Facial Recognition Market Size

Facial Recognition Market size was valued at USD 6.73 billion in 2024 and is projected to cross USD 47.54 billion by the end of 2037, registering more than 16.2% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of facial recognition is estimated at USD 7.6 billion.

The primary growth factor for the expansion of the market is the notable growth in the electronics sector, where devices to capture small motions on the face have been developed and are gaining remarkable hype in the market. Lately, it was calculated that the revenue generated by the U.S. electronics industry in 2019 stood up at USD 280 billion. The increasing disposable income of people and internet penetration across the world are estimated to drive market growth in the electronics sector. Many electronic devices are used in daily life, including digital watches, smartphones, laptops, computers, and many more. The increasing adoption of AI (artificial intelligence) and machine learning technology in these electronics makes them more advanced and intelligent than other household electronics such as microwaves, mixers, and blenders.

Facial recognition technology is used in companies to help login and log out employees based on their iris scan and biometrics. Eye scanning includes the scanning of the iris, which is unique for each person same as different fingerprints. It is an easy way to safely lock certain documents with this technology so that no one except the actual owner can get access. This is safer than the biometric system and voice recognition technology. The rising advanced developments in this technology help to speed up the scanning process or search process. These are ideal for places such as airports, and border crossings where time is very crucial. Recently, in 2022, Iris ID, Inc. launched a self-service iCAM at the Intersec Dubai tradeshow, United Arab Emirates. This is a touchless reader that identifies a large group of people who are moving at a faster rate and prevents long waiting lines.