Facial Recognition Market size is expected to cross USD 24 Billion by the end of 2033, growing at a CAGR of 16% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of facial recognition was around USD 5 Billion.The primary growth factor for the expansion of the market is the notable growth in the electronics sector, where devices to capture small motions on the face have been developed and are gaining remarkable hype in the market. Lately, it was calculated that the revenue generated by the U.S. electronics industry in 2019 stood up at USD 280 billion. The increasing disposable income of people and internet penetration across the world are estimated to drive market growth in the electronics sector. Many electronic devices are used in daily life, including digital watches, smartphones, laptops, computers, and many more. The increasing adoption of AI (artificial intelligence) and machine learning technology in these electronics makes them more advanced and intelligent than other household electronics such as microwaves, mixers, and blenders.
Facial recognition technology is used in companies to help login and log out employees based on their iris scan and biometrics. Eye scanning includes the scanning of the iris, which is unique for each person same as different fingerprints. It is an easy way to safely lock certain documents with this technology so that no one except the actual owner can get access. This is safer than the biometric system and voice recognition technology. The rising advanced developments in this technology help to speed up the scanning process or search process. These are ideal for places such as airports, and border crossings where time is very crucial. Recently, in 2022, Iris ID, Inc. launched a self-service iCAM at the Intersec Dubai tradeshow, United Arab Emirates. This is a touchless reader that identifies a large group of people who are moving at a faster rate and prevents long waiting lines.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~16% |
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Base Year Market Size (2022) |
~ USD 5 Billion |
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Forecast Year Market Size (2033) |
~ USD 24 Billion |
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Regional Scope |
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Component (Software & Tools, 2D, 3D)
The global facial recognition market is segmented and analyzed for demand and supply by component into software & tools, 2D facial recognition, 3D facial recognition, facial analysis, services, training & consulting, and support & maintenance, and others. Out of these segments, the 3D facial recognition segment is estimated to garner the largest market share. Increasing cloud technology and facial analytics are estimated to drive market growth owing to the rising adoption of more facial recognition software among people. Facial recognition software is implemented in all types of smartphones, laptops, and computers. It is used in various sectors such as education, retail, banking, finance, healthcare, and police services to evaluate the gender, age, and facial characteristics of a person. 3D technology, is a safe and secure technology as it scans the hair color, iris color, and visual geometry of the face. As per the reports, in 2020, the 3D services segment of facial recognition technology accounted for over 35% of worldwide revenue.
End-user (Healthcare, Education, Automotive, Banking, Financial Services, Insurance, Retail & E-commerce)
The global facial recognition market is also segmented and analyzed for demand and supply by end-users into healthcare, education, automotive, banking, financial services, and insurance, retail & e-commerce, and others. Out of these, the healthcare sector is attributed to garner the highest market share by 2033, owing to the expansion of the healthcare sector across the world which is one of the significant sectors that has the demand and utilization for every sort of new technology. The revenue generation of the healthcare segment in the year 2022 was estimated to be over 55 billion around the globe. The hospital gets a number of patients in a day with different kinds of diseases. It becomes impossible to store all the data in paperwork as it is confusing and messy. Therefore, the medical history of the patient is stored in software associated with the patient’s facial recognition, which helps the doctors or nurses to access the data easily. Just a facial scan of the patient provides the hospital staff with all the information required from the hospital database.
Our in-depth analysis of the global market includes the following segments:
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By Component |
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By Application |
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By End User |
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The North America facial recognition market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be ascribed to the expansion of the electronics sector, boosted by the escalating investment by the government and enterprises in the region. In 2019, the U.S. consumer electronics industry was predicted to garner almost 300 billion U.S. dollars. Further, the increasing digitization and industrialization are estimated to rise the adoption of contactless biometrics technology among people during the forecast period. The United States industrial production rose 4% YoY in July 2022, with an increment of 3.5% YoY from the previous month. The increasing industrialization and digitalization lead to the urbanization of the region. The increasing urbanization provides great access to the internet and web services. Also, the increasing spending capacity of people increases the percentage of people using advanced electronic devices associated with AI. Facial recognition technology is even adopted in-house security to prevent unauthorized entry. All these together have a positive impact on facial recognition market growth.
PopID, Inc. and Visa have entered into a partnership to launch facial verification payment acceptance in the Middle East region. The main aim of this merging is to provide a safe, secure, and trustworthy way for cardholders to pay.
SAFR has entered into a collaboration with Geutebruck Pacific to expand the company’s competency.
Author Credits: Abhishek Verma, Hetal Singh
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