The facial tracking solutions market revenue estimated to value US$ 3.6 Mn in 2023. The facial tracking solutions market is expected to reach US$ 16.4 Mn by 2033, growing at a CAGR of 15.2% for 2023 to 2033.
Attributes
Details
Estimated Year (2023) Market Value
US$ 3.6 Million
Projected Year (2033) Market Value
US$ 16.4 Million
CAGR% (2023 to 2033)
15.2%
Top 5 Vendor Market Share
34%
Facial tracking is the process of recognising or confirming someone's identity by glancing at their face. It records, analyses, and compares methods that rely on a person's facial traits. The face detection method is a vital first step in identifying and locating human faces in images and videos.
The surveillance industry's expanding prominence is projected to fuel the facial tracking market. Global surveillance has increased due to an increase in cyber-attacks, terrorist operations, and identity theft. Facial tracking is being used by private and public organizations to provide strong protection by accurately identifying persons for access control.
As a result, organizations and end users are widely implementing these solutions to ensure the long-term success of their enterprises. It is a part of the biometric market.
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
2018 to 2022 Facial tracking solutions Market Demand Outlook compared to 2023 to 2033 Forecast
The CAGR for compliance and traceability market is expected to vary from 16.4% in 2018 to 22 to 15.2% in 2023 to 2033.
Through the use of face photos and speech-to-text recognition, Facial tracking technology assists in the identification of staff and guests, as well as providing access to the physical office.
Airports across the globe are implementing facial recognition technology to allow paperless identification to allow quick and hassle-free identification. This development should help the growth of the facial recognition solutions.
Increase in the Adoption of Face Tracking Technology for Improved Safety and Medical Monitoring
Face recognition technology is important in identifying and authenticating an individual based on his or her unique facial features. It then saves the information as a face image. It also makes the visitor sign-in and sign-out process easier. This allows healthcare practitioners to monitor the patient's health status more easily and in real time.
Find your sweet spots for generating winning opportunities in this market.
Regional Analysis
During the forecast period, North America is expected to have the largest market for Facial tracking solutions with a market share of 32.0%. The use of Facial tracking solutions in North America will be fuelled by the growth of the manufacturing, healthcare, and IT & telecom industries.
With a CAGR of 15.2% South Asia & Pacific is set become the fastest growing region in the facial tracking solutions market.
Country wise insights
High Demand for Face Tracking Solutions as A Standard in USA
Face tracking solutions have gone up in demand in US; this is because an increasing number of businesses are working on improving their systems of access control. For example, Precise Biometric, a company that manufacturers authentication products, released an upgrade. The company confirmed the incorporation of real - time intrusion detecting capabilities into face recognition-based physical access control systems. Such advancements are encouraging the adoption of access control technology, resulting in larger revenues.
These factors lead to USA having the highest market share of 34.6%.
China boasts The Most Significant Public Monitoring System in The World
As numerous government agencies in the country have implemented surveillance technologies, China is one of the leading customers and suppliers of facial tracking technology. The country currently boasts the most significant public monitoring system.
These factors lead Germany to have the market share of 19.3%.
India has approved the nationwide implementation of its Automated Facial Tracking System
India has approved the nationwide implementation of its automated facial tracking system, which will allow cranial biometric data to be extracted from surveillance cameras and video and paired with the portrait of persons' images whose identity information is stored in a dataset by the National Crime Records Bureau, which reports to the Minister of State for Home Affairs.
The Indian government's Aadhaar initiative is one of the world's largest biometric databases, with over 95% of the country's 1.3 billion people using it. The UIDAI includes a civilian's thumbprint, face recognition, and iris recognition. Citizens in the country are currently actively employing software for identification, mainly to gain access to various government perks, processes, and facilities. Thus India has the market share of 16.4%
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need and save 40%!
Category wise Insights
The Use of Facial Identification Technology for Methods of Payment Reduces the Requirement for Multiple Payment Options in E-Commerce
Face recognition technology is being rapidly used by the e-commerce and retail sectors in order to increase operational efficiency and the in-store experience. Customers previously made payments using a variety of electronic cash, credit, or QR code.
These payment methods require numerous POS terminals and a high level of staff engagement, but the use of facial identification technology for methods of payment reduces the requirement for spectrum of options. Customers can pay their bills quickly by reading their faces on smart phones or at kiosks, resulting in more secure, rapid, and user-friendly payment.
Due to these factors e-commerce and retail has a share of 38.6%.
The Use of Face Tracking Technology or Border Protection and Target Detection Is Increasing
The increasing amount of government and defence investments in deploying facial tracking software for a variety of activities such as border protection and target detection is pushing the use of face detection technology services and products because facial tracking simplifies identification and verification, it is commonly used in airport immigration as well as participation tracking and surveillance. Growing technological breakthroughs across industries are prompting businesses to employ facial tracking services and solutions for easier manual operations and time savings.
These factors contribute in government and defence having the market share of 20.3%.
Competitive Landscape
Several manufacturing industries are coming forward to use face tracking in their applications, creating opportunities for companies,
In February 2021, SAFR, a touch less biometrics solutions provider based in the United States, has teamed with Convergint Technologies. Convergint shall add its SAFR object recognition system to its platform of unified software solutions as part of this cooperation, providing the industry's top biometric system for real time video analytics to its customers in the US
In May 2021, Honeywell, a multinational business based in the United States that supplies intelligent buildings services for aviation, military, manufacturing, and other industries, has teamed with Idemia. The collaboration intends to develop solutions that will allow occupants to interface with a building in a frictionless and secure manner, from car identification in the carport to autonomous elevators.
Scope of report
Attribute
Details
Market value in 2023
US$ 3.6 Million
Market CAGR 2023 to 2033
15.2%
Share of top 5 players
34%
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
USD Million for Value
Key Regions Covered
North America, Latin America, Europe, South Asia & Pacific, East Asia and the Middle East & Africa
Key Countries Covered
USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey and South Africa
Key Segments Covered
Technology type, Industrial Vertical, Component and Region
Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives
Customization & Pricing
Available upon Request
Facial Tracking Solutions by Category
Technology type:
Online
Offline
Industrial Vertical:
BFSI
Government and Defence
Retail & E-commerce
Healthcare
Education
Automotive
Component:
Software
Services
Region:
North America
Latin America
Europe
East Asia
South Asia and Pacific
Middle East & Africa
Frequently Asked Questions
Which are some leading companies which offer Facial tracking solutions?
A: Safran SA, NEC Corporation, Gemalto, Cognitec Systems, Aware Inc., Daon Inc., FaceFirst Inc., Key Lemon Ltd., Ayonix Corporation, Face++ are some major companies.
Which region is expected to showcase high growth in Facial tracking solutions demand?
South Asia & Pacific is expected to show high growth in facial tracking solutions.
What are the driving demands for implementing Facial tracking solutions?
Requirement of precise security systems is the driving demands for implementing Facial tracking solutions.
Which industry has the largest market share for the Facial tracking solutions?
Retail and e-commerce has the largest market share for the facial tracking solutions
Which product has the highest CAGR for the Facial tracking solutions?
government and defence have the highest CAGR for the facial tracking solutions.
Which are the top five countries for Facial tracking solutions market?
The Top 5 countries are USA, Germany, China, India, and Japan.
What is the market share and value for the South Asia and Pacific region?
The market share and value for the South Asia and Pacific region is 12.1%
Which country has the highest CAGR for the forecast period?
India has the highest CAGR for the forecast period 2023-2033.
What was the CAGR for the forecast period 2018 to 2022 for Facial tracking solutions market?
15.2% was the CAGR for the forecast period 2018-2022 for Facial tracking solutions market.
Which East Asian Country had the largest market share for Facial tracking solutions for the year 2022?
China has the highest market share for 2022 for the facial tracking solutions market.
What Factors Are Influencing the Growth for the Facial Tracking Solutions Market?
Growing concerns for public safety and use of the solution for identification in numerous sectors
