Facial Recognition Market Report 2023-2028:
Market Dynamics, Trends, And Forecasts

The global Facial
Recognition Market is estimated to be worth USD 6.3 billion in 2023 and
is projected to reach USD 13.4 billion by 2028, at a CAGR of 16.3% during the
forecast period. Accelerated adoption of facial recognition technology during
and after the pandemic is driving the growth of the facial recognition market.

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Facial
Recognition Market Dynamics

Drivers

·      
Growth in security concerns and rise in need
for robust surveillance systems

·      
Advancements in facial recognition
algorithms, ML, and AI

Restraints

·      
Privacy concerns

·      
Rise in false positives and negatives

Opportunities

·      
Emerging use cases/applications in various
sectors

·      
Integration of facial recognition in mobile
devices for authentication and security

List of Top Companies

·      
NEC (Japan)

·      
Microsoft (US)

·      
Thales (France)

·      
AWS (US)

·      
IDEMIA (France)

·      
Aware (US)

·      
Daon (Ireland)

·      
Megvii (China)

·      
Facephi (Spain)

·      
Herta Security (Spain)

By Deployment Mode, the on-premises segment accounts for a
larger market share.

The on-premises segment is estimated to account for a larger
market share during the forecast period. On-premises facial recognition refers
to software and hardware systems installed locally within an organization's
facilities, rather than cloud-based services. On-premises deployments allow
organizations to retain complete control and security of biometric data and
integrate with existing infrastructure like access control and security
cameras. Key benefits of on-site deployment include data sovereignty, lower
latency responses, the ability to function offline, and avoidance of recurring
cloud subscription costs. Its typical use cases include building access,
employee time tracking, and loss prevention in retail stores or casinos.

The large enterprise segment accounts for a larger market
share based on organization size.

The large enterprises segment is estimated to account for a
larger market share during the forecast period. Large enterprises across key
sectors like technology, financial services, healthcare, and manufacturing have
rapidly adopted facial recognition technology over the last few years. The
driving factors include enhanced security, workplace automation, and seamless
customer experiences. Its conventional applications include automated employee
authentication for facility access control, time-tracking, increased
safety/surveillance, and personalized customer engagement. While most large
companies acknowledge public concerns surrounding consent, biases, and mass
surveillance, pragmatic implementations focused on workplace security,
operations optimization, and customer convenience continue accelerating. With
decreasing costs and improving accuracy, enterprise adoption is expected to
grow significantly despite increasing regulation.

Asia Pacific to grow at the highest CAGR during the forecast
period.

During the forecast period, the Asia Pacific region is poised
to exhibit the highest CAGR in the facial recognition market. Facial
recognition technology has gained significant traction in Asia and has become a
focal point for governments, businesses, and various sectors. The Asia Pacific
region has witnessed widespread adoption of facial recognition across diverse
applications, ranging from security and surveillance to finance, retail, and
healthcare. Governments in the area have been actively deploying facial
recognition for public safety and law enforcement purposes. The technology is
employed in airports, border crossings, and public spaces to enhance security
measures and monitor potential threats, driving the adoption of facial
recognition technology in the region.

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