Report: Facial recognition market to reach $24 billion by 2033, driven by law enforcement and security needs
This growth is being driven by the increasing need for security and surveillance, the growing adoption of AI, and the development of new applications for facial recognition
The facial recognition market is expected to reach $24 billion by 2033, according to a new report by Research Nester. This growth is being driven by the increasing adoption of facial recognition technology by law enforcement agencies and security companies.
Facial recognition is a technology that can be used to identify individuals from images or videos. It is a powerful tool that can be used for a variety of purposes, including:
- Criminal investigations: Facial recognition can be used to identify suspects from crime scene footage or CCTV images.
- Missing persons: Facial recognition can be used to help find missing persons.
- Border security: Facial recognition can be used to verify the identity of travelers entering or leaving a country.
- Access control: Facial recognition can be used to control access to secure areas.
The facial recognition market is expected to grow at a compound annual growth rate (CAGR) of 18.2% from 2023 to 2033. This growth is being driven by a number of factors, including:
- The increasing need for security and surveillance
- The growing adoption of artificial intelligence (AI)
- The decreasing cost of facial recognition technology
- The development of new applications for facial recognition
Law enforcement agencies are one of the largest users of facial recognition technology. They use facial recognition to investigate crimes, identify suspects, and find missing persons. For example, the FBI uses facial recognition to compare faces in its database to faces in crime scene photos and videos.
The facial recognition market is expected to be dominated by North America and Europe. These regions have a high demand for security and surveillance, and they are home to many of the leading facial recognition companies. However, the Asia Pacific region is expected to be the fastest-growing market for facial recognition, due to its large population and growing economy.
Some of the leading companies in the facial recognition market include:
- PopID, Inc.
- SAFR (RealNetworks, Inc.)
- Aware, Inc.
- Megvii Technology Co., Ltd.
- CloudWalk Technology Co., Ltd.
These companies are developing new and innovative facial recognition technologies that are making it easier and more accurate to identify individuals.
The use of facial recognition technology raises a number of privacy concerns. For example, some people worry that facial recognition could be used to track people’s movements without their consent. It is important to strike a balance between security and privacy when using facial recognition technology.
Overall, the facial recognition market is expected to grow rapidly in the coming years. This growth is being driven by the increasing need for security and surveillance, the growing adoption of AI, and the development of new applications for facial recognition. Law enforcement agencies are one of the largest users of facial recognition technology, and they are expected to continue to be a major driver of market growth.
- Market size: $24 billion by 2033
- CAGR: 18.2%
- Key drivers: Security and surveillance, AI, cost, new applications
- Major users: Law enforcement, security companies
- Leading regions: North America, Europe, Asia Pacific
- Leading companies: PopID, SAFR, Aware, Megvii, CloudWalk
For more on Facial Recognition, visit https://www.police1.com/police-products/police-technology/police-software/facial-recognition/.
Download the full market report at ResearchNester.com.
Police1 is using generative AI to create some content that is edited and fact-checked by our editors.