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Facial Recognition - EMEA

EMEA
  • The market size in the Facial Recognition market is projected to reach US$1.46bn 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$2.50bn 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.

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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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Study Details

    Market Size

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

    Most recent update: Jul 2024

    Source: Statista Market Insights

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

    Most recent update: Jul 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Facial Recognition market in the EMEA region within the Computer Vision market of Artificial Intelligence is experiencing subdued growth due to factors such as privacy concerns and regulatory restrictions. Despite this, the market is still expanding, driven by increasing demand for security and convenience in various industries.

    Customer preferences:
    The Facial Recognition Market within the Computer Vision Market of the Artificial Intelligence Market in EMEA is seeing a rise in demand for biometric security solutions in response to increasing concerns over data privacy and security. Additionally, the use of facial recognition technology in smart home and retail applications is gaining traction, as consumers in the region prioritize convenience and personalized experiences. This is further fueled by a growing tech-savvy population and the adoption of advanced technologies in daily life.

    Trends in the market:
    In EMEA, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is experiencing a surge in demand due to the increasing need for biometric security solutions. This trend is expected to continue as governments and organizations prioritize data privacy and security. Additionally, there is a growing interest in using facial recognition technology for customer engagement and personalized advertising. These developments have significant implications for industry stakeholders, including the need for robust data protection measures and the potential for increased revenue through targeted marketing strategies.

    Local special circumstances:
    In Europe, the Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is influenced by strict data privacy laws. As a result, companies are required to comply with regulations such as the General Data Protection Regulation (GDPR) when using facial recognition technology. This has led to slower adoption of the technology in some countries, while others have implemented stricter regulations on its use. Additionally, cultural attitudes towards surveillance and data collection vary across Europe, further impacting the market's growth and adoption.

    Underlying macroeconomic factors:
    The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market in EMEA is also affected by macroeconomic factors such as advancements in technology, regulatory support, and investment in infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Moreover, the increasing focus on national security and rising concerns for data privacy are driving the demand for facial recognition technology, thus boosting market growth.

    Global Comparison

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

    Most recent update: Jul 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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