Global Facial Recognition Market Set to Soar, Expected to Reach US$ 25.4 Billion by 2033

A recent FMI analysis projects that the facial recognition market would develop at a compound annual growth rate (CAGR) of 16.1%, from US$ 5.7 billion in 2023 to US$ 25.4 billion by 2033. According to this survey, increased government spending on the contemporary CCTV cameras that are deployed in most public spaces to prevent crime and terrorist attacks and to enhance public safety is what is propelling the growth of the facial recognition sector.

The need for face detection systems to increase safety and security, along with the rise of applications in physical security and intelligent signs, are expected to fuel the growth of the worldwide facial recognition market during the course of the forecast period. Predictions from the poll indicate that technology advancements such as cloud-based

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The gradual rise in use cases following the COVID-19 pandemic is another factor that has benefited the market’s requirement for facial recognition. Additionally, these devices are being used by healthcare institutions all around the world to do thermal camera inspections.

Key Takeaways from the Market Study

  • Global Facial Recognition market to be valued at US$ 5.2 Bn by 2022-end
  • By Component, Software Tools Segment expanded at a CAGR of 16.8% until 2021
  • Law Enforcement applications ruled the Facial Recognition market with a CAGR of 16.7% until 2021.
  • China to account for the highest value share of US$ 1.6 Bn of global market demand for the Facial Recognition market in 2032.

Competitive Landscape

Players in the global Facial Recognition market focus on expanding their global reach through various strategies, such as; partnerships, collaborations, and partnerships. The players are also making a significant investment in R&D to add innovations to their products which would help them in strengthening their position in the global market. Some of the recent developments among the key players are:

  • In March 2022, Aware, a biometrics software and services company, partnered with MIRACL to expand its cloud-based biometric authentication technology. The partnership is a mutual reseller arrangement whereby each company can both sell each other’s products and integrate them within their own product lines, quickly bringing to market password-free login paradigms delivering superior security and simplicity for users.
  • In March 2022, SALTO’s acquisition of Cognitec Systems initiates a strong partnership of business synergy and innovation. This acquisition is expected to meet market requests for adding face recognition and artificial intelligence technologies to the company’s renowned electronic access control and ticketing solutions. In addition, both companies appreciate a similar innovative work environment and corporate culture.

More Insights on the Facial Recognition Market

Future Market Insights offers an unbiased analysis of the global facial recognition market, providing historical data for 2015-2021 and forecast statistics from 2022-2032. To understand opportunities in the facial recognition market, the market is segmented on the basis of component type, application, and vertical across five major regions.

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Key Segments Covered in the Facial Recognition Industry Report

Facial Recognition by Component

Facial Recognition Software Tools

  • 2D Facial Recognition
  • 3D Facial Recognition
  • Facial Analytics

Facial Recognition Services

  • Training and Consulting
  • Cloud Based Facial Recognition

Facial Recognition by Vertical

  • Facial Recognition in Banking
  • Facial Recognition in Retail & E-Commerce
  • Facial Recognition in Automotive
  • Facial Recognition in Healthcare
  • Facial Recognition in Government & Defence
  • Facial Recognition for Other Verticals

Facial Recognition by Application

  • Facial Recognition for Law Enforcement
  • Facial Recognition for Access Control
  • Facial Recognition for Emotion Recognition
  • Facial Recognition for Attendance Tracking and Monitoring
  • Facial Recognition for Other Applications


Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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