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Facial Recognition - Australia & Oceania

Australia & Oceania
  • The market size in the Facial Recognition market is projected to reach US$100.50m in 2024.
  • The market size is expected to show an annual growth rate (CAGR 2024-2030) of 9.35%, resulting in a market volume of US$171.90m by 2030.
  • In global comparison, the largest market size will be United States (US$1.32bn in 2024).

Definition:
Facial recognition, as part of computer vision, is a technology that involves the identification and verification of individuals by analyzing and comparing unique facial features. It uses algorithms to capture, analyze, and match facial patterns from images or video frames. By extracting key facial landmarks and characteristics, such as the distance between the eyes, the shape of the nose, and the contours of the face, facial recognition systems can accurately recognize and authenticate individuals. The applications for this technology are diverse and include the areas of access control, surveillance, user authentication, and personalized experiences in digital platforms.

Additional Information:

The market comprises two key performance indicators: market sizes and market sizes by industry. Market sizes are generated by the funding amount of Computer Vision companies. Key players of the market include companies such as Nvidia, Intel, and IBM.

For more information on the data displayed, use the info button right next to the boxes.

In-Scope

  • Technologies that use machine learning algorithms to analyze and identify human faces in digital images and/or videos, such as face detection and recognition software
  • Products and services that use facial recognition technology, such as security systems, mobile devices, and augmented reality apps.

Out-Of-Scope

  • Technologies that do not rely on facial recognition, such as voice recognition and image recognition technologies that do not specifically target faces
  • Products and services that do not use facial recognition technology, such as physical goods and traditional customer service support.
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    Market Size

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Facial Recognition market in Australia & Oceania is experiencing subdued growth due to factors such as slow adoption of digital technologies, lack of awareness among consumers and concerns surrounding privacy. This is impacting the market's growth rate, which is expected to pick up in the coming years with the increasing use of Artificial Intelligence in the region.

    Customer preferences:     Facial recognition technology is gaining traction in Australia & Oceania as consumers are increasingly seeking more secure and convenient forms of authentication. With the rise of digital transactions and online banking, the demand for facial recognition software is growing. Additionally, there is a cultural shift towards privacy and data protection, leading to the adoption of facial recognition as a secure form of identification. This trend is expected to continue as facial recognition technology becomes more accurate and user-friendly.

    Trends in the market:     In Australia & Oceania, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand, especially in the healthcare sector. With the increasing use of telemedicine and virtual consultations, there is a growing need for accurate facial recognition technology to ensure patient identification and privacy. Furthermore, there is a rise in the adoption of facial recognition technology in the retail and security industries, driving market growth. This trend is expected to continue, with potential implications for industry stakeholders such as improved efficiency, enhanced security, and potential ethical concerns related to data privacy.

    Local special circumstances:     In Australia, the Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is driven by the country's strict privacy laws and regulations. The government's emphasis on data privacy and protection has led to the development of advanced facial recognition technologies that comply with these laws. Additionally, the country's diverse population and cultural values have influenced the use cases of facial recognition, such as in border control and law enforcement.

    Underlying macroeconomic factors:     The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Australia & Oceania is heavily influenced by macroeconomic factors such as technological advancements, government regulations, and investment in digital infrastructure. Countries with supportive regulatory environments and robust investments in AI technologies are experiencing higher market growth, while regions with regulatory challenges and limited funding are experiencing slower growth. Additionally, the rising aging population and increasing prevalence of chronic diseases in the region are driving the demand for facial recognition solutions to improve healthcare access and outcomes. These factors are expected to continue to shape the growth of the facial recognition market in Australia & Oceania in the coming years.

    Global Comparison

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Methodology

    Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

    Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

    Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

    Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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