Facial Recognition Market Size & Share, by Component (Software & Tools, 2D, 3D); Application (Law Enforcement, Access Control, Emotion Recognition, Attendance Tracking); End-user (Healthcare, Education, Automotive, Banking, Financial Services, Insurance, Retail & E-commerce) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 4403
  • Published Date: Feb 15, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

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.

Facial Recognisation Market
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Facial Recognition Sector: Growth Drivers and Challenges

Growth Drivers

  • Increased Demand for Smart Phones with Increasing Internet Penetration – Facial tracking solutions in smartphones enable an improved user experience with the help of a digital identity verification system. The ease of facial recognition as well as other benefits is anticipated to integrate facial recognition systems in smartphones. Thus, the high demand for smartphones by the population is expected to bring lucrative growth opportunities for the market in the forecast period. Recently, it was calculated that in 2021, there were almost 15 billion mobile devices operating worldwide, up from 14 million in the previous year. This number is further expected to surpass 18 billion by 2025.
  • Rising Concerns of Cybersecurity with Less Security in the AI – Recent trends show that there has been a considerable growth in the adoption rate of electronic medical record (EMR) solutions in the healthcare sector. Hospitals, medical schools, and biopharmaceutical companies are preferring facial recognition technology to enable a paperless environment and protection from cyber-attacks. Thus, the high expenditure in healthcare is expected to drive the facial recognition market. From the time period from 2020 to 2025, the healthcare industry is expected to spend almost USD 130 billion on cybersecurity across the world.
  • Increased Market Capitalization of the Banking Sector – The banking sector is utilizing the power of facial recognition technology to smoothen customer communication via devices, ease the process of virtual transactions, and carry out online banking. Furthermore, biometric payments are becoming popular among the banking sector to authorize the deduction of money from a bank account. Thus, the rise in market capitalization is anticipated to ensure growth opportunities in the global facial recognition market. By the second quarter of 2021, the market capitalization of the global banking sector was calculated to be around USD 9 trillion.
  • Rapid Digitization with Growing Urbanization Owing to Rising Economic Standards - It is estimated that ~60% of the global GDP is to be digitized by 2022.


  • Low Adoption Rate in Developing Countries - People hesitate to adopt facial recognition systems since they can be easily broken down by showing an exact replica of a person, hence, this is one of the major factors that is estimated to hinder the market’s growth during the forecast period.
  • Changing Regulatory Policies
  • Poor Policy Management

Facial Recognition Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 5 Billion

Forecast Year Market Size (2033)

~ USD 24 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Facial Recognition Segmentation

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:

                 By Component

  • Software/Tools
  • 2D Facial Recognition
  • 3D Facial Recognition
  • Facial Analytics
  • Services
  • Training and Consulting
  • Support & Maintenance

                By Application

  • Law Enforcement
  • Access Control
  • Emotion Recognition
  • Attendance Tracking
  • Others

                 By End User

  • Banking, Financial Services, and Insurance
  • Retail and E-commerce
  • Healthcare
  • Education
  • Automotive
  • Others

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Facial Recognition Industry - Regional Synopsis

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.

Research Nester
Facial Recognisation Market Size
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Companies Dominating the Facial Recognition Landscape

    • PopID, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • SAFR (RealNetworks, Inc.)
    • Aware, Inc.
    • Ayonix Corporation
    • Cognitec Systems GmbH
    • Fujitsu Limited
    • THALES
    • IDEMIA Group
    • NEC Corporation
    • Onfido


In The News


  • 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

  • Report ID: 4403
  • Published Date: Feb 15, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increased market capitalization of the banking sector and rising concerns of cybersecurity are the major factors driving the market growth.

The market is anticipated to attain a CAGR of ~16% over the forecast period, i.e., 2023-2033.

Low adoption rate in developing countries and poor policy management are estimated to be the growth hindering factors for the market expansion.

The market in the North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are SAFR (RealNetworks, Inc.), Aware, Inc., Ayonix Corporation, Cognitec Systems GmbH, FACEPHI BIOMETRICS Ltd., Fujitsu Limited, THALES, IDEMIA Group, NEC Corporation, Onfido, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by component, application, end-user, and by region.

The healthcare segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Facial Recognition Market Report Scope

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