How big is the Facial Recognition Market?

The Facial Recognition Market size is expected to reach USD 6.61 billion in 2024 and grow at a CAGR of 16.20% to reach USD 14 billion by 2029. Read More

What is the current Facial Recognition Market size?

In 2024, the Facial Recognition Market size is expected to reach USD 6.61 billion. Read More

Who are the key players in Facial Recognition Market?

Panasonic Corporation, Thales Group, NEC Corporation, Cognitec Systems GmbH and Aware Inc. are the major companies operating in the Facial Recognition Market. Read More

Which is the fastest growing region in Facial Recognition Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Facial Recognition Market?

In 2024, the North America accounts for the largest market share in Facial Recognition Market. Read More

What years does this Facial Recognition Market cover, and what was the market size in 2023?

In 2023, the Facial Recognition Market size was estimated at USD 5.54 billion. The report covers the Facial Recognition Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Facial Recognition Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key industries driving the Facial Recognition Market growth?

Key industries driving the growth of the facial Recognition market include security and surveillance, healthcare, retail, and banking, with security and surveillance being the primary driver. Read More

What are the challenges faced the Facial Recognition Market?

Key challenges faced by the Facial Recognition Market include: a) Privacy and ethical concerns b) Need for high-quality data c) Potential for bias in recognition algorithms Read More

Facial Recognition Market Share

Statistics for the 2023 & 2024 Facial Recognition market share, created by Mordor Intelligence™ Industry Reports. Facial Recognition share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of Facial Recognition Industry

The facial recognition market is moderately competitive, with significant players operating in the market, such as NEC Corporation, Gemalto NV, Panasonic Corporation, etc. With the number of startups growing substantially, the market studied is expected to witness a highly competitive scenario shortly.

In June 2023, Hitachi, Ltd. and Panasonic Connect Co., Ltd. collaborated to develop a new service that combines Hitachi's technology for preventing biometric data leakage with Panasonic Connect's facial recognition technology.

In November 2022, NEC Corporation developed a Gateless Access Control System using Biometric Recognition that combines NEC's face recognition technology with person re-identification technology, which matches people even if they are facing away or their bodies are occluded, to provide fast and reliable entry control that is free from gates.