Facial Recognition - EU-27

The Facial Recognition market in the Computer Vision market within the Artificial Intelligence market in EU-27 nan is experiencing subdued growth due to factors such as regulatory challenges, privacy concerns, and limited accuracy. Despite this, the market is expected to grow due to increasing demand for security and surveillance applications.

Customer preferences: As facial recognition technology becomes more widely adopted, consumers are expressing concerns about privacy and data security. This has led to a growing demand for transparent and ethical practices from companies developing facial recognition software. Additionally, there is a shift towards using facial recognition in retail and marketing, with consumers expecting more personalized and targeted experiences. This trend is driven by the growing use of social media and the desire for seamless integration of technology into daily life.

Trends in the market: In the EU-27, the Facial Recognition Market is experiencing a surge in demand due to the increasing adoption of this technology in various industries, including security and surveillance, banking, and retail. Additionally, there is a growing trend of integrating facial recognition technology into mobile devices, such as smartphones, for user authentication and identity verification purposes. This trend is expected to continue as companies invest in developing more accurate and efficient facial recognition algorithms. However, concerns over privacy and data protection may hinder the growth of this market in the EU-27.

Local special circumstances: In the EU-27 region, the Facial Recognition Market within the Computer Vision Market is heavily influenced by the General Data Protection Regulation (GDPR). This regulation has strict guidelines for the collection and use of personal data, which has led to a slower adoption of facial recognition technology in comparison to other markets. Additionally, cultural attitudes towards privacy and surveillance also impact the market, with some countries being more receptive to facial recognition technology than others. Furthermore, the EU-27 region has a diverse landscape of languages and cultures, which poses a challenge for developing accurate and inclusive facial recognition algorithms.

Underlying macroeconomic factors: The Facial Recognition Market of the Computer Vision Market within the Artificial Intelligence Market is influenced by macroeconomic factors such as technological advancements, data protection regulations, and investments in research and development. Countries with strong data protection regulations and high investments in AI research are experiencing faster market growth compared to regions with weaker regulations and limited funding. Additionally, the growing demand for advanced security solutions and the increasing adoption of facial recognition technology in various industries are driving the market growth in the EU-27.

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.