Reading time ( words)
The global facial recognition market size is projected to grow from $3.2 billion in 2019 to $7 billion by 2024, at a CAGR of 16.6% during 2019 to 2024.
The rising need for surveillance has become one of the major factors to drive the facial recognition market. The advent of new technologies, such as high-definition Closed Circuit Television (CCTV) and high-resolution 3D facial recognition technologies, along with iris recognition and emotion detection, has enhanced the facial recognition market. However, the integration of new facial recognition technologies with the existing legacy system is limiting the growth of facial recognition solutions in the market.
Government and defence sector among verticals to gain maximum traction during the forecast period
The increasing need for facial recognition-enabled biometrics solutions for identity management, border management, and homeland and military security management has fueled government organizations to largely implement facial recognition technologies. Additionally, government-owned large-scale programs, such as smart cities and smart transportation, need the adoption of facial recognition solutions.
3D Facial Recognition Software Tools to Hold the Largest Market size during 2019 to 2024
3D facial recognition software is capable of analyzing, identifying, and verifying facial characteristics of individuals. It overcomes the drawbacks of 2D facial recognition and can work in low light or completely dark areas. 3D facial recognition technology is used mostly in cross-border monitoring, document verification, and identity management.
Asia Pacific to Grow at the Highest CAGR during 2019 to 2024
The Asia Pacific (APAC) region has a great scope for growth in the facial recognition market in terms of usage of the facial recognition solution. The facial recognition market in APAC is anticipated to grow significantly, due to huge governmental investments in security and surveillance infrastructure, increased public awareness, and the emergence of refined technologies backed by analytics. Furthermore, growth is anticipated with technological advancements, along with the mandatory regulations imposed by government regulatory entities to adopt the best-in-class technologies and standards. The fast expansion of regional enterprises in the APAC region is another crucial variant contributing to the growth of the facial recognition market.