Market, by Application
10.4.5.1.3 China: Facial Recognition Market, by Vertical
10.4.5.2 India: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.2.1 India: Facial Recognition Market, By Component
10.4.5.2.2 India: Facial Recognition Market, by Application
10.4.5.2.3 India: Facial Recognition Market, by Vertical
10.4.5.3 Japan: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.3.1 Japan: Facial Recognition Market, By Component
10.4.5.3.2 Japan: Facial Recognition Market, by Application
10.4.5.3.3 Japan: Facial Recognition Market, by Vertical
10.4.5.4 South Korea: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.5 South Korea: Facial Recognition Market, By Component
10.4.5.5.1 South Korea: Facial Recognition Market, by Application
10.4.5.5.2 South Korea: Facial Recognition Market, by Vertical
10.4.5.6 Rest of APAC: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.4.5.6.1 Rest of APAC: Facial Recognition Market, By Component
10.4.5.6.2 Rest of APAC: Facial Recognition Market, by Application
10.4.5.6.3 Rest of APAC: Facial Recognition Market, by Vertical
10.5 MEA: Facial Recognition Market
10.5.1 MEA: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.5.2 MEA: Facial Recognition Market, By Component
10.5.3 MEA: Facial Recognition Market, by Application
10.5.4 MEA: Facial Recognition Market, by Vertical
10.5.5 MEA: Facial Recognition Market, by Key Country
10.5.5.1 South Africa: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.5.5.1.1 South Africa: Facial Recognition Market, By Component
10.5.5.1.2 South Africa: Facial Recognition Market, by Application
10.5.5.1.3 South Africa: Facial Recognition Market, by Vertical
10.5.5.2 UAE: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.5.5.2.1 UAE: Facial Recognition Market, By Component
10.5.5.2.2 UAE: Facial Recognition Market, by Application
10.5.5.2.3 UAE: Facial Recognition Market, by Vertical
10.5.5.3 Rest of MEA: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.5.5.3.1 Rest of MEA: Facial Recognition Market, By Component
10.5.5.3.2 Rest of MEA: Facial Recognition Market, by Application
10.5.5.3.3 Rest of MEA: Facial Recognition Market, by Vertical
10.6 SAM: Facial Recognition Market
10.6.1 SAM: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.6.2 SAM: Facial Recognition Market, By Component
10.6.3 SAM: Facial Recognition Market, by Application
10.6.4 SAM: Facial Recognition Market, by Vertical
10.6.5 SAM: Facial Recognition Market, by Key Country
10.6.5.1 Brazil: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.6.5.1.1 Brazil: Facial Recognition Market, By Component
10.6.5.1.2 Brazil: Facial Recognition Market, by Application
10.6.5.1.3 Brazil: Facial Recognition Market, by Vertical
10.6.5.2 Argentina: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.6.5.2.1 Argentina: Facial Recognition Market, By Component
10.6.5.2.2 Argentina: Facial Recognition Market, by Application
10.6.5.2.3 Argentina: Facial Recognition Market, by Vertical
10.6.5.3 Rest of SAM: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
10.6.5.3.1 Rest of SAM: Facial Recognition Market, By Component
10.6.5.3.2 Rest of SAM: Facial Recognition Market, by Application
10.6.5.3.3 Rest of SAM: Facial Recognition Market, by Vertical
11. Facial Recognition Market - COVID-19 Impact Analysis
11.1 Overview
11.2 North America: Impact Assessment of COVID-19 Pandemic
11.3 Europe: Impact Assessment of COVID-19 Pandemic
11.4 Asia Pacific: Impact Assessment of COVID-19 Pandemic
11.5 Middle East & Africa: Impact Assessment of COVID-19 Pandemic
11.6 South America Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
12.4 Merger and Acquisition
13. Company Profiles
13.1 Tech5
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 IDEMIA
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Aware Inc.
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Cognitec Systems GmbH
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Ayonix Corporation
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Fujitsu Limited
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Onfido
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 NEC Corporation
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Thales Group
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Face PHI
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Facial Recognition market – Revenue and Forecast to 2028 (US$ Million)
Table 2. North America: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 3. North America: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 4. North America: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 5. US: Facial Recognition Market, By Component –Revenue and Forecast to 2028 (US$ Million)
Table 6. US: Facial Recognition Market, by Application –Revenue and Forecast to 2028 (US$ Million)
Table 7. US: Facial Recognition Market, by Vertical –Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 14. Europe: Facial Recognition Market, By Component– Revenue and Forecast to 2028 (US$ Million)
Table 15. Europe: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 16. Europe: Facial Recognition Market, by Vertical– Revenue and Forecast to 2028 (US$ Million)
Table 17. France: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 18. France: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 19. France: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 20. Germany: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 21. Germany: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 22. Germany: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 23. Italy: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 24. Italy: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 25. Italy: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 26. UK: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 27. UK: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 28. UK: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 29. Russia: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 30. Russia: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 31. Russia: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 32. Rest of Europe: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 33. Rest of Europe: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 34. Rest of Europe: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 35. APAC: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 36. APAC: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 37. APAC: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 38. China: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 39. China: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 40. China: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 41. India: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 42. India: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 43. India: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 44. Japan: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 45. Japan: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 46. Japan: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 47. South Korea: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 48. South Korea: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 49. South Korea: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 50. Rest of APAC: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 51. Rest of APAC: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 52. Rest of APAC: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 53. MEA: Facial Recognition Market, By Component– Revenue and Forecast to 2028 (US$ Million)
Table 54. MEA: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 55. MEA: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 56. South Africa: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 57. South Africa: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 58. South Africa: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 59. UAE: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 60. UAE: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 61. UAE: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 62. Rest of MEA: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 63. Rest of MEA: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 64. Rest of MEA: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 65. SAM: Facial Recognition Market, By Component– Revenue and Forecast to 2028 (US$ Million)
Table 66. SAM: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 67. SAM: Facial Recognition Market, by Vertical– Revenue and Forecast to 2028 (US$ Million)
Table 68. Brazil: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 69. Brazil: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 70. Brazil: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 71. Argentina: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 72. Argentina: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 73. Argentina: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 74. Rest of SAM: Facial Recognition Market, By Component – Revenue and Forecast to 2028 (US$ Million)
Table 75. Rest of SAM: Facial Recognition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 76. Rest of SAM: Facial Recognition Market, by Vertical – Revenue and Forecast to 2028 (US$ Million)
Table 77. List of Abbreviation
LIST OF FIGURES
Figure 1. Facial Recognition Market Segmentation
Figure 2. Facial Recognition market Segmentation – By Geography
Figure 3. Global Facial Recognition Market Overview
Figure 4. Software Segment held the largest share in 2020
Figure 5. Security & Surveillance Segment held the largest share in 2020
Figure 6. BFSI Segment held the largest share in 2020
Figure 7. Asia Pacific held the largest share in 2020
Figure 8. North America: PEST Analysis
Figure 9. Europe: PEST Analysis
Figure 10. Asia Pacific: PEST Analysis
Figure 11. MEA: PEST Analysis
Figure 12. SAM: PEST Analysis
Figure 13. Facial Recognition Market: Ecosystem Analysis
Figure 14. Expert Opinion
Figure 15. Impact Analysis of Drivers and Restraints
Figure 16. Facial Recognition Market – Geographic Analysis
Figure 17. Facial Recognition market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Facial Recognition Market Revenue Share, By Component (2020 and 2028)
Figure 19. Software: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. 2D Facial Recognition: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. 3D Facial Recognition: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Facial Analytics: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Services: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Training and Consulting: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Integration and Implementation: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Support and Maintenance: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Facial Recognition Market Revenue Share, by Application (2020 and 2028)
Figure 28. Security and Surveillance: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Access Control: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. Others: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. Facial Recognition Market Revenue Share, by Vertical (2020 and 2028)
Figure 32. BFSI: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Retail and E-commerce: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Government: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. Healthcare: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36. Education: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Automobile and Transportation: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. Others: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. Global Facial Recognition Market Revenue Share, by Region (2020 and 2028)
Figure 40. North America: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 41. North America: Facial Recognition Market Revenue Share, By Component (2020 and 2028)
Figure 42. North America: Facial Recognition Market Revenue Share, by Application (2020 and 2028)
Figure 43. North America: Facial Recognition Market Revenue Share, by Vertical (2020 and 2028)
Figure 44. North America: Facial Recognition Market Revenue Share, by Key Country (2020 and 2028)
Figure 45. US: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 46. Canada: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 47. Mexico: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 48. Europe: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 49. Europe: Facial Recognition Market Revenue Share, By Component (2020 and 2028)
Figure 50. Europe: Facial Recognition Market Revenue Share, by Application (2020 and 2028)
Figure 51. Europe: Facial Recognition Market Revenue Share, by Vertical (2020 and 2028)
Figure 52. Europe: Facial Recognition Market Revenue Share, by Key Country (2020 and 2028)
Figure 53. France: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 54. Germany: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 55. Italy: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 56. UK: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 57. Russia: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 58. Rest of Europe: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 59. APAC: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 60. APAC: Facial Recognition Market Revenue Share, By Component (2020 and 2028)
Figure 61. APAC: Facial Recognition Market Revenue Share, by Application (2020 and 2028)
Figure 62. APAC: Facial Recognition Market Revenue Share, by Vertical (2020 and 2028)
Figure 63. APAC: Facial Recognition Market Revenue Share, by Key Country (2020 and 2028)
Figure 64. China: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 65. India: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 66. Japan: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 67. South Korea: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 68. Rest of APAC: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 69. MEA: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 70. MEA: Facial Recognition Market Revenue Share, By Component (2020 and 2028)
Figure 71. MEA: Facial Recognition Market Revenue Share, by Application (2020 and 2028)
Figure 72. MEA: Facial Recognition Market Revenue Share, by Vertical (2020 and 2028)
Figure 73. MEA: Facial Recognition Market Revenue Share, by Key Country (2020 and 2028)
Figure 74. South Africa: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 75. UAE: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 76. Rest of MEA: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 77. SAM: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 78. SAM: Facial Recognition Market Revenue Share, By Component (2020 and 2028)
Figure 79. SAM: Facial Recognition Market Revenue Share, by Application (2020 and 2028)
Figure 80. SAM: Facial Recognition Market Revenue Share, by Vertical (2020 and 2028)
Figure 81. SAM: Facial Recognition Market Revenue Share, by Key Country (2020 and 2028)
Figure 82. Brazil: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 83. Argentina: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 84. Rest of SAM: Facial Recognition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 85. Impact of COVID-19 Pandemic in North American Country Markets
Figure 86. Impact of COVID-19 Pandemic in Europe Country Markets
Figure 87. Impact of COVID-19 Pandemic in Asia Pacific Country Markets
Figure 88. Impact of COVID-19 Pandemic in the Middle East & Africa Country Markets
Figure 89. Impact of COVID-19 Pandemic in South America Country Markets
The List of Companies - Facial Recognition Market
- Tech5
- IDEMIA
- Aware Inc.
- Cognitec Systems GmbH
- Ayonix Corporation
- Fujitsu Limited
- Onfido
- NEC Corporation
- Thales Group
- Face PHI
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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