Facial Recognition Market Analysis

Component (Software & Tools, 2D, 3D)

The global facial recognition market is segmented and analyzed for demand and supply by component into software & tools, 2D facial recognition, 3D facial recognition, facial analysis, services, training & consulting, and support & maintenance, and others. Out of these segments, the 3D facial recognition segment is estimated to garner the largest market share. Increasing cloud technology and facial analytics are estimated to drive market growth owing to the rising adoption of more facial recognition software among people. Facial recognition software is implemented in all types of smartphones, laptops, and computers. It is used in various sectors such as education, retail, banking, finance, healthcare, and police services to evaluate the gender, age, and facial characteristics of a person. 3D technology, is a safe and secure technology as it scans the hair color, iris color, and visual geometry of the face. As per the reports, in 2020, the 3D services segment of facial recognition technology accounted for over 35% of worldwide revenue.

End-user (Healthcare, Education, Automotive, Banking, Financial Services, Insurance, Retail & E-commerce)

The global facial recognition market is also segmented and analyzed for demand and supply by end-users into healthcare, education, automotive, banking, financial services, and insurance, retail & e-commerce, and others. Out of these, the healthcare sector is attributed to garner the highest market share by 2037, owing to the expansion of the healthcare sector across the world which is one of the significant sectors that has the demand and utilization for every sort of new technology. The revenue generation of the healthcare segment in the year 2022 was estimated to be over 55 billion around the globe. The hospital gets a number of patients in a day with different kinds of diseases. It becomes impossible to store all the data in paperwork as it is confusing and messy. Therefore, the medical history of the patient is stored in software associated with the patient’s facial recognition, which helps the doctors or nurses to access the data easily. Just a facial scan of the patient provides the hospital staff with all the information required from the hospital database.

Our in-depth analysis of the global market includes the following segments: