Facial Recognition Market is expected to grow at a CAGR of 16.2% to reach USD 23.6 billion by 2034.

Increase in the terrorist attacks in the government organizations, therefore demand for facial recognition is growing on a large scale. This is because facial recognition provides a high level of security in the private and public sectors. Additionally, governments across the world have been spending on facial recognition technology. However, the concern about share personal data and lack of accuracy such factor restrain the market growth. Also, research and development to increasing application in mobile security and drones are expected to provide an opportunity for the target market. Facial Recognition Market Size was valued at USD 6.0 billion in 2024 and is expected to grow at a CAGR of 16.2% to reach USD 23.6 billion by 2034.

The report "Facial Recognition Market Size, Share, By Component (Hardware, Software), By Technology (2D Facial Recognition, 3D Facial Recognition, Thermal Face Recognition, Skin Texture Analysis), By Application (Face Identification, Access Control, Security & Surveillance, and Others), By End-user (BFSI, Healthcare, Government & Defense, IT & Telecom, Retail & e-commerce, Automobile & Transportation, and Others), and By Region - Trends, Analysis and Forecast till 2034". 

Key Highlights:

• On July 17, 2019, NEC Corporation and its Romanian Branch, a part of NEC Eastern Europe, together announced the delivery of a facial recognition system for admission control at the EU Summit held in Sibiu, Romania.
• In July 2019 NEC To Provide Customs Procedure System With Face Recognition For Six Major Airports In Japan

Key Market Insights from the report:        

Facial Recognition Market Size was valued at USD 6.0 billion in 2024 and is expected to grow at a CAGR of 16.2 % to reach USD 23.6 billion by 2034. The market report has been segmented based on product type, by end-user industry, and region.

• By technology facial recognition market is classified into 3d facial recognition, 2d facial recognition, and facial analytics
•  by end-user facial recognition market is classified into law enforcement, healthcare, and retail
• By region, North America is expected to dominate the target market. Growing demand for surveillance systems to boost safety and security are swelling the adoption of facial recognition systems. Additionally, some government initiatives are expected to contribute to the double-digit growth of such technologies.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Facial Recognition Market Size, Share, By Component (Hardware, Software), By Technology (2D Facial Recognition, 3D Facial Recognition, Thermal Face Recognition, Skin Texture Analysis), By Application (Face Identification, Access Control, Security & Surveillance, and Others), By End-user (BFSI, Healthcare, Government & Defense, IT & Telecom, Retail & e-commerce, Automobile & Transportation, and Others), and By Region - Trends, Analysis and Forecast till 2034"

The key players operating the Facial Recognition market involves includes Panasonic Corporation, Thales Group (Gemalto NV), NEC Corporation, Cognitec Systems GmH, Aware Inc., FacePhi Biometric SA, Animetrics Inc., Ayonix Corporation, Face First Inc., Idemia France SAS, and Daon Inc. the key players in the market are focusing on technological development and new product offering.

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