Facial Recognition Market size to grow at a CAGR of 18.11% by 2027, Increasing adoption of a multimodal biometric system to be a key trend- Technavio

NEW YORK, Feb. 24, 2023 /PRNewswire/ -- According to Technavio, the global facial recognition market size is estimated to grow by USD 7,634.09 million from 2022 to 2027. The market is estimated to grow at a  CAGR of 18.11% during the forecast period. North America is estimated to contribute 39% to the growth of the global market during the forecast period.For more insights on the historic (2017 to 2021) and forecast market size (2022 to 2027) - Request a sample report

Leading trends influencing the market 

• Technological advances like the integration of facial recognition with video surveillance will drive the growth of the market during the forecast period.
• The increasing adoption of multimodal biometric systems is set to witness strong demand.  A multimodal biometric system is an integration of several biometric technologies like facial, fingerprint, and voice recognition
• The facial recognition tool that uses photos on social networking sites like Facebook is also a major trend in the global facial recognition market.
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Facial Recognition Market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on type, Application (Identification and Verification), Technology (3D, 2D, and Facial analytics), End-user (Media and entertainment, BFSI, Automobile and transportation, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). 

• The identification segment will account for a significant share of the market's growth during the forecast period. The growth of this segment is attributed to factors such as its high adoption in the government and transportation sectors. One of the major factors supporting the growth of the verification segment is the high adoption of facial recognition in mobile devices. It is widely implemented in laptops and smartphones for user authentication.

Geography Overview
By geography, the global facial recognition market is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global facial recognition market.

• North America is estimated to contribute 39% to the growth of the global market during the forecast period.  One of the main reasons for the growth in the region is the high adoption of advanced technologies at the initial stages of homeland security and defense. The market in Europe is estimated to grow during the forecast period owing to the increasing need for border security. The facial recognition market in the APAC region will grow at a high rate during the forecast period. The market will grow in MEA during the forecast period because of the growing awareness of facial recognition technology among end-users. The facial recognition market in South America will grow because of the need for improved safety and security during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 – Download a Sample Report

Facial Recognition Market – Market Dynamics
Key factor driving market growth

• The increasing number of identity and data theft cases is a key driver for the global facial recognition market.
• The growing popularity of online gaming and social network websites is one of the major reasons for the rising number of identity theft cases. 
• The rising popularity of facial recognition is a key driving force for the growth of the global facial recognition market.
• For instance, ASSA ABLOY AB invested in Paravision in May 2021. Paravision is a leading provider of advanced facial recognition solutions recognized for their world-class leadership in accuracy.
• The increased adoption of 3D facial recognition technology in online banking services, ATMs, and mobile payments is also driving demand for the global market.
• Factors like these likely drive the growth of the market.

Major challenges hindering market growth

• The high cost of deployment is one of the major challenges restricting the use of facial recognition systems in government departments and airports. Additional to the actual cost of the facial recognition solution, there are other hidden costs like maintenance costs, middleware costs, and other associated costs.
• The lack of accuracy of biometric devices poses a challenge to the vendors. It occurs when the system fails to identify people because of factors such as plastic surgery, aging, and the non-permanent makeup of the persons whose images are previously stored in the database.
• Some agencies, such as the Federal Bureau of Investigation (FBI), mandate compliance with certain standards for biometrics solutions, which may lead to a challenge for vendors.
• The testing and approval process requires substantial time, effort, and financial resources. Failure to comply with applicable regulatory requirements can lead to the revocation of licenses or registrations, administrative enforcement actions, loss of approved status, civil and criminal liabilities, regulatory and governmental investigations, and constraints on the ability to continue to operate.
• Factors like these lead to challenges for vendors in the global facial recognition market.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this Facial Recognition Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Facial Recognition Market between 2023 and 2027
• Precise estimation of the size of the Facial Recognition Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Facial Recognition Market industry across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Facial Recognition Market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Technology
• Exhibit 07: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 08: Executive Summary – Chart on Incremental Growth
• Exhibit 09: Executive Summary – Data Table on Incremental Growth
• Exhibit 10: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 11: Parent market
• Exhibit 12: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 13: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 14: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 15: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 17: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 18: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global facial recognition market 2017 - 2022 
• Exhibit 19: Historic Market Size – Data Table on Global facial recognition market 2017 - 2022 ($ million)

• 4.2 Application Segment Analysis 2017 - 2022 
• Exhibit 20: Historic Market Size – Application Segment 2017 - 2022 ($ million)

• 4.3 Technology Segment Analysis 2017 - 2022 
• Exhibit 21: Historic Market Size – Technology Segment 2017 - 2022 ($ million)

• 4.4 End-user Segment Analysis 2017 - 2022 
• Exhibit 22: Historic Market Size – End-user Segment 2017 - 2022 ($ million)

• 4.5 Geography Segment Analysis 2017 - 2022 
• Exhibit 23: Historic Market Size – Geography Segment 2017 - 2022 ($ million)

• 4.6 Country Segment Analysis 2017 - 2022 
• Exhibit 24: Historic Market Size – Country Segment 2017 - 2022 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 25: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 26: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 27: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 28: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 29: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 30: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 31: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments 
• Exhibit 32: Chart on Application - Market share 2022-2027 (%)
• Exhibit 33: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 34: Chart on Comparison by Application
• Exhibit 35: Data Table on Comparison by Application

• 6.3 Identification - Market size and forecast 2022-2027 
• Exhibit 36: Chart on Identification - Market size and forecast 2022-2027 ($ million)
• Exhibit 37: Data Table on Identification - Market size and forecast 2022-2027 ($ million)
• Exhibit 38: Chart on Identification - Year-over-year growth 2022-2027 (%)
• Exhibit 39: Data Table on Identification - Year-over-year growth 2022-2027 (%)

• 6.4 Verification - Market size and forecast 2022-2027 
• Exhibit 40: Chart on Verification - Market size and forecast 2022-2027 ($ million)
• Exhibit 41: Data Table on Verification - Market size and forecast 2022-2027 ($ million)
• Exhibit 42: Chart on Verification - Year-over-year growth 2022-2027 (%)
• Exhibit 43: Data Table on Verification - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 44: Market opportunity by Application ($ million)

7 Market Segmentation by Technology

• 7.1 Market segments 
• Exhibit 45: Chart on Technology - Market share 2022-2027 (%)
• Exhibit 46: Data Table on Technology - Market share 2022-2027 (%)

• 7.2 Comparison by Technology 
• Exhibit 47: Chart on Comparison by Technology
• Exhibit 48: Data Table on Comparison by Technology

• 7.3 3D - Market size and forecast 2022-2027 
• Exhibit 49: Chart on 3D - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Data Table on 3D - Market size and forecast 2022-2027 ($ million)
• Exhibit 51: Chart on 3D - Year-over-year growth 2022-2027 (%)
• Exhibit 52: Data Table on 3D - Year-over-year growth 2022-2027 (%)

• 7.4 2D - Market size and forecast 2022-2027 
• Exhibit 53: Chart on 2D - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Data Table on 2D - Market size and forecast 2022-2027 ($ million)
• Exhibit 55: Chart on 2D - Year-over-year growth 2022-2027 (%)
• Exhibit 56: Data Table on 2D - Year-over-year growth 2022-2027 (%)

• 7.5 Facial analytics - Market size and forecast 2022-2027 
• Exhibit 57: Chart on Facial analytics - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Data Table on Facial analytics - Market size and forecast 2022-2027 ($ million)
• Exhibit 59: Chart on Facial analytics - Year-over-year growth 2022-2027 (%)
• Exhibit 60: Data Table on Facial analytics - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Technology 
• Exhibit 61: Market opportunity by Technology ($ million)

8 Market Segmentation by End-user

• 8.1 Market segments 
• Exhibit 62: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 63: Data Table on End-user - Market share 2022-2027 (%)

• 8.2 Comparison by End-user 
• Exhibit 64: Chart on Comparison by End-user
• Exhibit 65: Data Table on Comparison by End-user

• 8.3 Media and entertainment - Market size and forecast 2022-2027
• Exhibit 66: Chart on Media and entertainment - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Data Table on Media and entertainment - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Chart on Media and entertainment - Year-over-year growth 2022-2027 (%)
• Exhibit 69: Data Table on Media and entertainment - Year-over-year growth 2022-2027 (%)

• 8.4 BFSI - Market size and forecast 2022-2027 
• Exhibit 70: Chart on BFSI - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Data Table on BFSI - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Chart on BFSI - Year-over-year growth 2022-2027 (%)
• Exhibit 73: Data Table on BFSI - Year-over-year growth 2022-2027 (%)

• 8.5 Automobile and transportation - Market size and forecast 2022-2027
• Exhibit 74: Chart on Automobile and transportation - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Data Table on Automobile and transportation - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Chart on Automobile and transportation - Year-over-year growth 2022-2027 (%)
• Exhibit 77: Data Table on Automobile and transportation - Year-over-year growth 2022-2027 (%)

• 8.6 Others - Market size and forecast 2022-2027 
• Exhibit 78: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 81: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 8.7 Market opportunity by End-user 
• Exhibit 82: Market opportunity by End-user ($ million)

9 Customer Landscape

• 9.1 Customer landscape overview 
• Exhibit 83: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

10 Geographic Landscape

• 10.1 Geographic segmentation 
• Exhibit 84: Chart on Market share by geography 2022-2027 (%)
• Exhibit 85: Data Table on Market share by geography 2022-2027 (%)

• 10.2 Geographic comparison 
• Exhibit 86: Chart on Geographic comparison
• Exhibit 87: Data Table on Geographic comparison

• 10.3 North America - Market size and forecast 2022-2027 
• Exhibit 88: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 91: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 10.4 Europe - Market size and forecast 2022-2027 
• Exhibit 92: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 95: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 10.5 APAC - Market size and forecast 2022-2027 
• Exhibit 96: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 99: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 10.6 Middle East and Africa - Market size and forecast 2022-2027
• Exhibit 100: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 103: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 10.7 South America - Market size and forecast 2022-2027 
• Exhibit 104: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 107: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 10.8 US - Market size and forecast 2022-2027 
• Exhibit 108: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 111: Data Table on US - Year-over-year growth 2022-2027 (%)

• 10.9 China - Market size and forecast 2022-2027 
• Exhibit 112: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 113: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 114: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 115: Data Table on China - Year-over-year growth 2022-2027 (%)

• 10.10 UK - Market size and forecast 2022-2027 
• Exhibit 116: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 117: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 118: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 119: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 10.11 Germany - Market size and forecast 2022-2027 
• Exhibit 120: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 121: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 122: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 123: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 10.12 Japan - Market size and forecast 2022-2027 
• Exhibit 124: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 125: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 126: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 127: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 10.13 Market opportunity by geography 
• Exhibit 128: Market opportunity by geography ($ million)

11 Drivers, Challenges, and Trends

• 11.1 Market drivers

• 11.2 Market challenges

• 11.3 Impact of drivers and challenges 
• Exhibit 129: Impact of drivers and challenges in 2022 and 2027

• 11.4 Market trends

12 Vendor Landscape

• 12.1 Overview

• 12.2 Vendor landscape 
• Exhibit 130: Overview on Criticality of inputs and Factors of differentiation

• 12.3 Landscape disruption 
• Exhibit 131: Overview on factors of disruption

• 12.4 Industry risks 
• Exhibit 132: Impact of key risks on business

13 Vendor Analysis

• 13.1 Vendors covered 
• Exhibit 133: Vendors covered

• 13.2 Market positioning of vendors 
• Exhibit 134: Matrix on vendor position and classification

• 13.3 Amazon.com Inc. 
• Exhibit 135: Amazon.com Inc. - Overview
• Exhibit 136: Amazon.com Inc. - Business segments
• Exhibit 137: Amazon.com Inc. - Key news
• Exhibit 138: Amazon.com Inc. - Key offerings
• Exhibit 139: Amazon.com Inc. - Segment focus

• 13.4 ASSA ABLOY AB 
• Exhibit 140: ASSA ABLOY AB - Overview
• Exhibit 141: ASSA ABLOY AB - Business segments
• Exhibit 142: ASSA ABLOY AB - Key offerings
• Exhibit 143: ASSA ABLOY AB - Segment focus

• 13.5 Aware Inc. 
• Exhibit 144: Aware Inc. - Overview
• Exhibit 145: Aware Inc. - Product / Service
• Exhibit 146: Aware Inc. - Key offerings

• 13.6 Ayonix Corp. 
• Exhibit 147: Ayonix Corp. - Overview
• Exhibit 148: Ayonix Corp. - Product / Service
• Exhibit 149: Ayonix Corp. - Key offerings

• 13.7 Cognitec Systems GmbH 
• Exhibit 150: Cognitec Systems GmbH - Overview
• Exhibit 151: Cognitec Systems GmbH - Product / Service
• Exhibit 152: Cognitec Systems GmbH - Key offerings

• 13.8 Daon Inc. 
• Exhibit 153: Daon Inc. - Overview
• Exhibit 154: Daon Inc. - Product / Service
• Exhibit 155: Daon Inc. - Key offerings

• 13.9 Facebanx 
• Exhibit 156: Facebanx - Overview
• Exhibit 157: Facebanx - Product / Service
• Exhibit 158: Facebanx - Key offerings

• 13.10 Fujitsu Ltd. 
• Exhibit 159: Fujitsu Ltd. - Overview
• Exhibit 160: Fujitsu Ltd. - Business segments
• Exhibit 161: Fujitsu Ltd. - Key news
• Exhibit 162: Fujitsu Ltd. - Key offerings
• Exhibit 163: Fujitsu Ltd. - Segment focus

• 13.11 IDEMIA 
• Exhibit 164: IDEMIA - Overview
• Exhibit 165: IDEMIA - Product / Service
• Exhibit 166: IDEMIA - Key offerings

• 13.12 Microsoft Corp. 
• Exhibit 167: Microsoft Corp. - Overview
• Exhibit 168: Microsoft Corp. - Business segments
• Exhibit 169: Microsoft Corp. - Key news
• Exhibit 170: Microsoft Corp. - Key offerings
• Exhibit 171: Microsoft Corp. - Segment focus

• 13.13 NEC Corp. 
• Exhibit 172: NEC Corp. - Overview
• Exhibit 173: NEC Corp. - Business segments
• Exhibit 174: NEC Corp. - Key news
• Exhibit 175: NEC Corp. - Key offerings
• Exhibit 176: NEC Corp. - Segment focus

• 13.14 Precise Biometrics AB 
• Exhibit 177: Precise Biometrics AB - Overview
• Exhibit 178: Precise Biometrics AB - Business segments
• Exhibit 179: Precise Biometrics AB - Key offerings
• Exhibit 180: Precise Biometrics AB - Segment focus

• 13.15 Safran SA 
• Exhibit 181: Safran SA - Overview
• Exhibit 182: Safran SA - Business segments
• Exhibit 183: Safran SA - Key news
• Exhibit 184: Safran SA - Key offerings
• Exhibit 185: Safran SA - Segment focus

• 13.16 Synaptics Inc. 
• Exhibit 186: Synaptics Inc. - Overview
• Exhibit 187: Synaptics Inc. - Product / Service
• Exhibit 188: Synaptics Inc. - Key news
• Exhibit 189: Synaptics Inc. - Key offerings

• 13.17 Thales Group 
• Exhibit 190: Thales Group - Overview
• Exhibit 191: Thales Group - Business segments
• Exhibit 192: Thales Group - Key offerings
• Exhibit 193: Thales Group - Segment focus

14 Appendix

• 14.1 Scope of the report

• 14.2 Inclusions and exclusions checklist 
• Exhibit 194: Inclusions checklist
• Exhibit 195: Exclusions checklist

• 14.3 Currency conversion rates for US$ 
• Exhibit 196: Currency conversion rates for US$

• 14.4 Research methodology 
• Exhibit 197: Research methodology
• Exhibit 198: Validation techniques employed for market sizing
• Exhibit 199: Information sources

• 14.5 List of abbreviations 
• Exhibit 200: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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