Facial Recognition Market size to Grow by USD 7.6341 billion from 2022 to 2027 | Facial recognition using photos on social networking sites is a major market trend- Technavio
NEW YORK, Nov. 21, 2023 /PRNewswire/ -- The facial recognition market size is estimated to increase by USD 7,634.09 million from 2022 to 2027. The market's growth momentum will progress at a CAGR of 18.11% during the forecast period. Facial recognition using photos on social networking sites is a major trend in the market. Facebook is one of the world's most popular social networking sites. Social media platforms offer users the opportunity to upload photos. These photos are stored in a database and can be easily identified using some algorithms if desired. Photos from different angles should be uploaded for more accurate identification. Such photo-based identification techniques are more accurate than traditional face recognition methods. Additionally, in the future photo-based identification will be integrated with advanced 3D facial recognition to improve the security capabilities of facial recognition biometrics. Hence, facial recognition using photos on social networking sites is expected to drive market growth during the forecast period. Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report -Request a sample report
Facial recognition market insights -
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Facial recognition market - Company Insights
The growing competition in the market is compelling companies to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers informaton on several market companies including –
Facial recognition market – Market Dynamics
Increasing instances of identity threats are the key factor driving the market growth. End users are becoming more dependent on websites and web applications, leading to a surge in identity and data threat incidents. In addition, the growing popularity of online gaming and social media among younger generations also contributes to increasing identity threats. Therefore, the use of biometric security solutions is increasing. This makes them one of the fastest-growing authentication solutions currently in use in various industries. Hence, these factors are expected to drive market growth during the forecast period.
The high cost of deployment of this technology is a significant challenge restricting market growth. Large-scale deployment of facial recognition systems in government agencies and airports will take time. Therefore, this process typically results in longer sales cycles. Also, users should spend according to their own needs. Therefore, an unsuccessful implementation could mean huge losses for these departments. Additionally, budget constraints limit the testing of facial recognition solutions. In addition to the actual costs, there are other hidden costs such as middleware costs, maintenance costs, and other related costs for facial recognition solutions. Hence, the high cost of deployment of this technology is expected to restrict market growth during the forecast period.
The facial recognition market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.
What are the key data covered in this facial recognition market report?
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The radio frequency identification (RFID) market is estimated to grow at a CAGR of 10.9% between 2022 and 2027. The radio frequency identification (RFID) market size is forecast to increase by USD 10,456.94 million.
The biometrics-as-a-service (BaaS) market is estimated to grow at a CAGR of 15.93% between 2022 and 2027. The size of the market is forecast to increase by USD 2,353.46 million.
Table of contents:
1 Executive Summary
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