Market Size of Facial Recognition Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 6.61 Billion |
| Market Size (2029) | USD 14 Billion |
| CAGR (2024 - 2029) | 16.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Facial Recognition Market Analysis
The Facial Recognition Market size is estimated at USD 6.61 billion in 2024, and is expected to reach USD 14 billion by 2029, growing at a CAGR of 16.20% during the forecast period (2024-2029).
Facial recognition refers to the way of identifying or confirming an individual's identity using their face. Facial recognition systems can be utilized to identify people in photos, videos, or in real time.
- Rising criminal activities worldwide have resulted in the increasing installation of surveillance systems across all verticals. For instance, according to the Council on Criminal Justice, thefts and robberies in major cities across the United States increased by around 20% in the first half of 2022. Integrating facial recognition in security systems can significantly enhance the effectiveness of security and surveillance across sectors and reduce overall costs.
- The market is witnessing various developments from private and public organizations, further boosting market growth. For instance, in August 2022, DRDO (Defence Research and Development Organization) developed an advanced Facial Recognition Technology (FRT) to increase surveillance. The DRDO has developed FRSD to solve the issue of facial recognition in the wild, where there are wide-ranging issues like low-resolution cameras.
- Government initiatives are expected to contribute to the significant growth of such technologies. For instance, As of July 2022, the CBP had deployed facial recognition technology to 32 airports for travelers leaving the U.S. and all airports for travelers entering the country.
- With the outbreak of the pandemic, facial recognition systems were adopted for wider use as they were used to track COVID-positive people who needed to stay home. Moreover, since the outbreak of COVID-19, facial recognition software vendors have upgraded their algorithms with new features, such as recognizing faces with a mask on.
- However, data breaches involving facial recognition data increase the potential for identity theft, stalking, and harassment as, unlike passwords and credit card information, faces cannot easily be changed. Such factors may hinder the market growth.
