Facial Recognition - Egypt

The Facial Recognition Market in Egypt has seen slow growth due to factors such as limited adoption of digital technologies, low health awareness, and challenges with implementing online health services. This has resulted in subdued growth rates in the overall Computer Vision and Artificial Intelligence Markets in the region.

Customer preferences: As facial recognition technology becomes more prevalent in Egypt, there is a growing concern around privacy and data protection. This has led to a preference for locally-developed solutions, as well as increased demand for transparency and accountability from companies. Additionally, the cultural stigma against facial recognition in public spaces has resulted in a shift towards more discreet and non-intrusive forms of the technology, such as biometric authentication for online transactions.

Trends in the market: In Egypt, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand due to the government's increased focus on security and surveillance. This trend is expected to continue, with advancements in facial recognition technology and its integration with other technologies such as biometrics and data analytics. Additionally, the market is witnessing a shift towards cloud-based facial recognition solutions, allowing for remote access and scalability. This presents opportunities for industry stakeholders to offer innovative solutions and tap into the growing market potential.

Local special circumstances: In Egypt, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is influenced by the country's strong government support for digital transformation. The market has seen a rise in demand for facial recognition technology in various sectors, such as security, banking, and retail. Additionally, the country's growing population and increasing smartphone penetration have also contributed to the market's growth. However, the market's growth is also hindered by concerns over privacy and data protection regulations.

Underlying macroeconomic factors: The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in Egypt is influenced by macroeconomic factors such as government initiatives to promote the adoption of facial recognition technology, increasing investments in artificial intelligence research and development, and the growing demand for efficient and secure identification systems. Moreover, the country's stable economic growth, favorable regulatory environment, and high investment in the IT sector are expected to drive market growth. Additionally, the rising concerns regarding security and privacy, along with the growing use of facial recognition technology in various industries such as banking, healthcare, and retail, are also contributing to the market growth in Egypt.

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.