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

Facial Recognition Market Size and Trends

Global facial recognition market is estimated to be valued at US$ 6.01 Bn in 2024 and is expected to reach US$ 17.84 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 16.8% from 2024 to 2031.

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Rising adoption of facial recognition technology across various sectors like security, financial services, and law enforcement globally can drive the market growth.

Increasing demand for advanced surveillance systems for public safety and rising applications of facial recognition in mobile devices can drive the market growth. Wide usage of Facial Recognition in applications such as Emotion detection Recognition, law enforcement, access control and others along with integration of AI and ML capabilities in facial recognition systems can offer lucrative opportunities for market expansion.

Increasing demand for enhanced security solutions

There has been increasing need to improve security checks at airports, railway stations, offices, malls, and other public places. Traditionally security used to rely on manual identification methods like ID cards, passports, and others but with large volumes of people moving daily through these places, manual verification tends to become inefficient and error prone.

Facial recognition systems offer a viable solution as these provide non-intrusive and automated identification of individuals. Using advanced algorithms that can extract facial features from images or video feeds, these systems allow identifying people from a large database in real-time with high accuracy. For example, airports can leverage such technologies to identify passengers during check-ins, immigration or boarding by matching their photos taken on the spot to those in their travel documents or watch-lists of suspicious individuals. This greatly enhances security while also reducing waiting times compared to manual verification.

Several government agencies around the world such as U.S. Customs and Border Protection (CBP) in the United States, Singapore's Changi Airport, The European Union's Smart Borders initiative, Carrasco International Airport in Uruguay, etc. have started deploying facial recognition at their borders and ports of entry to tighten security. Law enforcement authorities are also increasingly relying on these solutions to identify criminals, missing persons or recognize suspects during investigations by running facial analytics on CCTV footage or databases of wanted persons. Organizations dealing with high security premises like military installations have incorporated these systems for access control and monitoring.

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Growing adoption of AI technologies across various sectors

AI's capabilities to mimic human cognitive functions like learning, reasoning and problem solving through machine learning algorithms have spawned innovations across many application areas. Facial recognition forms a key part of this revolution as one the most prevalent forms of biometric identification leveraging recent advancements in computer vision and deep learning.

Over the past few years, AI technologies have found a multitude of commercial uses beyond just security. Advanced computer vision powers futuristic technologies like self-driving cars that rely on visual perception systems for navigation. Smart cities are incorporating facial analytics for traffic management, surveillance and citizen service applications. Retail and consumer tech giants are developing AI virtual assistants, smart home devices as well as augmented reality applications that can recognize users seamlessly.

For instance, in July 2023, Xiaomi, a Chinese multinational electronics company, launched the Smart Door Lock M20 Pro, a state-of-the-art smart lock featuring AI-driven 3D structured light facial recognition technology that is designed to enhance security and ensure precise identification. This advanced model is an upgrade from the earlier M20 version. The M20 Pro utilizes sophisticated 3D structured light technology, which is well-regarded for its adaptability and accuracy in high-end digital devices and security systems.