Facial Recognition - Worldwide

Three trends in facial recognition are shaping the market. One is the enhancement of security and related processes in the retail, banking, and healthcare industries, among others. Another is the improvement of facial recognition algorithms to increase accuracy, especially in challenging conditions such as low light and occluded faces. A third is the development of transparent and accountable practices to ensure user consent and data protection (in response to privacy concerns and ethical considerations).

The facial recognition market is expected to continue growing in the coming years, driven by several factors. One of the key growth factors is the increasing demand for security and surveillance systems, particularly in public places such as airports, shopping malls, and government buildings. Another is the increasing adoption of facial recognition in various industries such as healthcare, banking, and retail is expected to contribute to market growth. A third growth factor is the advancement in facial recognition technology, such as 3D facial recognition, which provides more accurate and reliable results.

The Facial Recognition market is expected to continue growing at a significant pace until 2030. The market is projected to grow at a compound annual growth rate (CAGR) of 11.1% during the forecast period.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.