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.
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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.
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.
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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.
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%.
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, 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%
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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 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%.
Several manufacturing industries are coming forward to use face tracking in their applications, creating opportunities for companies,
| 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 |
| Key Companies Profiled | Safran SA; NEC Corporation; Gemalto; Cognitec Systems; Aware Inc.; Daon Inc.; FaceFirst Inc.; Key Lemon Ltd.; Ayonix Corporation; Face++ |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
A: Safran SA, NEC Corporation, Gemalto, Cognitec Systems, Aware Inc., Daon Inc., FaceFirst Inc., Key Lemon Ltd., Ayonix Corporation, Face++ are some major companies.
South Asia & Pacific is expected to show high growth in facial tracking solutions.
Requirement of precise security systems is the driving demands for implementing Facial tracking solutions.
Retail and e-commerce has the largest market share for the facial tracking solutions
government and defence have the highest CAGR for the facial tracking solutions.
The Top 5 countries are USA, Germany, China, India, and Japan.
The market share and value for the South Asia and Pacific region is 12.1%
India has the highest CAGR for the forecast period 2023-2033.
15.2% was the CAGR for the forecast period 2018-2022 for Facial tracking solutions market.
China has the highest market share for 2022 for the facial tracking solutions market.
Growing concerns for public safety and use of the solution for identification in numerous sectors
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Facial Tracking Solution Market
