FACIAL RECOGNITION MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global facial recognition market growth can be hampered due to privacy concerns and regulatory challenges. Facial recognition technologies faces criticism over privacy issues as images captured in public places can identify individuals without their consent. This has raised serious concerns related to potential misuse of personal data. Several countries like U.S., Canada, China, Japan, etc. and states have imposed bans and limitations on the use of facial recognition by law enforcement agencies and other public authorities due to such privacy issues. Maintaining privacy controls and stricter regulations around data usage practices can be challenging for companies. Legal compliance also poses operational challenges. To address these concerns, vendors have to ensure transparency in data practices and adopt technologies that avoid illegal surveillance while obtaining necessary permissions for use of personal data.

Market Opportunity - Expansion of smart city projects and infrastructure

Growth of smart city projects and infrastructure development presents a major opportunity for facial recognition market globally. Smart cities utilize various digital technologies and data to improve service delivery and infrastructure management. Facial recognition, coupled with video analytics solutions, is  used in areas like smart transportation, law enforcement, waste management, and urban planning by municipal authorities. Rising focus on modernization of urban infrastructure can boost deployments of facial recognition across cities. Leading technology providers such as Slyce Inc., Idemia, Amazon Web Services (AWS), Microsoft Corporation, etc. can capitalize on this opportunity by developing customized solutions that help cities leverage facial biometrics for smart governance, security and urban development initiatives.