Facial Recognition Market Share

The North America facial recognition market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be ascribed to the expansion of the electronics sector, boosted by the escalating investment by the government and enterprises in the region. In 2019, the U.S. consumer electronics industry was predicted to garner almost 300 billion U.S. dollars. Further, the increasing digitization and industrialization are estimated to rise the adoption of contactless biometrics technology among people during the forecast period. The United States industrial production rose 4% YoY in July 2022, with an increment of 3.5% YoY from the previous month. The increasing industrialization and digitalization lead to the urbanization of the region. The increasing urbanization provides great access to the internet and web services. Also, the increasing spending capacity of people increases the percentage of people using advanced electronic devices associated with AI. Facial recognition technology is even adopted in-house security to prevent unauthorized entry. All these together have a positive impact on facial recognition market growth.