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Facial Recognition - Central & Western Europe

Central & Western Europe
  • The market size in the Facial Recognition market is projected to reach US$750.50m 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$1.28bn 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 Central & Western Europe is experiencing moderate growth, influenced by factors such as increasing demand for AI-based solutions, growing concerns over security, and technological advancements. This has resulted in the market's subdued growth rate.

    Customer preferences:     The Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is experiencing a rise in demand due to the increasing use of biometric authentication in various industries. This is driven by the growing concern for data security and privacy, as well as the convenience and efficiency of facial recognition technology. Additionally, cultural attitudes towards surveillance and data collection may play a role in the adoption of facial recognition solutions.

    Trends in the market:     In Central & Western Europe, the Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market is experiencing a surge in demand due to the increasing adoption of facial recognition technology in various industries, such as retail, banking, and healthcare. This trend is expected to continue, driven by advancements in AI and the need for enhanced security measures. It also poses potential ethical concerns, as the use of facial recognition raises questions about privacy and data protection. However, with the ongoing development of more accurate and sophisticated facial recognition systems, the market is poised for significant growth and presents lucrative opportunities for industry players.

    Local special circumstances:     In Central and Western Europe, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is driven by the strict data privacy regulations and increasing concerns over security threats. This has led to the adoption of facial recognition technology in various industries, such as banking and retail, for enhanced security and personalized customer experience. Additionally, the region's advanced infrastructure and high-tech workforce have also contributed to the growth of this market.

    Underlying macroeconomic factors:     The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Central & Western Europe is heavily influenced by macroeconomic factors such as technological advancements, government regulations, and investment in digital infrastructure. Countries with supportive regulatory environments and significant investments in artificial intelligence technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing demand for advanced security and surveillance solutions, coupled with the rising adoption of facial recognition technology in various industries, is boosting market growth in the region.

    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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